Evening star., 1924-06-10
MARKET IS CONFUSED
BY STEEL REPORT
Drop in Call Money to Lowest
Mark Since 1917 Also Sur
prises Wall Street.
WHEAT PRICES ADVANCE
Sugar Stocks Strong Rise in Flu
lures Quotations.
uY STUART p. WEST.
necisl Djspat trh 10 The Star.

Special Dispatch 10 The STAR
NEW YORK, June 10.--Today II
the markets was notable for three oc-
e. currences--a jump of over 4 cents
bushcl in wheat following the govern
ment estimates put out after the close
of business Monday: a drop IN the
call money renewal to per cent the
lowest since August, 1917. and de-
cline of 5So,35S tons in unified or
dcrS on the books of the United States
Steel Corporation last month. This de-
crease was at least $4,000 tons more
than the highest estimate.
1t was quite the most interesting
day that Wall Street has passed
through in some time. The wheat
report was distinctly good news, be-
cause it showed that nature plus a
paved the way for more prohtable {
conditions for the wheat raisers- On
the other hand, the steel tonnage
figures We're just az decldedly bao
news. They gave a picture, even
moro forcibly than the statistics on
pig iron ShrinkaEc a week ago, of
rradc reaction proceeding at more
rapid pace than had been gradually
realized.
Traders Are Puzzled.
Between these conflicting influ-
cnceS the stock market did nothing
important. Its general tone was
firm, and the fact that the steel re-
port brought no selling into the
steel shares was significant as an
indication of the extent TO which
Wall Street prices have adjusted
themselves to unfavorable trade
news.
The market for American Can gave
evidence of the same strong support
that has been effective on other up
ward moverpentS in the stock. Shorts
in Baldwin Locomotive were glad
enough TO pay d point or more above
Mondays final in order to cover. The
fact that no further cuts were re-
ported in crude. oil prices Influenced
the buying in of short contracts in
oil shares. with an attending ad-
vance of a half point to over a
point American Telephone and Tel
cSraph sold eX the rights to sub
scribe to the new S150,000, 900 stock.
Consolidated Gas was in demand for
time and Public Service of New
Jersey made a new high for the year
crossing 4SH.
Seaboard Crosses -.
Among the rails the features were
Missouri Pacific preferred at a new
hIsh tor the year, Texas and Pacific
above so again, st. Louis Southwest
crn. Seaborad Air Line preferred
across 2S for the first time, and Rock
Island. Southern railway common
continued to hold around its high
prices The jump in wheat prices. fol-
lowing the government report, act ed
as a stimulus to the western rails
Sugar stocks responded promptly
10 the recovery in the market for Su-
gar futures and for raw spot sugar.
The impression was strengthened that
the decline in the sugar ma rket had
heen overdone and that not enough
account had been taken of the in
creased consumption which would be
bound TO follow the very low price
level.
over points from it's recent low,
and gains almost as large We're made
in Cuba Cane preferred and Ameri-
can Sugar Refining. Cuban American
Sugar was selling over points high
er than Mondays low.
Wall Street Features.
Philadelphia Company remained
active, rejecting the belief that i'm
portant developments in its affairs
we're impending. There were rumors
again of an increase in the dividend
from 81 to $5, but more attention
was paid to the report that a deal
involving the Duquesne Light. the
consummated In 1928 Philadelphia
Company earned s7.46 a share on its
common and in the fve-year period
1882, inclusive, $3.50 share was
the average net on the common.
A new high record for International
Paper was an incident among the
Specialties. The buying has been per-
sistent since before the recent an
nouncement of a change in the execu-
tive personnel Earnings from opera
tions are reported to be in excess of
the 1928 rate of s11 a share. The
street has been waiting for more
news regarding International Papers
plans for moving its plants to Can
ada to more easily compete with
Canadian paper manufacturers.
Chandler Motors Dividend.
The declaration of the regular quar-
terly S150 dividend on Chandler
Motors was expected and had no
especial effect upon the stock. 1t
was estimated recently that in the
first six months Chandler will show
net profits equal to approximately So
v share, but nothing has been said
about the outlook for the remainder
of the year.
MARKET CLOSES FIRM.