Evening star., 1924-10-16
MOVES ARE MIXED
IN STOCK MARKET
Selling Follows Effort to
Push Prices Up-Leaders
Are Weak at Close.
BY STUART y. WEST.

Special Dispatch to The star.
NEW YORK, October l6.-The
somewhat improved sentiment noted
around the Street Wednesday was
maintained today, but the stock mar
ket was not attempting To capitalize
It to any extent. Price changes were
variable, and among Individual stocks
a few noteworthy advances occurred
while at the same time one or two
equally noteworthy declines were
going on.
Oil shares Gain slowly.
Oil shares continued to be bought
at slowly rising prices. The most aS-
SrcSsive operations centered in Mar
land, Phillips Petroleum and Mexican
Scaboard. Pan-AmeriCan Il crossed
% again, and others. like Texas CO.,
CoSden and Sinclair. were quietly
strong. There was nothing, however,
10 add to the information in hand
yesterday, namely, that production of
rude oil has been going down for
four weeks successfully, and that the
statistical situation had improved
sufficiently to induce the big stand
ard Oil subsidiary in the midconti-
nent field to rescind its restrictive
measures.
Steel Common Above IO6.
Steel common carly in the day got
above 106, but was freely supplied
around that figure. Colorado Fuel
and Iron ran up for a time, but this
was because of oil possibilities rather
than because of conditions in the Stee
trade. Wall street was still ponder
ing the statements made in the mid
week steel reviews that operations
We're being curtailed pending the
election, ana that in some cases orders
we're being placed carrying the privi-
lege of cancellation after Novembe,
I. The deficit of $3.50 reported by
Republic Iron and Steel for the thirC
quarter, against a net profit of S454..
20 the previous quarter and proti
of Sl,b93, 49l u year ago had a sub
DUNG effect even although fully eX.
pected.
Hide and Leather Up.
American Smelling on which {
higher dividend is looked for latel
on, was once more in demand, bu
the copper group remained unrespon'
sive to the firmer tendency report et
IN the copper metal market
American Hide and Leather pre-
ferred was bid up over two points or
the suggestion that something might
hc done at next Tuesdays meeting
about the reCapitaliZation plan, which
is to clear up the huge accumulations
on dividends
The break in Stewart Warner was
not unexpected in view of what has
been known for some time regarding
earnings. These, it is understood
have not sufficed even to cover the
reduced dividends, and further un
favorable action at the meeting later
in the month is what the market was
predicting today.
AIIotments Under Estimates,
Allotments were made known OF
the $4,000, 900 German loan, anc
they proved to be considerably unde1
the lowest estimates. Wall STREE
had been talking about five-timt
oVerSubScrIption, which would have
meant an average of 20 per cent fol
the individual participants But az
it turned out, the allotments il
scarcely any case exceeded 10 pei
cent, and from that ranged down tt
S per cent. Thus, predictions of the
bonds being subscribed for 10 times
over, which at the beginning of the
week had seemed to many rather
fanciful, were more than borne out
Evidently having been able to fill
only d very small part of the demand
of their clients, investment house.
were attempting to make up by buy
ing in the open market. While thi:
buying was at it's height the Ger
man bonds sold as high as 959s, as
against %, their issue price. The
selling by those who had applied
lative profit began to have more
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