Evening star., 1924-08-04
j. s. STEEL LEADER
ON FINAL TRADING
Reaches 40 for First Time
Since 1902-Many Other
Stocks Move Up.
BY STUART p. WEST.

hI S1I aHtI Il 4. p" ISA'
Special Dispatch 20 The Star.
NEW YORK, August 4.-Heavy
realizing sales came into the market
today, but did not seem to represent
anything more than a shifting about
of speculative accounts from one set
of stocks to another. Railway shares,
which were the favoriteS two weeks
ago, did comparatively little in the
market last week. There was more
of a disposition shown today to go
into these stocks while taking prohts
in the induSrialS which had been the
leaders. The price movement in con-
sequence was extremely irregular.
Merger Holds Attention.
The possible ramifications of the
Van Sweringen Railway System con-
discussion. People who had been for
tunate on the long side OF Nickel
Plate, Chesapeake and Ohio, Pere
Marquette and the Eries were quite
ready to respond to intimation that
the Pittsburgh and West Virginia was
likely to come into the combination
and to further suggestion that Wheel
ing and Lake Erie might enter into
the deal.
Pittsburgh and West Virginia on
top of last weeks rise ol over .
points ran up more than 2 points ad-
ditional The Wheeling and Lake
Fries became suddenly active at aG-
vancing prices. Western Maryland
issues, which usually move with
Wheeling were sympathetically
strong. although there has been no
thought of the road figuring iii the
big Middle Western group.
There was another extraordinary
demonstration in General Electric
and special buying in General Motors,
which carried the stock to the high
~ Ht-bi if,h
Other Stocks Drawn Along.
Dupont and Fisher Body, as usual.
were drawn along in sympathy. Some
of the tobacco stocks were in de-
nand again. notably Schultz Retail.
American Tobacco and Reynolds B,
The jump in Colorado Fuel above
81 for the first time was set down
as further exhibition of pool
activities noticeable ever since the
stock was selling around 80. The
Street is no nearer suitable eX-
PLANTATION for the rise in this stock
than it was 20 points lower.
Commercial Solvents A and B stock
broke badly on the announcement
Saturday that the company's plants
had been closed to allow orders for
butanol. it's chief product. to catch
up with supplies on hand.
Industrial Alcohol Strong.
Buying of United States Industrial
favorable earnings and dividend talk.
1t was said that the company had
reduced its bank loans and had piled
up a substantial surplus. The bal
ance available for dividends in 1924
is expected to be as large, if not
larger, than in 1923. when earnings
on the common eQualed S1127 a share
Dividends a the rate of Sc annually
are expected to be voted either late
this year or in the first quarter of
next.
Regardless of the fact that D. &
H. shared in the recent advance of
the So-Called coal roads some quar-
ters hold that the stock is out of
line with other rails in the same
class, considering earnings and divi-
dends. The 50 dividend is look d
upon as safe. The recent increased d
movement of coal has indicated
larger earnings in the second half OF
the year.
Corn Products Under Pressure.
Further selling came into Corn
Products Refining today. carrying the
stock below the 33 level and close to
has been one of the most notable ex-
ceptions to the upward movement of
the past few months. Wall street
feels quite sure that this situation is
only temporary. and that improve
ment in earnings will furnish a fresh
incentive for the stock The sharp
falling off in sugar prices in May and
June restricted the sales of glucose
and corn sirups, which Corn Prod
ucts produces in large quantity. The
violent upturn in corn also has been
q regarded as unfayorable.
Steel Common Reaches 10.
Steel Common reached 10 in the
last hour for the first time since 1922
Cast Iron Pipe made a new high
and there was revival of interest in
Mack Trucks, which also made a new
top. The strength in the motor truck
shares, increase in General Motors
and in other members of the group
was accompanied by talk that the
increase in farmers buying power
would mean a much better second
half year for the automobile business
than had been figured on two
months ago.