Evening star., 1924-03-10
DROP Off
| IN STOCK MARKET
Afternoon Selling Wipes Out
Gains as Week Opens
Hudson Motors Up.
BY STUART r. WEST.

Special Dispatch TO The Star.
! NEW YORK. March 1o-Today':
stock market, being entirely in pro
ifesional hands, was Influenced more
fthan anything else by the considera,
tion that Monday has become tradi.
tionally reaction day. Going ovel
sthe last two years, it is a fact tina
probably in four cases out OF fiv,
1.-THE day has been one Of declining
sprices.
! The market opened higher with
come special advances in few stocks
Sltke Hudson Motors and Norfolk anG
western. After the first hour or so II
sran into selling which, while not al
all heavy, was sufficient TO carry the
leaders off a point or more. After this
ltrAdipg Quieted down the movemen,
became irregular.
. Buying of Hudson Motors, which
lifted the stock at one time to around
$50, was not based upon any idea OF
ian increased dividend, 1t was simply
S1nspired by the attractiveness of the
yield at current prices and the favor.
saAfe financial position, of the com.
rpany, Hudson Motors Is earning the
present SO distribution about twice
cover, and makes very strong treas
Cry showing.
s United states Rubber issues were
not affected much by the 1923 report
Earnings of $2.2S a share on the com
mon cad been expected and dis
4Counted by the recovery toward the
tclose of last week.
Bank loans at the close of the yeal
We're given as SSS,235, 900, against {
total indebtedness in the shape o.
notes and loans payable at the close
of 1922 of s25,0S0,000. The presiden
made the statement that the tire
trade, which represents about thirc
of the business, had been unsatisfac
tory, with prices the lowest evel
known, but that since the first of the
new year distributive costs had beer
reduced and that it had become pos
sible to secure higher prices.
Steel Report Disappointing.
The monthly United States Stee
tonnage figures showed an increas'
of 114.472 tons in orders on the books
at the close of February.
This was a considerable falling OF
from the January increase and dit
not tend to revive interest in th'
steel shares. Oil stocks were un
responsive to the advance of Is cents
barrel in eastern crude oil ant
the similar increases in other part
of the country. These were recog
lized as merely the usual readjust
ments to Saturdays advance in th'
midcontin ent te, ritory. :
Only one or two of the rails die
. anything. Further buying in Norfoll
and Western reflected the view tina
il Pennsylvania lease is pu
through. the Norfolk dividend viii
be raised from 4 to per cent, O.
failing this. shareholders will re
ceive an extra disbursement.
New Orleans. Texas and Mexico
made a new high above 104 in ex
pectation that the acquisition of thu
Tt l.
benefit the earnings of the former
As I per cent rail stocks go il
the current market, New Orleans
Texas and Mexico has now reached
a pretty high level.
American Sugar Goes Lower.
American Sugar sold down clos
to its low of the previous week il
anticipation of a poor statement o
earnings for 1923. Some buying ha
come into American Sugar on tn
motion that the company's business
had turned for the better.
! Today persons who had taken thi
view unloaded their holdings, an
american Sugar common broke wei
below, Sc. The 1923 report to b
published this week, while 1t will
show q balance on the common. will
show the income was obtained from
the sale of certain assets. 1t Is sait
fthat the preferred dividend was no
earned from operations in the full
twelve months
What will be of most interest IL
the Mack Trucks 1923 report, due to
morrow. will be the remarks of tn,
compa.ny's president regarding tn,
outlook for the motor truck busin ess
Earnings last year were between 50,
sand S21 a share. 1t is expected t.
draw a favorable picture of Macl
Trucks business.
A stock dividend, perhaps late il
1924, rather than any increase in tn,
near future in the regular cash dis
.tributton. to holders of Associated
Dry Goods common seems more likely
according to we'll informed persons.