Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-07-02
BREAK in ST. PAUL
UNSETTLED MARKET
stock Fell 615 Points on Poor
May Earnings, Foreign Sell
ing and Adverse Dividend
Rumors.

NEW YORK, July 2,-Althoush the
r.ssine Of the common dividend by the
srr.etors Of the United States Rubber
ronnany came as q distinct surprise to
she Street 1t had very little, II any, in
duence on the general market at tho
onenIpg OF the Exchange today, and was
r,erelv regarded as OF passing Importance
~, ,bs Street as a whole. Pressure against
pubtrr itself rs was 10 be expected. was
ysrv heavy AZ the start, the opening
,ranssetIon being 5000 shares at IS to
a 4 decline Of sh to So from the close OF
,-es,srdav. This drop was further ex-
tended to ~ before noon
rke Yesterday. the larger part OF
trading centred around a few specialties,
IN which the greatest gains we're re-
corded. although the whole market ex-
hlblted pronounced strength after the
second hour. Trading, however, was
fight. as the demand was small and bus
mess was generally Of professional
character American Coal Products
again furnished the feature in the spe-
ciaity class by 9-point advance to i2H
II ia said that tho company is making
large profits from the manufacture Of
analine dyes and sulphurio acid Cen
erai Motors and American Sugar each
came through with gain Of 21h points,
The market held fairly firm until we'll
on in the afternoon session, when there
WAS sharp break on the renewal OF for
slgn selling, which had been compare
lively light during the morning. Pressure
agalnat the railroads was the greatest
Ind st. Paul led on the decline, dropping
points In a very few minutes. Weak
hess in this Issue was communicated to
the rest OF tho railroad group, but not
|to such an extent Losses, however,
ranged from 1 to 4 points. Some of the
Bpeoislties which showed marked
strength early in tho day maintained their
advances.
ST. Paul declined stlll further later in
the day and showed a loss of 6h points
81 the end. The renewed weakness came
hfter the May earnings were given out.
although there was an increase Of S132,-
bS7. In gross, tho net was S136 Iii behind
last year Gross for II months fell So
13i.553 and net {2.4662 $50. The decline in
athe stock was attributed in large measure
to foreign selling, and for a time support
was lacking. There were also r,imors
that the dividend might be cut from the
present per cent. basis at the next meet
ing, which takes place some time dur
ing the current month. In the final deal
ings General Chemical duplicated its feat
~ yesterday, rising points.
Following the appearance on the Broad
Street Curb of securities to be issued
pnder the reorganization plan, Missouri
Pacific fell to 6. a new low record
Very little news, either favorable or
fnfavorable, came out during the day.
Foreign exchange rates hrmed up a little.
que largely TO demands for remlttances
b payment of securities sold In this mar
LEI In the last few days. The Northern
Iaciho made a very poor showing In
pay, and If the earnings for the II |
nonths of the fiscal year are to be used |
Is barometer it is safe to say that the |
ears results will not compare very well |
nth the previous year. The gross in |
lay fell $5oBS4S, and the net Sil.19S: Ii |
honths' gross was S. sOs.511 smaller. and |
be net for that period was $3.50. $50 less. !
Phe ,companys stock broke over a point |
p the result.