Evening star., 1924-04-30
DULLNESS ON CHANGE
(; AFTER SELLING WAVE
Late in Day Speculative Interest
Focuses on U. S. Steel and
Studebaker.
RAILS SHOWING FIRMNEss
Many IndustriaIs Driven Down. in
Early Trading.
BY STUART p. WEST.
s,scis1 n,snstcb to The Star,

Special Dispatch to The Star.
NEW YORK, April 30.-Following a
wave of selling which carried down
number of the more active Industrial
leaders early in the day, the stock
market turned dull again and, except
in the case of the independent steels,
a number of speculative favorites like
Baldwin Locomotive and American
Can and numerous specialties, prices
were practically unchanged.
1t was evident that with the United
States Steel Corporation report ana
dividend action out of the way, the
speculative element was awaiting
the publication of the first quarter re-
suits of the Studebaker Corporation,
due in the early afternoon. A reia-
lively poor earnings statement and
disappointing balance sheet had been
expected
u. s. Steel Common Quotation.
United States Steel common held up
around 9S the greater part of the time,
receiving better support than the
other members of the steel group.
Efforts to depress Steel we're unsuc-
OF tssful and the market was simply
rejecting the declarat tion of the ex-
ira 5O-cent dividend and the record
peace-time earnings announced after
the close on Tuesday. The balance
for the common stock III the hrSt
quarter equaled $504 a share, or suf-
ficient to cover the regular common
dividends for the full year.
Among the independents, Bethle-
hem Steel was particularly weak.
The selling in this stock was accom-
was negotiating a SS0,0O0,000 bond is
sue, the terms of which would be
made known shortly. This piece of
news, together with the fact that
the independent steel companies have
Jared less favorably than the United
States Steel Corporation during the
recent recession in business, had a
depressing effect. Other members of
the group like Republic Iron and
Steel also declined.
Ffrmness of Rails Noteworthy.
The firmness of the rails was note
worthy. even while the pressure was
most pronounced in the industrial
section.
There was a disposition to bid up
q few of the high grade railway
shares. including Atchison, which
was active nearly a point above the
Southern Railway also had sharp
advance across SO, and other issues,
such as Southern Pacific, Norfolk and
Western and Wabash were well sup
ported.
In the same way the coppers.
notably Kennecott, gave a good ac-
count of themselves. The buying of
Kennecott was of the same sort that
has been going on for some time on
the strength of the company's favor
able position.
Among the specialties Dawson
Chemical attracted especial attention,
advancing over 2 points on buying
attributed TO Philadelphia interests.
LEADERS Maintain Firm Front.
Speculative attention was focused
in the Afternoon on the movement of
United States Steel common and
Studebaker Both these leaders main
tanned a firm front and the rest of
the list accordingly held it's ground.
The third quarter report of the Stude-
baker Corporation, showing net in
come applicable to the common stock
OF $4.52 a share, as against sS in
the same period a year ago, was re-
ceived rather indifferently. During
the greater part of the afternoon,
Studebaker stock was selling at or
just above it's final of the previous
day, and there was no attempt to
depress it further. The sharp reduc-
tion in cash, a large increase in in
ventories, and borrowings of $4,000
900 were offset by the statement of
President Erskine regarding current
business and the outlook for the
remainder of the year