Evening star., 1924-05-09
CHANGES In MARKET
MUCH MIXED TODAY
Stocks Representing Industries in
Favorable Position Are Steady,
Some Strong.
OTHER LISTS SHOW HEAVY
Variance in Prices and Irregular
Buying Shown.
OTHER LISTS SHOW HEAVY
BY STUART r. WEST.

Special Dispatch to The Star.
NEW YORK. May 9.-Today was an
other day of mixed changes on the stock
market. On the whole, however, the
principle followed for the last month or
more was adhered to. That is, stocks
representing industries in a favorable
position were steady and some of them
strong, whereas stocks representing
trade conditions that were uncertain
were in some instances rather heavy
and at times depressed.
sharp Break n Feature.
The sharp break in United States
Cast Iron Pipe was attributed to the
completion of the pool operation;
which recently put the stock well
above 80. Buying of Famous Play-
ers was founded on the expectation
that the regular dividend would pc
declared next week. The advanve IN
International Harvester was further
response to the lately published 1875
report, showing, despite the depreS-
sion in large sections OF the agrl-
cultural area, a surplus OF more IMAM
So for the common stock.
During the greater part OF the ant
ernoon stocks were about as near as
they ever come to an absolute stand
still.
II has been known for the last six
weeks that the United States Steel
C,ornoration has been drawing upon
surplus supplies in order to meet cur
rent demand, while at the same time
steadily reducing output. rms I'm,
plies that shipments have run aneao
considerably of new orders ana InaI
the monthly tonnage report out sat
urday will reveal heavy decrease.
While the market today was getting
ready for these figures it was no
ticeable that the shares OF the lnoe-
Dendent steel companies yielded more
readily to selling than did United
States Steel common itself.
The more immediate reason for an
attack made upon the steelS was the
anticipation that the monthly ton
mage statement of the United states
Steel Corporation out saturday would
show a heavy decrease. Republic
Steel, Gulf States and Bethlehem were
all weak for a time, while Steel com
mon itself got down below 9S. Colo
RADIO Fuel and Iron showed, as 1t had
Thursday, that it was getting sup
port below 40.
Studebaker. selling ex the quar-
terly dividend of 212 per cent, moved
within a narrow margin. Other motor
shares were heavy, with Hudson
Motors and Pierce Arrow common al
new lows. These declines reflected
the view that the falling of in auto
mobile earnings during the second
Oil shares. on the other hand, as a
rule acted better. Predictions were
published from one or two prominent
trade repI esentatives that stocks OF
crude oil would shortly begin to be
largely curtailed and that this de-
crease would continue through the
summer. These statements may have
had some effect in inducing short
coverings. But the street is still OF
two minds about the oil situation. 1t
is discounting optimistic prophecies
until 1T can see some signs in the
figures on production and consump-
ton themselves, that these are well
founded.
Baldwin Locomotive at one stage
was selling below Ill, where it was
off nearly four points from the recent
high. The only logical reason for
this stock selling as high as it has
been was that there was some chance
of divided increase or an extra divi-
dend or else capital split-up, which
would lead to larger returns.
Money Market at Lowest Level.
Following promptly the latest fed
eral reserve report, showing an in
crease in the reserve ratio of the
combined banks, from 81 to 81. per
cent-a new high since the spring of
1917-the time money market sank to
the lowest level of the year. Loans
for ninety days were arranged at
per cent and for longer periods at
"A.
This had some effect in the invest
ment bond list, which was strong.
But even here there was no outburst
of enthusiastic buying. In the stock
market there was the same indlfer-
ence that has been shown all along to
this proof of a vast surplus of idle
funds.
Southern Pacific developed some
strength in the late afternoon, fol-
lowing publication of the full report
for 1928, which showed earnings of
close to Sl3 a share. Railway shares
elsewhere did comparatively little.
The better tone in the oil share
market was maintained through the
Of