Evening star., 1924-06-24
STEEL SHARES SELL
OFF IN LATE TRADING
Fear of Poor Trade Reports Tomor-
row Cause of Weakness
Ta at Close.
ERIE STOCK IS STRONG
sears-Roebuck Dividend Helps Ad-
vance Early in Day.
BY STUART r. WEST.

special lliSp3tcn 10 ne star.
NEW YORK, June 24.-Again today
prices on the stock exchange pursued
a varying course. but in the mair
body of the list the disposition was
to rally. This demonstrated that
there had been no serious significance
attaching to Mondays decline.
At the outset speculative leaders
in the class of American Can. Baldwin
Locomotive and General Electric
found that no stocks were coming
out traders set about covering. Oper-
ationS for the rise were resumed IT
Colorado Fuel and Iron, carrying i,
10 a new high.
This is just now the prime 'mys-
terry" stock. Evidently the rise has
nothing to do with steel trade condi-
tions, because other steel shares have
not been affected. On the other hand
reports of oil discovery on the com
panyS properties have received nc
official sanction.
Sears-Roebuck Scars.
One of the incidents of the day
was the declaration. for the first time
in three years, of a dividend on Sears
Roebuck common stock. That this
big mail order company, depending
for its earnings above all else upor
agricultural conditions, should have
taken this action on the very day OF
convention was interesting. Wal
street naturally drew the inference
that the dividend would not have
been restored had it not been for the
recovery in farm prices during the
last month. But the further Signiti-
canoe lay in its connection with the
agitation for farm relief" More
than ever these proposals will appear
as merely plain politics.
Commercial Solvents Plans.
Fresh developments in the Com
mercial Solvents situation are looked
for in banking quarters usually wei
informed. 1t is expected that the
class A stock will be converted into
b shares. The stock today sole
around Sc. 1t would be exchanged
al $50 a share and whatever divi'
dends might have occurred. There
is only a small floating supply o.
both classes of stock and $1,000. 00t
in preferred. Commercial Solvent:
earnings are reported to be quite sat
iSfactory.
Word that the Studebaker Corpora
tion had taken on additional EN-
ployes was looked upon as a favora'
BILE sign by those who profess to SEE
better business and enlarged opera.
tions ahead for the automobile man
ufaCturerS.
Can Dividend Gossip.
The upturn in American Can imme
dlately following the declaration oi
only the regular dividend did not CO
lrcide with the view that the omission
of an extra disbursement was cause
for some concern. The dividend ac.
ton, according to one observer, "sug
GeSted that certain banking interests
which have been reputed as being ac
tive on the bull side did not see theil
way clear to lift a helping hand a
this time"
The market for Atlanta, Birmingham
and Atlantic railway stock paid no at.
tention to the discussion regarding the
possibility of the road being purchased
by the st. Louis and San Francisco
The stock, which closed at So at the
end of last week, developed no activity
today.
Steel Shares Thrown Over.
Shares of independent steel com.
panies were actively sold in the after.
noon. looking forward to first testi.
mony in Wedne sday's midweek re-
views that the trade situation has
not yet turned. On the other hand
Wall street was much interested ir
a report to the effect that the capi-
talistS in control of Nickel Plate and
Chesapeake and Ohio had secured a
commanding interest in Erie and ir
Pere Marquette, and were contem-
plating the addition to this great
new system of the Virginian railway
and the Pittsburgh and West Vir-
ginia.
Rumors to this effect have beer
going the rounds for a long while
and have met with the usual "offi
cial' denials. They. were generally
credited. however. in the financia
community today, and the Erie bonds
and stocks were the features in the
trading of the last hour. Also the
episode threw light upon the reason
why the market for the railway
shares has not been more sensitive tc
political uncertainties and the pool
earnings comparisons.