Evening star., 1921-03-17
STOCKS ERRAT|C,
2lIAnY WEAK SPOTS
Rails and Industrials, Other
Than Motors, Are Under
.2afHeavy Pressure.
BY STUART r. WEST.

NEW. YORK, March 17.-During the
greater part of the time TO-DAY the
stock market moved with great IT
regularity. There had been lot oA
short covering yesterday and the rise
had been too rapid for new buyers
to be willing to follow. Moreover
profits had accumulated in the hands
of the active trading element "hich
seemed pretty attractive. These were
all technical circumstances Temporal
rily working against the market ana
it was very significant that so large
a part of the list stood up as strong
" as il did with even further ad-
vances in various directions. Profit
taking sales were well absorbed
whenever prices were offered down
at all. and this was an indication
that the turn which came Tuesday art
ernoon and yesterday was looked
upon as something more than tenn
porary.
Motors Are Firm.
Motor and allied stocks. including
the motor accessory and tire shares.
were among the strongest, as they
Studebaker. Stronberg. Ajax Rubber
and United States Rubber were the
leaders in this group. The large
trading contingent which has been
selling Mexican Petroleum short on
absurd rumors about the condition
and value Of the company's oil proper
ties were given another twist. and
the bear party received further
punishment besides in stocks like
General Asphalt. American Wool and
Crucible Steel-all favorite targets
during tho recent speculation for the
decline.
All the steel stocks were steady in
face Of heavy profit-taking and their
movement undoubtedly was fair re-
the better in influential quarters in
the feeling regarding the steel trade
outlook. Most Of the oils held the
ground gained on the two preceding
days very well. and California Petro-
leuTn, in particular, got back to its
high of the year.
Some New LOWS Made.
On the other hand, there were some
exceptions to the general drift of
things. Vanadium Corporation stock
broke badly, anticipating unfavorable
action on the dividend at the meeting
next week. The unhappy Atlantic
tomary new low record" and the pres
ent selling prices for this week prob
ably could be well enough explained
as simply a dividend payer getting
ready to go of the dividend list.
But it is time that a frank explain
affairs was given out from the in
side. Tobacco Products was another
weak spot. suggesting that the next
dividend may not even be paid in
script, as has been the custom since
last August. A distribution in stock
would not be regarded favorably if
it were made. judging by recent
precedents.
New Haven Shares Soft.
New Haven stock had begun to
break yesterday on the statement be-
fore the citizens Investigating COM
mittee by the legal representatives
of one of the big New England manu-
organizations that the only
solution for the troubles of the road
was a recievership.
Still heavier selling came into the
stock this morning when the testi-
mony of the Boston and Maine presi-
dent had been read. James H. Hustis.
head of this road. spoke of New
Haven as the weakest spot in the
New England railroad system. and
his remarks strengthened the impress
sion that the crisis in the affairs of
this road Is SO acute that relief must
come right away, either in the shape
of a further rate increase or a wage
reduction