Evening star., 1924-06-19
TREND IRREGULAR
IN STOCK MARKET
Many Shares Continue Upward,
While Others Enncounter Heavy
Selling Waves.
RUN.UP IN COCA COLA
General Electric Jumps-Tire
Price Cuts Being Watched.
BY STUART p. WEST.

Special Dispa tch to Inc star.
NEW YORK, June 1s.-For the
greater part of the time today the
stock market drifted along with nc
general tendency either way. The
main movements, however, in indi-
vidual stocks were upward. United
States Cast Iron Pipe made a new
high, crossing 81. Stewart-Warner
sold over IA points above it's re-
cent low. 1t was officially stated thai
the company had made contract
with General Motors for the use OF
Stewart Warmers vacuum tank or
re- all cars which carry these tanks.
There was special buying in Phila-
delphia and Reading Coal and Colo
rado Fuel and Iron made new high
The remarkable advance continued In
General Electric, sweeping IL into
new high ground. The stock has now
attained a figure which is far out OF
line with present dividends, and nc
matter what is said to the contrary
can only be accounted for on the
ground that a capital Splitup, lnvolV-
ing either stock dividend or de-
cided increase in the regular cash
dividend, will sooner or later be an
nounced.
Run-Up In Coca Cola.
The advance in Mathieson Alkal
continued on reports that contracts
had been signed with the Pan Ameri-
can and with Cosden for the Hypo-
Chloride process for refining gasoline
1nasmuch as this process compete
with SILICA jel, Dawson Chemical
stock went down as Mathieson went
UP.
The return of seasonal warm
weather was responsible for the bid
ding up of Coca Cola There was
still quite a short interest to De
worked upon many traders having
taken the position long time ago
that the per cent dividend was In
secure. United Alloy Steel went
down only moderately following the
set down partly to the slump in the
steel trade and partly to the program
for factory remodeling by which the
management expects to effect consld-
cradle economies.
Maxwell Motors A was the strong
feature in the motor group. Hudson
Motors came out with it's report for
the three months ended May 81 and
made a favorable comparison with
the previous quarter; Net income
after taxes amounted to $2,699.610.
against S1,201,363. On the other hand
there was a decrease from last year,
when for the six months total net
was a little over $4,000,000, against
~
In today's markets the rising ten
dency was renewed in stocks, but was
checked in commodities.
Tire Cut Vital Incident.
The Is per cent cut in tire prices
announced by the Fisk Rubbert Com
pany was the chief incident in the
trade news of the day. Following
Springfield it naturally laid emphasis
upon the depressed conditions in that
line of industry. The stocks con-
cerned were mostly weak, otherwise
the incident had little effect. In the
tire trade there is a clear case of
overproduction. and the only way the
situation can be corrected is through
the competing companies, under pres
sure of doing business at little or no
profit, cutting down their output.
The weekly figures on crude oil
production still showed that the low
cred prices were having no deterring
effect. The increase in daily output
was small-only a little over 1000
barrels-but still it was another in
crease on top of succession of SIM
ilar increases in previous weeks.
Foreign Exchange Quiet.
Nothing of Importance happened in
the foreign exchange. The Bank of
France in its weekly statement re-
ported decrease of 100000 francs
IN note circulation, but this repre-
fation. The present total is still over
three billion francs higher than it
was six months ago.
The extreme weakness in Atlantic
Refining remained unexplained, so
far as any official comment was con-
cerned. for there was none. 1t is
reported that an effort is being made
to force certain interests from the
company and that the current low
selling prices were intended to in
duce the liquidation of holdings.
The May results of the Interna-
tional Mercantile Marine Company
were satisfactory in spite of the un-
favorable weather The figures for
Atlantic Gulf and West Indies are
not available. but it has been esti-
mated that the operating income last
month again showed marked improv-
ment