Evening star., 1924-07-09
STOCKS SLOW UP
ON Days TRADING
Heavy Selling Calls Halt in
General Advance-Some
7 Shares Gain.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, July 9.-The stock
market went higher at the outset to-
day, but with the course of the first
hour ran into profit taking in suf-
ficient volume to bring about a par
tial reaction. Operations for the rise
kept on during the afternoon in
particular stocks, but in the general
list the feeling predominated that the
upward movement had gone far
enough for the time being, consider
ing the uncertainties in the outside
situation.
Public Utilities Favored.
Public utilities issues were again IA
vored as they have been for the last
month or more. Attention was drawn
some time ago to what appeared to be
reliable evidence that the same people
who had made the big money in Ameri-
can Water Works were back of the buy
ing in United Railways Investment. 1t
seemed, therefore, more than a coin
cidence that the further extraordinary
jump in American Water Works and in
the related West Penn Company shares
should have been at once attended by
sharp upbidding Of United Railways In
Vestment stocks. Philadelphia Company,
belonging to the U. w. group, made a
Utilities preferred, the income of which
company is entirely derived from divi-
dends on the Philadelphia Company.
Brooklyn Union Gas made new top
around 70.
Usual Leaders Waver.
AS the regular leaders, like U. S.
Steel common, Baldwin Locomotive
and American Can, began to waver,
attention was turned more to stocks
of the speciality type. Among the
features in this section were U. S.
Industrial Alcohol, Allied Chemical,
ical, Electric Storage Battery, Tobac-
co Products, Savage Arms, Texas
Gulf Sulphur and Kresge Depart
ment Stores. The formal placing of
the new Woolworth stock on, an an,
nual SO basis had been expected, and
the stock sold off sharply on the
news.
Railway stocks were strong again.
rejecting in part the latest develop
ments at Madison Square Garden ST.
Louis & Southwestern went well
above its previous high. Edwin
Gould, the president of the company,
was quoted as saying that earnings
this year would amount to 10 per
cent on the common shares against
II per cent last year, but the street
was quite satisfied that there should
have been no more of a reduction.
Southern Railway common and the
their previous highs.
The advance in the northwestern
rails, based upon the improvement in
farm prices, appeared to have been
checked
Call Money Rate Lower.
Bonds were strong, while in stocks
realizing sales in some directions bal
anced fresh buying in Others Pos
sibly some impulse in the investment
quarter came from the lowering of
the call money renewal from 2h to
per cent, although it was perfectly
we'll understood that last weeks very
slight increase was due to the tenn
porary Withholding of funds needed
In the Sem1-annual settlements
There are two ways in which the
investment market will eventually
encounter its check. One is through
a trade revival which would draw the
present redundant money supply into
commercial channels. The other is
through the piling up of new security
issues in quantity sufficient to absorb
matters appear now, the latter of
these two factors has already come
into play, and the other will be felt
later on if everything goes well, from
a conservative standpoint, in the
presidential campaign
Heavy Selling in Sinclair.
Special selling occurred in Sinclair
Oil because of the doubts regarding
the safety of the present 81 annual
dividends. 1t has been rumored for
some time in Wall street that the
dividend would be either cut in two
or passed altogether.
a new high price for Texas Gulf
Sulphur was an incident among the
specialties. Since it was reported
here that banking interests affiliated
with the company were anticipating
an increase in dividends, the stock
has been advancing slowly, fitting in
with predictions that the next dis
bursement would be at the rate OF
annually instead of the current Sc
regular rate.