Evening star., 1924-01-29
PRICES ARE WEAK
|NST0GK MARKET
Heavy,seIling in Much,of List
Continued Today-::::some
Late Improvement. !.
BY. STUART p. WEST.

Special Dispatch 10 The star \
NEW YORK, January 29.-The re-
action which set in Monday AFTER
noon continued during the greater
part of the time in the stock market
today. There were several notable
exceptions. One was Pacific OIL
which stood out against most OF the
other oil shares. tho buying being
based upon reports Of 3 contemplated
increase Of diYidsnds. - :: : :.
Old rumors of deal involving
Phillips Morris were revived ana LED
to brief squirt in that stock. The
sugar shares, which on the previous
day had fallen behind. came into
prominence again fol lowing the fresh
signs Of hardening in the raw sugar
market and the advance announced
this morning in quotations Tor re-
fined sugar. Punta Allegro got across
so again and Cuba Cane preferred
rallied sharply. .s...--
-" Rubber and Tires Sold.
Rubber and tire stocks were freely
sold again, especially Rubber common
field, -the-latter dropping below 80.
Weakness in these stocks was to be
ascrjbed i. two causes, frstr the ex-
pectation of unfavorable reports for
state of the market for crude rubber.
Reports from London today were
that in order to steady the price sit
uation rubber production would be
cut down somsas cent cent ,rd,v,d
ual stocks had "a. depressing effect.
One of the ctief sufferets was Amer
lean Wooiens No ofncial figures have
been giveR~out yet .as to how the
sale of fan goods is going, but the
results and is inferring that this will
mean cut in dividends. Another
weak spot was Dawson Chemical,
which broke badly without any ex-
The readiness with which high
priced industrials like General Elec-
trio and Corn Products came down,
once they started to slip, confirmed
the impression that the marking up
OF this class of stocks had been much
Overdone.
= c. & p. Shares Arc Active.
:, Some of the higher grade dividend
paying rails were bought again at
the start, especially New York Gen.
trail and Chesapeake and Ohio. But
their advance quickly came to an end,
and the Atchisor movement was
stopped by the statement of the pres
ident that he knew of no reason to
account for the strength in the stock.
: The campaign in Lehigh Valley was
evidently over and Reading was offered
freely following u sharp decline In the
new coal company shares!
4 severe break in American Woolen
was a CO spicuous Incident. In place
of spffic; quarterly earnings state
,nents, the street has had to accept as
weakness -iu -tlris stock the reports
from the wooden trade and the ap-
parent effect which unfavorable con-
siitiuns have been having upon the
earning power of the company. The
1928 income account is expected to
show the 81 dividend barely earned.
in 1929 earnings before depreciation
were around S16 share. 1t has been
calculated that American "oolen has
not been covering it's common divi-
safety of the 81 rate is doubted.
Pacific OIL Ii Stronger.
Pacific Oil developed Independent
strength from the outset today, re-
hecting, in part. the recent improve
ment in the oil trade situation In
California and partly the confidence
of many that the dividend would be
raised in 1924 from the current 81 to
s annually. 1t is a question whether
the steady rise in Pacific OIL stock
has not discounted the improvement
and the dividend =" Utilities, accord
ing to some obs -
Cuba Cane preit-. acted particu-
)arly WEI among the sugars today.
Although this stock, like the other
Z nbers Of the group, has recently
fe.t the effect of prof1t-taking in the
wake of subst. .ltial advance, 1t
has stood the test without losing
much ground. ba Cane is expected
70 put the preferred stock on a dfvi-
dend basis during the first half
year.
Ou-e the stock market there
wer incidents Of importance.
Set mt of the British railway
ss4eri= =. brought about further I'm
bEoxeInsnt in sterling exchange, but
French francs were still hanging fire,
wal, & the result of the debate on
money renewal for the first time In
nearly two weeks was marked up
from 4 to Az per cent.
Values Better In Last Hour.- d.
American Can was the leader of
the market W the late afternoon,
IT, ing 4 new high after rather re-
.na. aabie advance. The strength In
upon the whole list in the last hour
or so.
Studebaker was helped by the de-
NAL from the president that there
was-to be any price-cutting. For the
u t-up in the selling Of the Pam
Am ricans and Sinclair. Steel COM
mon moved with a good deal of un-
certainty. but in the final operations
of the day confidence was exhibited
that Hhatever. was. done about the
dividend after the close would not
be regarded unf :. ably. =
Active buying the Erie shares
wac q feature in the last hour, and
directed interest again into the low
priced rails. New Haven running up
in RESPONSE to the favorable statement
for December.
CLOSE is IRREGULAR.
- :. =
Some Recovery to Reactions-Sales