Evening star., 1924-05-13
STEEL AND OIL SENT
BACK TOLOST GROUND
Irregular Rally in Days Trading,
Principally Due to Short
Covering.
PRESSURE LIFTED FROM OH
Hudson Held as Weak Spot in
Motor Group.
BY STUART p. WEST.

Special Dispatch to The Star
NEW YORK, May 1S.-Steel and oil
stocks recovered some of the ground
lost Monday, in todays stock market
dealings. Covering orders in the ac-
tive industrial leaders were quite heavy
at times and resulted in substantial
npturnS in Republic Iron and Steel,
american Can, L. 5. Steel common
and Bethlehem Steel The greater part
Of the list closed higher, with prices
well UP 10 the best of the day.
No further cuts were announced in
crude oil prices. and the pressure
was lifted from the oil stocks. Mar
land got across 30 again and Pacific
oil across As. Texas Company was
steadier around 80, and Phillips Pc
troleum came back over point.
Opinion was still divided as to
whether there would he any further
downward price adjustment, but it
was pretty well agreed that the 20
cents-a- barrel cut of last Saturday
had been discounted.
Near Record Low Quotation.
Hudson Motors was the one weak
spot in the motor group. At 20l2 il
was within a point and half of its
record low. What the street is ap
pretending is not any immediate fur
ther slump in the automobile buSi-
ness, but some accentuation of the
second half year, and especially in
the last quarter. The new Stude
baker stock was evidently receiving
better support just above 81. On the
other hand, Pierce-Arrow common
made n new low. Among the motor
accessories Stewart-W Warner recov-
cred somewhat after it's violent break
of the previous day. The president
of the company was out with fresh
statement saying that rumors about
la M
stopping of dividends, etc, were ri
diculous and unfounded" and that the
business was going on very Well.
The street believes that while the
$40 distribution on Stewart Warner
was justified by the 1928 earnings and
by those for the first quarter for 1924.
the rate is too high to be regarded as
permanent.
Mack Truck Surplus.
The Mack Trucks report for the
March quarter turned out as antici-
patcd, with q surplus for the common
stock of $4.04, against S4.S4 a year
ago. Current assets on March 81 were
nearly $4,000, ,000. against only 81
T75,0U0 current liabilities. In fact,
there was more than enough cash on
hands. .302, ,000--to take care of the
entire current liability item.
Some buying came into Philadelphia
and Reading Coal after the announce
ment of the increased dividend on
Glen Alden. the two companies Delng
regarded as more or less in the same
position.
The special brying which has been
going on for some time in Atchison
vas noted again for while Fa-
nous players ran up sharply, antici-
pating the declaration of the regular
dividend at the meeting scheduled for
later in the week. Strong support
made itself apparent in American Can
and the stock rallied briskly.
Uncertainty in Late Trading.
The stock market moved with some
uncertainty in the later trading, but
with the oils and steels maintaining
their improved tone. With Cuban raw
sugar quoted at 37s pound for the
first time this year, traders turned to
the selling side of the sugar stocks.
Cuba Cane preferred was offered down
over point. and SO was Punta
Allegro. The Cuban Americans also
were soft. Believers in the sugar
stocks, however, contend that sup
plies of sugar in this country are so
small that the extra Cuban output
will be taken up. Moreover, they say
that considerably more than so per
cent of the new Cuban harvest has
been disposed of already at satisfac-
tory prices, and that this means very
good earnings for these companies,
even with sugar at present level.