Evening star., 1924-10-08
MOVES ARE MIXED
/ NF|NAL TRADING
Tobacco Shares Gain One
and Two Points-ChandIer
Is Again Weak.
BY STUART r. WEST.

Special Dispatch TO The Star.
NEW YORK, October S.-On a rela- =
tixely small volume of business the
market today moved for the most
part only slightly either way. The
net result was unimportant 1t
showed no general tendency one way
or the other.
1902 was off nearly points from
the previous day and 10 points from
the recent high. The decline has
been due to the statement made sew
eral days ago by the president. in re-
sponse to what evidently were ex-
travagant estimates regarding cur
rent earnings. that the company was
not making as much as it was year
ago. On the drop buying for Balti-
more account reappeared and the
stock rallied later in the session.
Selling In North American.
The selling of North American was
very heavy, and 1t carried the stock
down below 33. against the late top of
So. Close observers, while giving full
credit to the good earnings of the COM
pany, have long regarded the market
position of the shares as somewhat
artificial They have considered recent
bulliSh operations as having been
pressed too boldly. These people were
not surprised at what happened today.
Jordan Motor was pushed forward
GA new high abo"e 80. but without
anything fresh in the gossip. The
stock is paying 81 dividend and
at present quotations returns about
Sh per cent The dividend is being
earned something like twice over.
There is no suggestion of any early
increase. The rise appears to be
chiefly a specuIa tive operation based
upon the comfortable margin over
dividends and upon the favorable
reports regarding the company S
business.
Burns Bros. strong.
The strength of Burns Bros. A fol-
lowing the recent advance in United
States Distributing. which handles a
large coal business, recalled the re-
cent statement by the president of
the latter company that something
like a coal shortage was in prospect
this winter. Burns Bros. last month
announced higher price schedule.
The proposal TO reduce the par
value Of American Tobacco from 800
to $50 had favorable effect upon
the stocks concerned. If adopted. 1t
will mean two shares of new for one
of old. and will make it easier, as
such ARRANGEMENTS usually do, to IN
crease the dividend if desired,
Regular Leaders STEADY.
In the regular leaders prices were
little changed. Stocks like United
States Steel, Baldwin Locomotive,
New York Central and American Can
were steady and most of the time a
bit higher. But their fluctuations
were quite unimportant.
Wabash preferred A developed in
dependent strength among the low
and medium priced rails today on re-
ports of prospective announcement
regarding a new blanket mortgage
which will prepare the way for divi-
dendS.
Distribution at the rate of s. an
nually is looked for. The monthly
meeting of directors will occur later
in October. Wall Street has often
talked of this stock a dividend
possibility, only to be disappointed.
The way wabash A acted today, how
ever. was a source of fresh hope
along that line.
The revival of interest in Wabash
4 was attended by continued talk of
ST. Louis San Francisco common div
idend prospects. 1t is confidently
predicted in certain quarters that
this stock will go on a S. dividend
basis in the first three months of
1925. Recent dividends on the pre-
ferred were begun at a $6 yearly
rate.