Evening star., 1924-06-13
MARKET CONFUSING
IN TODAY'S TRADING
Majority of Industrials Take Part
in Reaction-Low-Priced
Rails Strong.
G. o. P. TICKET SATISFACTORY
Oils, Steels, Coffees and Sugars
Fail to Arouse Buyers.
BY STU ART r. WEST.

BY STUART p. WEST.
Special Dispatch 10 The star.
NEW YORK, June l3.--Price changes
were again very much mixed in the
stock market today Some of the in
dustrials, including the steels. the
equipments and the oils. were heavy
from the start and evidently were
being sold under cover of the strength
in the medium and low priced rails
AS the day went on the reaction in
the majority of the industrials be-
came more pronounced. Bethlehem
Steel was actively sold on the un-
certainty regarding the n sNt di'i-
dend. which will be voted on in the
last week of July.
, The buoyancy Went out of Steel
common completely and Baldwin Lo-
comotive. the way it fell OF. showed
that. despite reports oil an Increased
scale of operations. the rise had been
nothing more than a run-In OF snort
interest in narrow market. BaldWl IN
Locomotive admittedly has no pros
poets of paving anything more Tor
an indefinite tim" TO como ana inc
idea of a capital split-up is no longer
mentioned. As a : per cent dividend
issue it is selling well above the
average.
RumorS boost Rails.
The incentive back of most of the
buying in the low priced rails was
the various rumors going the rounds
about possible combinations such as
the Interstate Commerce Commission
is now endeavoring to encourage.
Inasmuch AZ in the tentative group
IN nrL hDpn
with Southern Pacific, the buying OF
Rock Island stocks was taken to
mean that plans might be under way
for union of these two properties.
Formal approval by the commits
sion of the acquisition of the Inter
national Great Northern by the New
Orleans. Texas and Mexico was foi-
lowed by brisk advance III the
Staboard Air Line preferred made d
new high above 25 and Western Pa
itic was bought on intimations that
there might be stock dividend from
the holdings of the RIO dranoe
Western.
Pool Pushes Colorado Fuel.
Pool operations were aggressvely
conducted in Colorado Fuel and Iron,
and the new Woolworth stock was
bid up across 80 for the first time on
the extraordinary comparisons which
the company continues to make IN It's
monthly earnings figures. There was
a sharp upturn in General Electric,
which brought sympathetic strength
into Westinghouse and AlliS-Chal- :
mers The electrical industry is one
quarter in which there has been no
let down.
on the other hand, the failure of
the oils. steels. coppers and sugars to
participate in the Improvement
showed that their particular trade
situations were still too uncertain to
encourage buying. A sharp drop in
Atlantic Refining naa was feature feature
was heavily sold because of the re-
peated failure of predictions of bet
ter prices for the copper metal TO be
realized.
Westinghouse Again to Front.
Announcement of new business
ha wing been booked b.! Westing-
house for Japanese account drew at
tention again to the stock. Westing-
houses gross business has fallen on
only about 20 per cent as compared
with decline of 30 to so per cent
in some other lines. The general
belief is that no further additions to
ca pitalization will be necessary for at
least year to come.
Buying of Allied Chemical has not
been induced by dividend talk. 1t Is
sa lid. in fact, that the dividend will not
he increased this year, but that When
the .company's balance sheet for 1924
Is presented it will make a decided
ly impressive showing
In the markets today interest cenN
tered chiefly in two things, first what
reflection they would make of the
Republican nomination, second what
further response they would give TO
Wednesdays lowering of the federal
reserve rediScount rates The ticket
selected at Cleveland Thursday night
was altogether pleasing from con-
servative sta tandpoint. which meant
that it was altogether pleasing to the
Investment community.
Wall street was more inclined TO
consider how the complete turning
down of the progressive and radical
elements would affect the third party
movement, with its important bearing
upon the result. The stock market
of the day plainly showed the finan-
cial community more puzzled over the
political situation than it had been
before the Cleveland convention.
Special Attention to Trade.
In more speculative quarters it was
again established that the course of
trade is the supreme subject of at
tiles have said they could see no i'm
mediate turn for the better because
sugar prices continue on an unprofit-
able basis and because the copper in
dustry has been Disappointing, the
stocks representing these lines re-
fuse to take part in the Improvement
shown in other directions.
The interesting point about the May
foreign trade returns was the rather
sharp decrease in imports. They
were reduced to s305, ,000, 600 from
1924 900 900 in April and $685.. 900. 600
in February. This. Of course, is one
of the phases of the domestic trade
reaction. 1t has shown itself in
reduced demand from foreign raw
and unfinished materials.
Meanwhile, bearing intimately upon
recent money market developments
was the net gold import of $40, o,4S0. 900.
This compared with an average for
the six months previous of $50, 800. 600.
The total was undoubtedly affected
by operations incident to the financ
ing of the semi-annual interest on
the British war debt.