Evening star., 1924-09-04
SELLING CONTINUES
IN STOCK MARKET
American WooIen Breaks
Sharply on Passing of
Common Dividend.
by STUART r. WEST.

Special Dispatch TO The star.
NEW YORK, September 4.-SellinE
continued today in the stock market
in the greater part of. the share list.
It was not at all urgent but it was
persistent enough to indicate the
more general acceptance of the view
that the forward swing had culmi-
mated
The decrease Of 1000 barrels daily
In crude oil produ-t was too slight
to he of any significance. Oil share'
moved with the rest of the market.
Pacific Oil was not;ceab'y heavy.
Texas Company dropped below 40.
Royal Dutch was off more than a point.
Maxwell Motors TumbIcs.
The pool operation in Naxwell Mo-
tors A WAS suspended and the stock
fell away. Realizing sales We're
heavy in Stu lnhakeT. Muck Trucks
was under some pre- sure on the
ground that the new stock issue was
Il bear argumen from a technical
point of view. Pierce-Arrow prefer
red was off nearly three points frcm
its top. y large block of Nash Mo-
tors sold a 12S as against 1922 on
Tuesday. In view Of the disappcint
ing second quarter r@ro-t on Strom
ler% Carhnr"teF. no attempt was
made :" renew operations for the
rise III ne ntpItF pstrFS SntGtS.
Tire rise in raw sugar to 4ls cents
pound brought fresh buying into the
sugar stock especially into Cuba
Cane preferred. T'h" president of this
company was quoted as saying that he
did rot lock for any carryov,r OF the
Cuban crop at the end of the year.
Reason for the recent decline in
American Ice appeared in the figures
given out for the eight months ended
CT $344+51 he@,re depreciation AID
taxes. This is a cor:i id T. be decrease
Several Weak SPOTS.
General Electric. eA-div ,dend of 5
per cent in the spac;al stock, was
freely sod. Sudden unloading of a
block of Reynolds Spring carried that
stock down nearly three points. after
which there was 4 quick rally. Pro.ft-
takin% was app1rent in Internal innal
M"rr"ntil" Mar ne preferred. short
covering developed in Color%d, .'uei
and Iron. The copper shares continued
to act sluggish.
Favorable comment was heard re-
gardinE the action of NenueCott Cop
per. which continued comparatively
firm in face of selling in other quar-
f"rs. Although an extra dividend dis
burSrment is talked OF share holders
VIII have to wait at least until
December, Kennecott appears to be
the favorite amon- the coppers. prin-
ctraly h"causc of its sound financial
position and earnings prospects.
National Ename,ine Strong.
The way in which National Enamel
ing and Stamping common has held
up despite the heariSh references
which are still II .in~ mad" TO the
comrany's earnings aud position in
the trade is noteworthy. An official
lately was quoted as saying that the
surplus Will Justify a continuation
of the dividends On the preferred
stock on comfortable margin" The
company has no maturing obligations
and funded debt has been reduced
S216.000 since January !. 1924.
1t was rumored that Famous Play
ers-Lasky Corporation would shortly
issue statement on earnings. sup
plementing that recently made for
the first six months, but making more
plain the reason for the decrease in
earnings. The report showed net of
s4.32 a share on the common against
s6.62.
buying I'm Sugar Shares.
Sugar stocks continued to be bought
in the midst of the unSettlement else
where. For this the explanation was
obvious enough in the advance OF raw
sugar across cents for the first time
since Spring.
The propa ganda to depress the
price of sugar has not been as wide
spread and violent this season as il
was last. But it has sought, by
stressing the increase in the Cuban
crop. to create feeling that the
sugar industry is facing another pc
Iiod of over-p oduction.
The present recovery in the sugar
market is due to the recognition that
this propagand has again been
overdone. 1t has not taken into
proper account the increase IN con-
sumption in the United States and
the prospective enlargement of the
export demand.
The president of the Cuba Cane
Sugar Company was quoted today as
predicting that this enlarged con-
sumption at home and abroad would
be sufficient to take up the entire
surplus of the new Cuban crop.
On the passing OF the common
dividend a sharp break followed in
American Woolen stock. The shares,
which had been selling around 70.
declined within a few minutes to
G3A.
WOOLEN OFF 12 POINTS.