Evening star., 1924-08-28
STOCKS SELL OFF
/ IN LATE TRADING
Earlier Gains Lost in Weak
Closely. S. Steel Is
Again Feature.
BY STUART T.. WEST.


Special Dispatch to The S'ar.
NEW YORK. August 2s.-Durine
the greater part of today's stock ex.
change session trading was quiet and
price changes uneven. On the whole
however, the market was firmer thar
it had been on the two days preced
ing.
United States Steel common, sell
ing eX the regular quarterly divi-
dend of s1.25 and the so cents extra
was again the real bulwark of the
market 1t did nothing at all sen
Sational, but it was consistently
strong. In this way its action agreeI
with statements which have beer
made for some time past that inter
ests identified with the Steel Cor
poration were favorably inclined
toward the outlook generally and
were expressing themselves unob-
trusively in the market for thei,
stock.
Anaconda Thrown Over.
Some large books of Anaconda Cop
per were pressed for sac early in the
day below 3S. the stock railyi1g slightly
afterward The selling was carried
on despite the interview published
Wednesday with the Anaconda presi-
dent in which he predicted an increase
in the export trade and took favor
able view of the outlook for the in
dustry. Other copper shares We're little
changed.
Shares of department and chain stor
enterprises were in demand again fol-
lowing the review for the New York
Federal Reserve district of conditions
in their line.
This review stated. that whereas
in June, sales were . per cent smaller
than a year ago. in July they We're
per cent larger. ON the strength
of this. Woolworth was taken up
vigorously. May Department Stores
We're pushed ahead, another remark
able jump occurred in the old kre$ge
stock, while the new kresge De-
partment Stores was actively bought.
American Ice Given support.
American Ice, after Wednes sday's
violent break, receive better sup
port around so. 1t was given out un-
ofhclaliy that earnings for the fiscal
Year ending October 81 would not be
up to those of IL months ago when
over s12 was shown on the common
shares. But it was stated that they
would be quite sufficient to cover the
s. dividend.
Favorable attention was drawn
again today to the steady absorption
OF offerings of Studebakcr stock The
optimistic remarks attributed to the
Studebaker head fitted in with the
more cheerful view which the street
has taken toward the motor industry
the past several weeks. In the frs,
SIX months Studebaker earned sass a
share on its common stock, or nearly
the full years dividend requirements
The results for the second six months
are expected to equal those of the
first half year
The ST. Paul situation is entering
more and more into stock market dis
cussion as the time draws nearer for
the announcement of financing plans
Railway Equipments to BENEFIT.
Railway equipment companies will
benefit from a large order to be
placed by the Pennsylvania Railroa d
shortly for equipment. The amount
involved is said to be $25.00O, 900
American Car and Foundry, Railway
Steel Springs and Baldwin Locomo-
tive are expected to receive this busi-
ness. The first six months of 1924
were lean period for the equipme mt
makers. Only one or two of them re-
ported any earnings to speak Of
The stock market, as was the case
on previous days, lost during the
afternoon all of what little gain it
had made in the morning and more
Oil Shares Depressed.
The ease with which recent pool
favOrites faded away in the last hour
or so was a disagreed BILE revela tion to
those who had looked confidently for
resumption of the forward swing
Weakness in some of the oils was
also an upset to predictions that their
market had discontinued the disap-
pointing status of the oil trade. The
further increase reported in the
weekly production figures for crude
oil was slight, but still it was an
other increase. AS such it went
against the optimistic references to
the oil outlook which have persisted
in high quarters.
CLOSE Is IRREGULAR