Evening star., 1924-03-05
PRICES CONFUSED
|N.STOCK MARKET
Westinghouse Is Feature
+: Break in Leather Shares.
Tires Again Weak.
By STUART p. WEST.

special DlSpatch 10 Inc StAE.
NEW YORK, March 5.-Today's
fluctuations on the stock exchange
were even more irregular than those
of other days. Extreme weakness
developed in dozen or SO stocks,
while in as many others there was
pronounced strength. In between
these two extremes the main body of
the list, including the usual specu-
1ative leaders among the steels and
equipments, swung idly back and forth
within a narrow range.
Westinghouse Is Feature.
The Westinghouse Electric divi-
dend was one of the interesting Incl
dents of the day. 1t turned out
better than the street had expected
and was Immediately reflected in the
market for the stock. There is to be
an offering of S17,955,06O additional
common stock to shareholders at
looked for was the voting of spe-
cial 10 per cent stock dividend in
addition to the regular 81 cash for the
quarter. Figures were given out
showing that annual dividend require
ments on the combined old and new
stock would be $9,40S,0OO, whereas
net available for dividends at the
close of the fiscal year March 81
would be around s16,000,000.
Leathers in Violent Break.
Another violent break in Central
Leather issues, both stocks and bonds,
was merely the delayed reflection of
rhe recently published annual report
showing a profit and loss deficit Of
over sl2,000,000. The slowness of
The Central LeatherS to- respond to
this very bad showing was seemingly
due to the hope that conditions in the
leather industry were on the mend.
When later reports came into the
effect that the recovery IN prices
had stopped and that the trade out
look was again dubious. the real un,
loading began. American Hide and
Leather preferred also was very
weak.
Pacific Oil Advances.
Among the oils, Pacific Oil was
the feature, running up points to
g. on what was regarded as the COW
est. Some buying came into Chan
dier Motors on the declaration of the
regular quarterly dividend at the
rate of Sc, and there was brief up
turn in Maxwell Motors "A" Missouri
Pacific preferred made new high
and the ST. Pauls We're helped by
the sharp run-up in the per cent
bonds of 1925 on reports that negotia-
tionS were under way to take care or
them at maturity on June l next year
conspicuously from the beginning OF
trading on the stock exchange today
and it's advance to a new high htted
in with the more favorable reports
which have come to hand the past
several weeks regarding the operat-
ing and financial conditions of the
company. 1t is estimated that earn
ings on the preferred, which has div
idend accruals of nearly 81 per
cent, are now at a rate in excess of
81 a share. In 1928 fixed charges were
Just about earned. Last year Missouri
Pacific charged off an exceptionally
high amount for maintenance OF
eSupment and ID It heayx is 0GeYee
will be continued for the first six
months of 1924.
Texns and Pacific Gossip.
Speculative interest has been dl-
rec5eG 70 Texa, and Pacific recently
as a result Of the better showing TINS
railroad has been making. Earnings
have been at relatively high rate,
and it is said in banking quarters
that ir 1924 Texas and Pacific Will
show at least IS a share on the com
mon stock. The decided Improvement
In the company'S affairs mas come
about since the lifting of the receiv-
ership.
American Agricultural Drops.
Both the common and preferred stocks
OF American Agricultural Chemical
COMPANY broke severely. Some per-
sons attributed the break to heavy
short selling, characteristic of the recent
tactics employed to depress stocks
representing trade conditions which
are known to be unfavorable ON
June 30, 1923, American AgTIculturai
had bank borrowings of $2,100.000,
cash of s2,3O0,000. assets of $4,000
900 against liabilities of s4,400.ooO
and the company had no bond ma
TURTLES until 1925.
The only items of fresh interest in
the trade news of the day were a
slight advance in raw sugar prices
and the fairly cheerful tone main
tained by the midv<ek steel reviews.
The Iron Age dwells upon the fact
that conditions are working out in
the manner expected, with consump-
tion and production both running at
a fairly high rate. This satisfactory
state of things, it is predicted, will
continue for several months at least.
and producers are preparing to fur
ther enlarge their output. The blast
furnace outturn rose from 1o1,435 tons
q day on February 1 to 10S,10O tons
on March l.