Evening star., 1924-03-01
MOVES GREATLY MIXED.
Many Weak Spots, But General
List Remains Steady.
BY STUART T.. WEST.
Special Dispatch to The Star.

Special Dispatch to lhe STAR
NEW YORK, March lin today 5
two-hour trading period the price
movement was extremely varying.
At hte outset heavy selling bore
down upon the rubber and tire shares
On rcnorts that the Improbable con-
ditions in the tire trade had not been
relieved Kelly Springfield got down
within d point of its record low made
last October, and there was ii severe
drop in United States Rubber com
anon aud preferred. The selling en-
tended to Goodrich and to the lower
priced member of the group.
Along with the rubberS Went the
northwestern rails, which have been
under pressure ever since the publ
cation Il few days ago of the Jan
nary earnings statements with theii
very poor showing. Northern Pa
ciiic made u new low. and so did St
Paut preferred and Chicago North
western, but Great Northern prefer
red offered better resistance.
General List Firm.
The general list refused to be in
fuenced by the uncovering of these
Wcak spots and in the last hour was
inclined 10 do better. Operations fol
the rise were resumed in the motor
truck stocks. partly getting ready
Tor the very favorable report by
Mack Trucks next week and partly
responding to the promising outlook
for this class of business.
e.. \ remarkable jump in United
States Cast Iron Pipe common was
ascribed To the running in of Il short
interest put out at the time the New
Jersey court made its extra ordinary
decision that a supposedly non-cumu-
lative preferred stock was i'll reality
cumulative. The action of Pipe com
1,.1 NOT l,r,S
been much distribution. In fact,
what happened today showed that
the floating supply is Scarcer than
ever.
Rapid Transit Jumps.
Another stock in which the shorts
were badly treated was Interborough
Rapid Transit Traders who took the
bear side at the time of the unfor-
tunate action on Manhattan guar
auteed, never saw even a paper profit
Today they were taking their losses
Brooklyn-Manhattan stocks, and
Third Avenue were drawn along
syInpathetically.
Southern Railway made a new high
at 81, and buying of Norfolk and
Western was resumed. American
Noolen was strong on what appeared
10 be covering in of short contracts
The break in Mexican Sea aboard issues
followed reports of water in one of
the company's principal wells.
Wall Street Features.
Fresh buying has been attracted to
Mack Trucks in anticipation of the
publication of the 1923 income ac-
count next week. Net profits after
all charges and preferred dividends
last year were the equivalent of about
S2o.50 d share on the common. as
against s9.92 per share in 1922. Ac-
campaigning the earnings report and
the financial statement which also
Will make highly favorable show
ing. it is likely there will be some
comment by the head of the company
regarding the expansion of the motor
truck business and the prospects, par
ticulariy for Mack.
United States Rubber will report
its operations for 1923 about March
6. The street has been saying that
earnings of over $50 share on the
common will lie shown for last year.
Now it is estimated that the net in
come on the common after all charges
and allowing for preferred dividends
was around $50 q share. In the last
six months the company earned its
preferred dividends hut practically
I,uthing more. so that what was
earned on the common in the first
half year was virtually the amount
for the full twelve months.