Evening star., 1924-08-29
STOCKS SELL OFF
! IN FINAL TRADING
Market Very Uneven During
Day-Severe Break in
Pan-American.
BY STUART p. WEST.

Spera Dispatch to The Star.
NEW YORK. August o9.-lnterest
in stocks today was again occupied
with individual movements rather
than with the fluctuations of the mar
kct in general. There were points OF
decided strength and others of just
as decided weakness. The former
were more numerous.
steel common ran into the same
support around 107 eX dividend as
has been noted for some time past.
Short covering was active in Bald
win Locomotive, American Can and
IN General Electric. The strength of
Crucihle Steel was interesting in view
OF unfavorable predictions regarding
the report for the fiscal year ending
= e~ust 81. which were current few
weeks ago. At that time the stock
was driven down below so. At to-
days figures it had recovered nearly
~ points.
Maxwell Issues Do Well.
Wor.t7s on the extremely high
estimates OF earnings since the
first of July, the pool in Maxwell
Motors \ made further progress.
Nanadium Corporation shares were
bid up. and so was Pressed Steel Car
on the idea that resumption of the
preferred dividend was probable. The
the time the dividends were deferred
that if it finally were found, as SEEM
ed proba Bile. that the preferred re-
auirements had been covered during
the fiscal year, the stock would be
restored to dividend basis.
Realizing sales were felt in the
shipping stocks. International Mer-
camille Marine preferred and Amerl-
can international especially.
Break in Pan American.
\ severe break occurred in the Pan
Americans following the publication of
the Semi-annual statement, showing
saa3 share on the combined A. and
B" stock as compared with $5.57 in
the corresponding period of 1928. Other
oils were not affected, but they were
still sluggish. Very heavy selling de-
veloped in Superior Oil. resulting in the
usual unfavorable rulnors which ac-
company any selling movement in such
a low priced stock The operation
based upon the favorable decision in
Superior Oils suit against Atlantic Re-
finipg does not appear to have been
a success.
Nanadium Corporations sharp ad
vance was a sequel to the buying which
has been noticea bic in the recent de-
cline. and carried the stock 70 its high
est point since last spring. The eX-
ptcldl1OI OF improved puSlleSS III lIle
steel and automobile industries was
behind Nanadium's rise today.
International Cement strong.
The third quarter results of the
international Cement Co. according
to latest calculations, will exceed
even the most optimistic estimates of
a few months ago. The argument that
the importation of cement from Eu-
ropean countries where it has occur
red has indicated the danger of for
eign petition is entirely discredit-
ed by those who understand the In
terndtionaI Cement situation. Because
OF this company's low costs due to
the strategic location of its various
plants. it is able to meet foreign COM
~etition and still net substantial
income.
Prices React at Close.
Most of the. leaders reached their
pest prices in the early afternoon.
During the last hour and half. the
market as d rule reacted. Copper
md smelling shares. however, came
into more prominence and North
American stood out strongly still re-
spending to the unexpected offer to
substitute an additional cash pay
ment for the tender of new stock The
run-up in New York stock in the
final trading brought d revival of re-
ports of one of the big railroad sys-
tens negotiating for the company'S
properties. Cessation OF the peculiar
selling in Anaconda Copper was a
notable incident.
MApDEr Ut ncrc crpnH1c