Evening star., 1924-05-01
DRIFT OF PRICES
TODAY UNCERTAIN
Majority of Stocks, However, Man
ifest Ability to Resist Mar
8et Pressure.
STEEL IS LESS SENSITIVE
Investment List of Better Class
Shows Higher Range.
STEEL is LESS SENSITIVE
By STUART p. WEST.

Special Dispatch to The Star.
NEW YORK. May During the
main part Of today the main drift in
The stock market was uncertain.
Still better resistance was displayed
in the majority OF the list to the Of
iering down Of particular stocks
Motor shares had another sinking
spell, but without more than tempo
rarily ruffiinG the market elsewhere
investment i sues like the better class
oil industrial preferred stocks were in
de mand at somewhat higher prices
Prices and the strength of some divi-
dend paying rails were the only re-
sponse to the reduction in the federal
reserve redlscount rate at New York.
Selling of Motors Explained.
Selling of the motor shares was
based on the evidence in the Stude-
pakGr balance sheet, published We'd
ire eSday, that lot of new money was
being needed to carry cars not i'm
medlately Salable. The street con-
StrCed this as Corroborating the talk
t overproduction in the automobile
industry which has been current for
me last two months. Studeba ker
was driven down again and so was
Willys-Overland preferred General
MOTORS sold al a new low for the year
ana du Pont went with it, The
F9erce-Arrows also made their low
est quotations. In the first quarter
me t1crce-Arrow earned only At
cents share on it's old preferred
stock after paying the dividend on
the new prior preferred
steel shares did not show the sensi-
tlNeneSs they had on the previous
day. Republic Iron and Steel was in
clined to do better. and United States
steel common was steadier Bethle-
hem Steel appeared for the time be-
ing to have discounted the new
$50 O00, 900 bond issue, although it was
recognized that this would mean
rather serious additional burden in
view of the none too large margin
over dividends shown during the last
year and the present reaction in the
steel trade.
Smelling and Copper strong
The smelling and copper stocks
ket, with the exception of few of
the rails American Smelling led the
way.
Last year there were available for
dividends on this stock nearly 50 4
share. against s. actually distributed.
rms. with the unusually strong
Treasury position. has made the stock
on an per cent basis appear attrac-
tive to many as a speculative invest
ment. Copper shares were consider
ably more active at higher prices.
Among the rails more attention was
paid to the lower priced issues. Mis-
souri, Pacific preferred ran up above
20 again and Texas and Pacific fol-
lowed along. Buying in New Haven
came as rather belated response to
the excellent Ma rch showing, which
"ontrasted strongly with reports for
The same month of many other roads
Seaboard Air Line preferred was
helped by the strength in the bonds.
Boost of issues Noted.
The rise in American Can above
1o2 followed the announcement that
the suit brought in 1918 By the Fed
eral Trade Commission against the
company had been dismissed.
American Telephone and Telegraph
ran up rapidly when word came that
the application of the New York
Telephone to prevent what is claimed
to be the present Improbable rate
schedule from being put intot effect
had been granted. General Electric
had one of its characteristic jumps,
and large buying orders were thrown
into Tobacco Products from familiar
sources.