Evening star., 1924-07-30
STOCKS IN TUMBLE
IN FINAL TRADING
United States Steel Leads
Market Early in Day-Many
New High Records.
BY STUART II. WEST.

Special Dispatch to The Star.
NEW YORK, July 30.-Everything
else on the stock exchange today
was secondary in importance to the
sharp advance in United States Steel
unusually heavy. The stock was
carried above 106 for the first time
since its advance to 100 early in the
year. 1t was not unlikely that much
of the buying represented short COW
ering, for Wall street has heard of
intensive operations having been con-
Quoted on the short side of the mar
ket for United States Steel even be-
fore the recessions of the Spring and
Summer in the industry first became
apparent.
The favorable dividend action taken
by the Steel directors late yesterday
and the publication of better earn
ings account than had been antici-
pated for the second quarter We're a
distinct help to the market The
stage had been reached where set
back had been looked for Under the
profit taking occurred throughout the
day. and through Steers performance
went the credit for the markets do
ing. so well in spite of this selling:
The corporations report showed
that in the three months ended June
oss. as compared with $50, ,o75, 4lO lin
the preceding quarter. The second
quarters results equaled 1914 a
share on the common, against $5.03
in the first. In the six months the
regular and extra disbursements on
the common were earned more than
twice over.
Many Special Moves.
Other steel shares did better under
the influence of the steel episode and
also in response to more favorable
steel trade reports. Railway shares
were still somewhat in the back
ground, although the upbidding of
such stocks as Atlantic Coast Line
and Nickel Plate, both to new tops
the railway traffic statements for
June are out of the way, and in spite
Of the fact that as whole they were
decidedly less favorable than for the
have held the greater part of their
recent gains.
Special moves were in progress
during the day. Among them the vlo-
lent upturn in American Water W orks
and Electric common to new top
was an outstanding incident. Inter
national Nickel was discounting fur
ther improvement in earnings, while
Savage Arms responded to the second
quarter earnings statement, showing
that net income amounted to $3S3.96S
against $61 ,099 in the first three
months. 4 bad break in Daniel Boone
Wooden Mills to its lowest figure re-
eembled what occurred several months
ago in Consolidated Textile. The de-
cline did not fit in with the optimistic
statements regardins 1924 ssorIts results suits
sources some time ago.
Tobacco Shares Active.
United Cigar Stores and Loriliard
were the most active in the tobacco
group today. The former rose to a
new high on efforts Of speculative
Clique which holds that the value of
United Cigar Stores leases and real
estate justifies a higher price for
the stock Satisfactory earnings OF
the retail tobacco trade also were
an influence. Lorillards strength
was repetition of what happened
on the idea that, with earnings and
dividends equaling those of Lggett
& Myers, the stock should sell at
least on a par with the latter.
The common stock Of the New York,
Chicago and st. Louis railway (Nickel
PIate), following its uptuurn of the
preceding day, went to new h1gh
for the year above 103, despite the
statement of George F. Baker that ne
"knew nothing about the proposed
consolidation with the Erie and
Pere Marquette. Mr.. Baker expressed
himself in favor of certain railroad
consultations because they would De
beneficial to the country by cutins
down the overhead.
Sharp Reaction at Close.
After a period Of dullness round
midday the stock market turned more
active as realizing sales became
more pronounced. Many stocks fell
back fairly sharply from their highs,
but at the same time buying opera
tions increased in other oirectlons.
IInited States Steel continued strong,
and there were indications through
out the list of repurchasing on the
idea that the reaction would not carry
far.