Evening star., 1924-03-26
DRIVE ON MARKET
BY TWO ELEMENTS
Short Coverings and Fresh
Selling Orders Perplex-
ing to Dealers.
BY STUART T.. WEST.

Special Dispatch to The Star.
NEW YORK. March 26.-Today's
stock market was a mixture of short
covering in some directions and fresh
selling in others. At times better re-
sstance was shown to professional ef-
forts on the selling side. At other
times these efforts met with con-
siderable measure of success. particu-
1arly in shares of the speciality class.
The two stocks which were most
consistently pressed tor saie VIZ IN
dustrial Alcohol, and the reason III
both instances was the same.
They were two of the more typl-
cal instances where the pubic nan
been misled in the midwinter bun
,.,mnaicn' regarding dividend poll
cies American Can had been put
up above l22 on the idea that II
was TO he regarded hencetorth as !,
So stock. Industrial Alcohol soaa
above S3 on predictions that the 1870
earnings would amount to $40 snare
and that the stock would be returned
10 a dividend basis early in the new
year.
Unloading Policy iS Topic.
The street had good deal to say
today about the unloading which
must have taken place in these
.,tocks during the January rise ana
the consequent change or attitude
on the part of interests which are
credited with the closest connections
in the two companies.
{ drop of nearly two points In
Mack Trucks coincided with the an
nouncement that the increase from
100000 to 500,000 shares of common
stock had been approved by the
shareholders.
While other parts of the list were
falling the absorption of Norfolk and
Western continued. The election OF
one of the PENNSYLVANIA vice presi-
dents to the Norfolk and Western
board was regarded as significant OF
the progress being made in the mat
ter of the Pennsylvania lease. Per
sons who are optimistic on Norfolk
stock are talking very liberal terms
for Norfolk share owners and are
maintaining that these terms have
not yet been discounted in the mar
ket.
Breaks in Specially Class.
There were numerous sharp breaks
IN stocks OF the speciality class
Among these were the new Liggett
& Myers and new Lnrillard common
stock, National supply. the Agricul-
tural Chemicals and Central Leather
preferred. On the other hand, Da-
vison Chemical stood up well. AS a
group the oils did better than most
others. 1neE ulu not entlreIE res 81
the general price movement, but es-
pecially in the case of the California
oils they appeared to be receiving
better support.
Status of Railway Shares.
Railway shares as rule held up
fairly well. Still they did not feel
In any positive way the effect either
OF the marked change for the letter
in most of the February traffic state.
ments which have so far come in. or
of the record breaking car loadings
Enough railway reports have been
received TO assure that not only was
February Il much mora satisfaction y
month than January, but that N both
gross and net it went well ahead oi
February, 1923. Comparison. TO be
sure, it as yet being made with
the period of exceptionally heavy
maintenance appropriation year
ago. But the important point is not
so much the substantial net increases
that are being shown as 1t is the sur
prisingly large increases in gross.