Evening star., 1924-09-12
OIL SHARES RESIST
SELLING PRESSURE
Cut in Gasoline Prices Proves
Severe Test-Other
Stocks Advance.
ny STUART p. WEST.
Special Dispa tch to The Star

Speclal iblSnattn 10 ne S'di'
NEW YORK, September 12.-The
shaNp cut in gasoline prices in the
Middle West. announced today by the
Standard Oil of Indiana. put stop to
the stock market movement in the oil
shares. which at intervals during the
week had looked rather promising.
There was. however, no important re-
cession and this was taken to mean
quite properly that the oil shares
were in d strong position-in posi-
tion where they were able to stand
up against discouraging trade news.
Assurances that the Nash Motors
Company had set up contingency
reserve of S25S4.000, or more than
enough to mark off its loss through
the liquidation of the Lafayette Mo-
tors Corporation did not avail to pre-
vent d sharp drop in Nash Motors
stock. There had been no sales yes
terday. Today block changed hanis
points below the last transaction
Wednesday.
Columbia Gas Higher.
Columbia Gas and Electric wens up
despite reports that the company was
about to put out the new issue of pre-
ferred stock authorized some time
ago The buying was based on talk
of a dividend increase. Large trans
actions continued in North American
at So The market for this stock is
being handled like that for American
Telephone and Telegraph, which
means that il is being handled very
well.
Shipping stocks. after quite
period of rest were brought to the
front Marine preferred. American
International, the Atlantic Guit anu
West Indies stocks and American
Ship and Commerce were all bid
up. Nothing new. even in the way
of gossip. accompanied the advance.
1T revived the familiar reports.
credited in well informed quarters.
that the shipping companies have
. been doing better since the first OF
the year than they have at any time
since the armstice.
y. & w. Stock Advance.
Norfolk and Western was quick to
respond to the news story regarding
prospective relations with Pennsyl-
yania. This was to the effect that
the Pennsylvania proposed not to
lease the Norfolk. but to acquire a
stock control.
st. Paul preferred appeared to be
receiving support around 20 and the
common around l.. but there was no
change in sentiment regarding the
company's affairs. Other northwest
trn rails like Great Northern and
Chicago and Northwestern, continued
heavy.
The advance in Schultz Retail
Stores was based upon steady in
crease in the company's business. In
July sales ran Is per cent ahead of
year ago. During the first six
months surplus available for the
common stock amounted to 6.67 per
cent against 5.73 in the same period
last year.
Sugar shares Improve.
The movement of the sugar stocks
recently has been following. as it
usually does, the price of Cuban raws.
During the past week these have risen
TO around IA cents pound. 1mpor-
tant factors in the trade are said to be
looking for scent sugar late this
month or in October. Such a develop
ment would mean actually little to the
Cuban producers, for they have little
sugar to sell What 5-cent sugar
would mean from speculative stand
point is that it would help to build up
hopes for relatively high selling price
in 1925.
Interest in the Studebaker situation
increases as the time draws near for
the introduction of the company's
new models. 1t is said that the num- |
Der of cars in stock has been reduced |
of Studebaker's efforts in disposinS Of
heavy inventories. notes payable have
accordingly been reduced correspond |
ingly. Earnings in the second half |
year will, at least, equal those of the !
first six months, it is calculat ed.
Banks Shading Money.
Gimbel Brothers common was again /
a favorite, advancing to new high !
for the year. Well informed people !
do not expect dividends in the i'm |
mediate future. 1t is estimated that
the company is earning at the rate
Of $40 a share on the common.
There were more indications again |
today of an inclination on the part
of banks to shade quotations on time |
money. At least, still larger supply |
was available at the very low rates |
previously existing. This fitted in |
with the latest statement of the Fed |
eIal Reserve, showing a decrease of !
100000 in rediscounts and of
100000 900 in note circulation.
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