Evening star., 1924-06-09
PRICES DO BETTER
IN STOCK MARKET
Stronger Resistance to Selling Pres
sure Noted in Late Trad
| ing Today.
RAILS AND OILS GAIN
Steel Common Drops to Previous
Low-0verland Weak.
RAILS AND OILS GAIN
BY STUART p. WEST.
pecia1 pisratch to The Star.

special Dispatch to The Star.
NEW YORK. June 9-The stock
market today displayed better resist
ance to selling pressure than it had
last week. At the beginning steel
shares were offered down and some OF
the motors were quite weak. But
the rest of the list was not much af-
fectcd. 1t was evident that very little
real liquidation was going on, and
traders who had been favoring tho
side were more inclined to take in
their contracts.
Public utility issues stood out
strongly, as they had been doing for
lnterna tional Telephone and Tele-
graph was selling at record high
Public Service OF New Jersey was
strong. and Pacific Gas and Electric
gained a point. Philadelphia Com
pany maintained its rise, and the
short interest in American Telephone
and Telegraph was still having its
troubles.
Rails and Oils Gain.
I Medium and low priced rails were
IN demand again, Southern Railway
common around its high prices, St
Louis and San Francisco and ST. Louis
Southw estern. Earnings of the last
for the common shares. Atlantic
Coast Line ran up rather sharply for
d time.
+, Directors Of Chicago and North
western, who are to meet Tuesday
are expected to declare the regular
dividend at th" rate of } per cent
But the market for the stock was not
enthusiastic. Around So, the return
was nearly 10 per cent illustrating
with what skepticism Wall street re :
CARDS the outlook for anything in
the northwestern wheat states.
Oil shares were depressed at the
start, but later rallied. and on the
whole reflected a somewhat improved
feeling. The fact that other compa nies
had not followed the action of Mag
nolia Petroleum and cut crude oil
prices had considerable influence.
Steel Common Lower.
Steel common went down to its
previous low of 94l4 and independent
steel stocks for while were quite
weak. Crucible lost a point. Nana-
dunn Corporation around l9 was
nearly point under its former low
lshcm Steel The motive was found
in the monthly tonnage figures Of
United States Steel which would show
Il decrease of 4n0. COO to 500. 900 tons.
Thi statement will be out Tuesday.
In the upturn Central Leather pre-
of short sellers
Weakness cropped out again in the
stocks of WibyS Overland to the ac-
Uompa nimCnt of a report that the
company had laid off practically its
entire working force at Toledo, which
later was denied. Operators on the
floor of the stock exchange were cred
tied with the bulk of the days SELL
ing in WHY'S Overland shares
World Sugar Outfit.
Latest Information regarding con-
ditious OF the world sugar crop was
received with interest. Louden cables
carried an estimate that she increase
in sugar acreage in Russia amounted
10 20 per cent and that weather
throughout Europe continued favor
a BILE to the crops. Raw Sugar futures
today were moderately higher and the
stock of the Cuban producers also
did better, although it appeared that
their movement was the result mainly
of short covering.
The absence OF real selling made
IT'S true impression upon the short
interest and there was some fairly
active covering of short contracts in
tho late afternoon. But fresh buying
was held in check by the desire to
await political developments.
The high prices in the share list
were reached generally in the last
hour. and this. at the same time, was
the most active period of the day.