Evening star., 1924-09-03
MOVES ARE MIXED
IN STOCK MARKET
v. sWeringen Shares Strong.
Sugars Taken Up-Cottee
Shares Lower.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, August 3. Price
movements on the stock eNcnahse -
day were variable and during the
greater part of the time displayed NJ
general tendency. Realizing saieS
continued in some quarters AT the
same time that new buying was 30
ing on in others.
There was a story of an Impending
n ner cent stock dividend on NorfolR
and western, and while this dld not
get beyond the status of street gossip
il was responsible for fair upturh III
the stock.
Merger Stocks Strong.
shares of companies involved II
the Van Sweringen merger were gen
orally strong, keeping cioselS II
touch with the course OF the ne"
Nickel Plate stocks on the curo. lht
present Nickel Plate was unuSual49
active at advancing prices Ihe rae
that the new stocks started on OF
the curb at prices considerably beIo"
expectations. proved stimulus 10 tn'
buying.
At its low of the day Colorado Fue
was down over 30 points from 1t:
high and had lost practically all the
advance ba: ed upon the oil dis
coverieS The gain has 0een undont
simply because no official Information
has been forthcoming as to wha1
these oil properties were likely u
be worth.
Sugar stocks were bought on the
prevailing signs that the sugar mar
ket was headed upward. as it 1.
apt to be at this season of the year
American Wooden Sold.
Selling of American Woolen fol-
lowed the news of the passing of bono
interest by the b. b. and r. knigh
Company. Although this is cottof
mill. the action empha asized the un
favorable condition still existing in the
New England textile industry.
The weakness in Jones Tea. which
sold at Il new low for the year. was
due to disappointing business. The
net for the first six months was only
sl46,339, equal to IA cents a share
Gross sales were s12,4l3,000. agains1
nearly $4,000, 900 in the first half Of
1928.
Copper shares continued to ac
disappointingly,. with Anaconda be
low 40 again. Dupont was taken ur
for while in expectation of ia
vorable results after the Genera
Motors recapitalization plan is pu
through.
Rally in Superior Oil.
Superior Oil rallied when it be
came known that the recent selling
had been due to the liquidation OF
a block of stock held by the Atlantic
Refining and was no reflection upon
the financial condition of the com
pany. American Agricultural Chem
ical issues had not at first responded
to the annual report, showing 1
profit -and-losS deficit of s19, ,404, 900
against sI2.S17.0c0 a year ago. But
A while ago. the plan to readjust
General Motor Company's capital ac-
count was announced and the street
now is awaiting the admission of the
new common to trading on the stock
exchange. The new junior stock will
be issued on the basis of one share
for every four shares of the old com
mon outstanding. There is talk of ar
increase In the dividend which, il
maintained at only the current rate
will be $3.50 a share. This would
mean a return of per cent with the
common selling around so. Earnings
in, fhe lean first half year werES near
ly.;enough to pay the full $1.28 an.
nual dividend on the present stock
The remarkable success of the $30,'
100000 Belgian loan was the prin,
cipal incident of the day. two
months ago the announcement thai
foreign offering of such an amount
had been subscribed four times over
would have evoked enthusiasm in the
investment market. But today the
effect upon the general bond list was
very slight.
CLOSING rs HEAVY.