Evening star., 1920-03-03
INDUSTRIES LEAD"
LIST IS IRREGULAR
BY STU ART T.. WEST.

Special Correspondent of The Star
WALL STREET. New York. March
3.-There were numerous points of
weakness in the market today. but
Just as many points of strength
Certain large buyers of the low
priced railway shares who had ac-
cumulated their line of stocks a week
or ten days ago in anticipation of the
hnal passage of the railway bill sold
out their holdings this morning. not
because there was any real change of
opinion regarding the outlook for
these issues. but simply because of II
desire to take profits that had be
come significantly attractive.
This selling did not cease until such
recent faNorites as Rock Island. New
Haven and st. Louis and San Fran
cisco were off point to a point and
one-half from last nights closing
then II looked as if fresh accumula-
tion had set in that was sufficient to
take care of all offerings.
Industries Hold Up Well
While the rails were going down
the industrialS in the main held up
very well. Even stocks like Endicott
Johnson and the feathers which had
been very weak on previous DAYS re-
acted against the short interest The
bear crowd in General Motors and
other members of the group also Was
having its difficulties
Most of the steel stocks were very
well taken and especially in the case
or Steel common. Republic Steel and
Lackawanna. the action was that Of
a market that had been pretty well
sold out. The strongest group of any
however. was the oils. under the lead
ership of Mexican Petroleum. Pam
American. Sinclair and Caddo oil
InlS htted in with the best judg-
ment of the street that on account Of
the under production in the oil trade
and the rapidly advancing prices
these stocks are the most attractive
OF any of the industrial list
BnIdwin's Break.
On the other hand Baldwin Locomo-
tive. in which there had been consider
able new speculative buying recently,
and which was. therefore. in a relative
~ Vulnerable position. broke sharply
on the report that the company had not
laid aside enough in figuring out last
years returns. for income taxes, and
that when. this deduction was an
nounced IT would make quite a cut in
the earnings which the street has been
reckoning upon
The weakness in Baldwin had some
unsettling effect for a time but did
not seriously lessen the strong tone in
the greater part of the market
EndicOtt johnson.
1t is learned from sources which
nave Deen rlSht on Endicott Johnson
IN the past that almost 25 per cent of
the floating supply of the stock has
been borrowed by shorts. and that
they are still looking around for more
stock. One house is reported to have
loaned 5000 shares of stock fat, but
that this morning a premium of 1.64
was put on the stock
The stock has been under pressure
since the sudden death of the head of
the firm. and t SO today was off about
~ points. When Endicott Johnson
stock was put out the company was
making $4,000 pairs of shoes a day.
Close to $5,O0O.000 was secured by new
financing. which was put back into the
plant. and today the company is turn
ing out 100000 pairs OF shoes j day.
Endicott Johnson is one of The com
panies which would be affected by a
favorable stock tax decision bv the
Supreme Court
Stocks Taken From Market.
1t was reported by one Of the larger
commission houses this morning that
It's transfer clerks had worked until
nearly midnight last night straight
ening out the transfer books More
stock has been taken out of the mar
ket in the past ten days than ever be-
lore, according to this firm. which
says that odd lot buying for cash has
peen enormous. In fact. it was said
that the firms books are at the pres
ent time practically clear of stock.