The Birmingham age-herald., 1924-04-30
GROUND IS LOST
 BY STOCK PRICES
Selling Is Inspired By Reports of Poor Trade
 Conditions

NEW YORK, April 29.-Stock prices continued to lose ground in to- days market on selling inspired by re- ports of poor trade conditions in sev- eral important industries.
 Speculative uncertainty over the divi- dend action of the U. s. Steel corpora tion directors, who met after the mar ket closed, had a tendency to restrict trading. The declaration of the regu- lar dividend of S1.25 and an extra divi- dend of 50 cents on the common, to- gether with tssal earnings of $50,075,- 445, was about what most brokers ex- pected, although the showing made by some of the independent companies in the first quarter had led some hullish enthusiasts to predict earnings Of $5,,- 100000 and an extra of 7j cents or S1.
 Fluctuations of U. S.. Steel common during the day were cratic, the stock opening 5s lower. at 9S115, moving up to 99ss later and then see-sawing un- til 1t finally touched 98 in the final sale. Heaviness also cropped out in the independent steels, Bethlehem, Gulf States and Republic closing at net losses of % to 1% points.
 U. s. Cast Iron Pipe again was one of the individual features. It opened 14 lower at 91ss, slipped steadily to S9, and then bounded upward to new high record for the year ut 94h, only to fall back again to 903t for a net loss of nearly 1 point on the day.
 Three companies in which special dividend action was expected today dis appointed Wall street prophets. They were the Hayes Wheel company, which declared the regular dividend of @ cents instead of placing the stock on $4 basis, as many had predicted; the Punta Alegre Sugar company, which declared the regular dividend of S1 .25, although some Sptimists had looked for higher rate, and the Wabash rail road, which failed to take any action on the preferred A stock, resumption of dividends on which has been widely discussed because of high current earn ings.
 Hayes Wheel, which opened at g. broke to 3215 on the announc ement of dividend action, rallying later to 33 for net loss of 3%. Punta Aleyre Sugar closed lower at 5GEs. Wabash preferred A, which has sold as high as 47A this year, closed at h for a net loss of 11a points on the day.
 Selling pressure was particularly ef- fectlve in the motors, textiles and su- gars, but many of these issues closed above their low prices of the. day.
 Chicago Yellow Cab broke 61h points to Al and then rallied to 43; Yellow Cab broke 51a points to 5015 and then moved up to 52h, while net losses of l to z points were recorded by Ame-i- can Woolen, Studebaker, Mack Truck Plerce-Arrow preferred and Stewart. Warner. -.--..
 With few exceptions, the active rails were again reaetionary. Heaviness of the Erie issues in the face of good quarterly earnings statement was nt- trlbuted to reports that April gross was running below March, the i,rt. ferred issues losing about point m the day. Lehigh Valley Nickel Plate |" New Orleans, Texas and Mexico and Atiantlc Coast Line closed 1 to , points lower. '0'n'S
 Call money opened at 3% per cent advanced to 4 and then to Az. where elosed. Time money and commer- claI paper rates were unchanged
 horelgn exchanges held firm on auiet Iradlns. Demand sterling ruled nearly nalf cent higher, around $4.3S1b. and french francs were quoted just under 61a cents uHuei
 Total stock sales. 7O1, 200 shares