Evening star., 1924-09-10
STOCKS co LOWER
| N FINAL TRADING
Spurt on U. S. Steel Tonnage
/; Report Fails to Hold.
/ Oils Active.
BY STUART p. WEST.
Special Dispatch to The Star.

Special Dispatch TO Ihe star.
NEW YORK, September 10.-Those
who had been predicting good things
for the oil shares We're gratified al
the way these stocks were taken uE
in the market today. An estimate by
an oil city trade journal that pro-
stiuction of crude had fallen OF
1O,317 barrels daily last week, helped
along the buying. Houston. Sinclair
Marland, Pacific Oil, the Pan Amerl-
cans and Cosden were the main TEA.
lures, their rise being accompanied
by largely increased transactions.
The bullish feeling toward the Oil
shares is based partly in the belief
that output is definitely on the down.
grade, and. secondly, upon the rea-
soning that because oil shares took
very little part in the summers ad-
vance their market position Is
stronger than that of other groups.
st. Paul Stocks Go Lower.
Continuation of the selling in the
st. Pauls was quite expected after
Tuesdays tumble. 1t was significant
that the statement by the president
that no reorganization was contem-
plated passed without notice. Wall
street believes that new st. Paul
refunding loan could not be negoti-
ated with the capital structure as it
is, except on terms which would
greatly add to fixed charges.
The alternative is d readjustment
which would cut down the volume
of securities now outstanding.
Steel common had a momentary
squirt across los on the publication
of the monthly tonnage figures show
ing slight increase for the first time
in q half year. But the stock was
freely supplied on the upturn. and
Sagged off later. Other steel shares
did little with the exception of Col
orado Fuel and Iron. The jump
across 40 was ascribed to the repur-
chase for both long and short account
of stock sold while the big down.
ward swing from above so to around
33 was going on.
Coca Cola Finds support.
Coca Cola was weak at the start.
but appeared to be running into sup
port below 20. United States Indus
trial Alcohol in which pool activity
has ceased, dropped off easily. Air
Reduction made only a moderate re-
sponse to the declaration of an extra
dividend of l per cent. Hartman
Corporation has heavily sold on the
report for the first six months of
1924. disclosing net of s622.664
against S1,1S1.147 in the same period
last year.
v al iouS reasons nave Deen aQ-
vanced for the consistent decrease in
the volume of business of Sears Roe
buck and Company in contrast to the
increase in the gross sales of Mont
gomery Ward during the past several
months. Montgomery Ward STOCK SELL
ing around So, has been especially ac-
tive. 1t is reported that considera BILE
Montgomery Ward stock is going into
the Sears Roebuck treasury and that
In
later company are not causing in
credit for Montgomery Wards sub
stantial improvement is due the new
management
Tobacco Products Weak.
Weakness in Tobacco Products COM
mon stock was thought to be associa-
ted with doubts regarding the forth
coming dividend action. Although
some believe the regular dividend of
sl.50 viii be voted, subsequent pay
ments seem to be in doubt There
is talk that a dividend in stock might
be decided upon. This would
probably not satisfy many holders of
the present shares. In 1923 a high
earning power for the stock was pre-
dicted but the year ended with net
income of only S1.35 on the common
stock against the Sc dividend re-
QuirementS.
Prices Weakest at Close.
The speculative leaders in the last
hour or SO yielded readily to the SELL
Ing which developed. Railway stocks
came down quite as easily as the in
dustrials. Passing of the dividend on
Union Bag and Paper was no great
consequence in itself, but it furnished,
another case among the numerous
ones which have come up recently,
where Industrial arrangements have
reduced or omitted distributions to
shareholders in face of the food of
optimistic talk from high business
and political quarters.