Evening star., 1924-09-02
WAttSTREET LIST
TURNS IRREGULAR
Steel Above 110-Motor
Stocks Higher-Strength
Shown in North American.
BY STUART p. WEST.

Special Dispatch to The star.
NEW YORK. September 2.-Th'
stock market today had another houl
of continued buoyancy. Then 1t raj
into heavy selling and the price move
ment became increasingly irregular.
United States Steel common go
above ll0. which, allowing for the
dividend deducted last week, mean
the highest price OF 1924. Much
stress was laid again upon the pick
ing up of the rail business. and 1t was
predicted that the September state
mcnt on untitled tonnage would show
40 increase for the first time in siA
months. This expectation was based
largely upon the statement by Judge
Gary that incoming orders in Angus,
were 10 per cent larger than in July
Motor Shares Strong.
Sentiment continued favorable to-
ward the automobile outlook, and the
shares of motor parts companies hg-
urcd in calculations along with those
Of the automobile makers themselves
There were no noteworthy gains; the
main feature was the way most OF
these stocks held around their high
prices. Maxwell \ got above 81. but
subsequently yielded to profit taking
Studebaker continued to be bough,
around its hign OF 39l2. and Hudson
Motors around its high of 50. At this
latter figure the return on Hudson is
Still 10 per cent.
Nash Motors returned to 1870 and
gains were shown in the principal
motor parts stocks. like Stromberg
Stewart Warner aud Timken Role:
Bearing. In contrast to all this was
the persistent weakness in Chandler
Motors. The Street now feels sure
that the dividend will be cut and is
only considering whether il will bt
reduced TO 81 OF s. basis.
North American Gains
one of the few features in the
Railway section was st. Louis and
SAN Francisco. The insistent manner
In which the common stock was
absorbed at rising prices suggested
that new interests might he buy A.
rto the property.
large block of North american
was taken AT -. after which tn.
stock promptly ran up To 30ta. This
with Columbia Gas. was the leader OF
the public utility group Mack Truck
selling eX-rights. just about held its
own paying no attention to the dec
iaratlon of the regular dividend
White Motors made a new top. above
o.. y revival of pool operations in
international Combustion Engineer
ing was indicated. Worthington
Pump got above 80. The thing which
Is not liked about this company
STOCKS, however. iS tn" low selling
prices for the TWO classes of prefer
red
Markets Overlook News
To-day : market made little re-
spohSe to the news developing over
the holiday. First, there was the
ahnounC Cement that Germany had
made its first reparations payment
under the new order of things. and
that hence. the Dawes plan might
b" regarded as officially in effect
Second, there was the formal launch
ing of the presidential campaign in
the shape of the appeals of the three
principal candidates to the labo.
vote.
As il turned out neither Of these
happenings counted for much. Sterling
exchange was higher. yet at the top of
The day it was Stiil over = cents in the
pound below where il was selling when
the London conference was success
ful concluded. French francs like
wise were fully d quarter cent under
their figure at that time
The most important feature of the
day was the rather sharp falling off in
the volume of business. This. accom- =
panied by the irreso!ute price move
ment. showed that the advance in the
latter half of last week had been
nothing more than one of the f1uctda-
tions i'll market which was feeling its
way and waiting upon outside develop
nentS.