Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-04-09
POOLS IN CONTROL
! IN STOCK MARKET
Price Movements Very Much
Mixed in Wall Street
Trading Today.
BY STUART y. WEST.

Special Dispatch to The Star.
NEW YORK. April 9.--Traders were
Inclined to take the buying side, for
part of today's stock exchange SEES
sion, and prices went somewhat hiSh-
er for 4 time. Afterward the price
movement became very much mixed
The majority opinion. as expressed
around the street, leaned rather more
To the bull side than was the case
last week. But resumption OF the
main advance was not expected for
the present.
Whether stocks moved up or down
In the market of the day was entirely
question of whether they were or
We're not commanding pool support.
Stocks that did not have pools back
of them were for the most part either
little changed or heavy.
Market Pool Affair.
This was true of most of the rails
and most Of the metal shares Where
special operations for the rise were
IN progress. however. they met with
little opposition. Among these spe-
claltieS which at one time or an
other were taken up were Martin
Parry, General Asphalt. Sims Petro-
lcum. Computing, Tabulating and
Recording American international
and Marland Oil.
The street continued today to figure
American international as propo-
Sition of assets rather than of earn
ings and recent buying Of the stock
has been based on the reckoning that
the company could be liquidated for
as much and probably more than the
stock was selling for in the market
Wabash 4 Railroad Feature.
Wabash preferred a was one of the
f.N do n INC
bought on talk which seems to b"
quite confident of an early beginning
of dividends One Of the weak spots
was the American Cotton oils. and
the other American Wool. Announce
ment that the latter company Will
offer S10.0o0. 900 new preferred stock
at par was the cause for the selling.
The news about the sugar COM
pauieS and the situation generally in
the trade was decidedly favorable
today. and the sugar securities made
some response. cuban raws sold at
5a4 the high point SO far in 1928.
with sales in a strong market to
domestic retnerS. and also Il lot OF
10000 tons To the United Kingdom. 1t
has been felt<all along that heavier
export demand would be the signal
for higher prices here. Moreover, IN
creaSing attention was paid to the
statement of the cuban department
of agriculture, which estimates that
the crop this year Will be 100000
tons. or more than 100000 short of
estimates earlier in the season. This
is taken as evidence that there Will be
a shortage of sugar.
Columbia Gas Dividend.
Al the April ~ meeting Of the
Columbia Gas and Electric directors.
following Tuesdays ratification of the
three-for-one split-up of the present
common stock, action on the dividend
Will be taken. II is not possible now
to state just what the dividend on
the new shares will be. but there
are many who expect 5" rate or the
equivalent of 50 on the old.
In the absence of anything I'M
portant happening over the week end
there was very little fresh initiative
displayed in any Of the markets to-
day.
The Secretary Of the TreaSury's ac-
count Of the Increased revenues from
income taxes was highly satisfactory
and his accompanying recommends :
tionS for Il reduction in til" suItaX
through Il maximum of % per cent
were read with much interest.
If Wall street had thought there
was any chance of these proposals
going through it would undoubtedly
have expressed enthusiasm. for such
lowering of surtaX rates would
eventually mean more active partlcl-
patton in market enterprises on the
part Of the So-called large inter-
ests." But having in mind the com
plexion of the next Congress and the
very strong Influences that will be
brought to bear in precisely the OPP
pOSite direction from the secretary :
policy. the financial community did
not allow itself to become excited on
the subject.
Steel shares Apathetic.
II was again rather curious and the
subject of much comment that the
steel shares should have been so
apathetic. with reports for the first
quarter impending and which, ii is
sure, will make an inspiring com
parison with previous quarters.
One of the incidents of the day was
the weakness in sterling exchange.
which at one time was off nearly 2
cents from Saturday. nearly cents
from last weeks high and fully :
cents from the seasons top in the
last week in February.
In the late trading Baldwin Loco
motive and Studebaker were each off
point or more from their early high.
icating that the forenoon advances
had been due to nothing more than
substantial short covering.
Coppers Heavy Late I'm Day.
The copper sroup was distinctly
heavy. Ratification of the kennicott-
Utah deal had no effect. nor did the
statement regarding current opera
lions.
New high records were made in
preferred and common on talk that
the former. which recently was put
on per cent basis. would receive
the full per cent at one of the next
monthly meetings.
Tobacco Products common was con-
spicuously strong in the afternoon. as
the result of an analysis showing
that $40 share is likely to be earn
ed this year and that the net book
value has risen to $50 a share