Evening star., 1924-07-02
REALIZING SALES
:. HALT STOCK RISE
Steel Common Freely Sup
HpIied in Afternoon-Many
!: Gains in Early Market.
BY STUART p. WEST.

Special Dispatch to The Star
NEW YORK, July AT the outse
today, the market continued undel
the twofold influence of the better
feeling regarding the political out
look over business prospects.
individual advances outnumberet
Individual declines. Dut as the day
went on, realizing sales were encoun-
tered in sufficient volume to check
the forward swing in the general list
and to bring about a reaction.
Steel Common Sold.
Steel common was freely supplied
around 10l. Bethlehem Steel after
selling above Al began to reflect the
hsavineSs in the bonds and preferred
stocks. The unexpected announce
1nent that the Magnolia Petroleum
had advanced quotations in the Texas
ffeld % cents a barrel caused moder-
att buying movement in the oil
stocks. Houston ran up over points
and Royal Dutch over l point. OtheI
leaders of the group gained a halt
point or so. But this upturn did no'
last. 1t was followed by setback In
the afternoon.
Despite reassuring statements from
high officials of the company, there
was further weakness IN Daniel
Boone Wooden. The market for
Woolworth and other shares repre-
senting retail enterprises continued
to give evidence that buillsn opera
tions had been overdone. wilson q
Co. stocks had remarkable rise lol
lowing the reports that arrangements
had been made with the creuItorS to
extend the notes. The street figured
out that this meant that wilson
would pull through.
Pools Push stocks Up.
Pool activities kept on in other
directions Colorado Fuel made
new high at 49. although this stu
remains the greatest mystery stock
on the list.
Allied Chemical reached a new top
for the year, but later reacted. The
new Lorillard continued to push
ahead as the result of the attention
drawn to the disparity of its selling
price with that of Liggett and Myers.
-Allis Chalmers sold above 81 for the
first time. rejecting the favorable
earnings position.
Again today, it was difficult to trace
any connection between the market
movements and developments at the
Democratic convention. Prices Wen'
higher on the stock exchange during
the first half hour or so and later
declined.
II was true that the reaction coin
cided with the announcement OF the
den and considerable accession TO the
McAdoo forces. Had Wall street al
any time been afraid of NcAdoo TINS
might have been set down as tne
reason for the check upon the lor-
ward swing.
Mfd~xeek steel Reports.
The commodity markets, supposed
ly governed almost altogether oS
changing weather conditions, ols-
played Indifference to the weekly re
viaw of the weather bureau at asn-
i,eton. Corn prices made new hlgn
and wheat went up despite the OIL
fetal statement that the winter Wheas
harvest was makirg progress anu
that the cool weather and rainta!l IN
the northwest had been most 1aNof-
able for spring wheat.
on top of the record oreakins
shrinkage in May, pig iron outpu !:
according to the Iron Age 1sil OH
smother 20 per cent If June. Iakeli
together. the two months represent a
falling off which in point of abrupt
rress and magnitude has never peen
eoualled in our industrial history.
There were, on the other hard, one
ur two reassuring hints in the weekly
trade reviews.
1T is the normal period for shut
down of mills and reduced opera
lions, consequently production Is not
expected to pick up In 1uly' It Dut
ra ather to fall on Still more Pu.
better buying of steel has already
heen noted, and the trade is looking
for August to bring a definite turn
Wall Street Features.
Stromberg's recent advance, carry
ing the stock above Stewart Warner,
has indicated how the street 1eeis
about the latter'S dividend OUTLOOK
stromberg rays So annually. while
much has been heard recently OF the
prospects of a reduction in the rate
of Stewart Warner from the present
$40 The opinion was expressed To-Day
chat Stewart Warner directors "oulo
cut the dividend to So.
,nd MaIlin moderate
IL to an advance in raw silk prices
and a better feeling in the trade:
Double extra crack raw SILK was
dS,oted at $3.50 a pound against the
recent low of SIS. and Sc silk in the
near future is predicted
70 TDDEnTYT AR