Evening star., 1924-08-21
MONEY RATE RISE
!. SLOWS UP STOCKS
Southern Railway Advances
Above 70-BaIdWin Up.
Selling in Spots.
BY STUART p. WEST.
Special Dispatch to The Star


NEW YORK. August 2l.-Opera-
tions on the stock exchange received
something of check today on ac-
count of signs of hardening in the
money market and the consequent
heavy selling precipitated in liberty
bonds. These developments naturally
increased the disposition to take prof
it's. There were, however, numerous
individual points of strength.
Southern Railway Across 20.
Southern Railway distinguished 1t.
self by advancing across 20. Even al
that figure the return was a trif1e
over per cent. Recent buying has
been inspired wholly by the conVie-
tion that the 5 per cent dividend Is
safe and by the attractiveness OF the
yield regarded as business man
Investment"
THE move in Southern Railway had
no effect upon other rails which were
generally dull and rather heavy
Missouri Pacific preferred made nc
further response to the prospect of
merger with the New Orleans. Texas
and Mexico, although the announce
ment was made this morning that the
Interstate Commerce Commission mao
named October as the date for
hearing on Missouri Pacifi's applica-
tion to acquire control of the Gulf
Coast lines.
Shipping stocks Active.
Shipping stocks were taken up
again and both International Mer-
camille Marine. preferred. and Amer
lean International made new highs
With the improvement in the value OF
it's investment holdings 1T is figured
out that American international
would he worth fully what it is sell
ing for. as a liquidating proposition
Baldwin Locomotive, at 1876, was
selling at the highest of the season
other speculative leaders were held
back most of the time by realizing
sales. This was true of United States
Steel, American Can and General
Electric. Motor and motor truck
shares continued firm, but without
any inclination to resume the upward
movement of the preceding day. Hud-
son Motors, despite reports that more
business had been done up to the mid
die of July this year than in the en-
tire 1923, appeared to be running into
a lot of stock around 2S.
Oil Stocks stand Test.
The market for the oils was tested
again by further cut of Is cents a
barrel in the Pennsylvania district
daily reported for the week ended
August 16 in crude oil production.
When it was seen that very little
stock was coming out on this unfdvor-
able trade news, dealers on the short
side set about covering. Houston Oil
was notably strong. Stocks like Pro-
ducerS and RefinerS, CoSden and Mar
land worked higher, and there was a
sharp run-up in General Petroleum on
ha Shn nor
earned on the common stock as against
22A per cent the year before.
Southwestern Merger Talk.
Opponents of the Missouri Pacific
New Orleans, Texas and Mexico merger
are to have their chance to be heard
before the Interstate Commerce Com
mission on October 8. Missouri Pacific
proposes to buy with an issue of
z per cent 15-year notes. $500 shares.
or % per cent of the New Orleans
stock, and will afterward presuma bly,
exercise the option which it has taken
on $4,000 additional shares.
This would give it 81 per cent
ownership. The deal if it goes
through will virtually mean excnang-
ing the per cent Missouri Pacific
notes for the present Z per cent stock
of the Gulf Coast Line.
Hudson Motors Musiness.
Declaration on Wednesday of the
regular quarterly dividend on Hud-
son Motors was followed today by
highly favorable data regarding the
results of recent operations. 1t was
said that during the first seven and a
half months of 1924, 50, 900 cars were
sold. against $4,000 in all of 1923.
During the first six months of it's
fiscal year Hudson earned little
more than the full years dividend of
So The second six months which will
end November 30, are expected to be
equally good, so that the dividend will
be earned twice over.