Evening star., 1924-02-28
MANY WEAK SPOTS
IN MARKET TODAY
Inspiration Copper Drops as
Do Some Rails-N. & w.
Shares in Sharp Advance.
BY STUART p. WEST.

Special Dispatch TO The Star.
NEW YORK, February 2S.-Th'
leaders of the share list on the stoci
exchange continued to stand up wei
today despite the irregular movement:
in special stocks.
Steel common, Baldwin Locomotive
Studebaker and American Can all hac
the behavior of stocks which were
thoroughly liquidated during the re
cent reaction and in which shor'
interest was doing its best to extricatt
itself from an uncomfortable position
Railroad Shares Weak.
Northwestern railway shares were
weak for very obvious reasons
Northern Pacific came out with /
January report showing loss II
gross as compared with the same
month last year of $l,2S2.O00, and ;
net decrease of over 100000. or 81
per cent. Considering that the roat
did not earn it's full per cent dfvi
dends in 1923. this was very un
promising start for the new year
worse in the gross. which fell of
SECS, 200, but the net decline wa:
smaller, II was s36o,o00.
This was not so bad unless The
January conditions are perpetuateC
In subsequent months, for Great
Northern earned about 81 last yeal
against its IS dividend distribution
Chicago and Northwestern was equal
1y weak, and there was considerable
selling of the St. Pauls.
Virginia Carolina Chemical direc-
tors met and adjourned without max
ing any announcement regarding tho
rumors of a reorganization. The
street continued to feel, however
that some sort of a capital read
justment was inevitable because Of
what appears to be permanent loss
In income. Also, despite denials, II
Is thought likely that Virginia Caro-
lima will follow the example OF
American Cotton Oil and divest itsel,
of properties which during the last
three years have been drag.
Big Day in COppers.
The expected happened in the case
OF the two copper companies Whlcf
met for dividend action today. The
uIar quarterly rs cents. while the
Inspiration directors passed the div
idend altogether. The strong point
in the kennecott situation is its own
ersilip of the Braden property, which
like the others in South America, is
low-coSt producer and can make
plenty of money even at present
prices. Anaconda was heavily sold
again and made a new low, but on
this decline ran into powerful sup
port.
Norfolk and Western was very
strong again, partly in expectation
of higher dividends and partly on the
reports of an impending lease by the
Pennsylvania. Wall street was figur-
ing out what Norfolk and Western
would be worth as guaranteed
stock coming ahead of Pennsylvania
hoydS nd decided that such. II
would have TO sell on to 5R pei
cent basis.
Studebaker's 1923 Report.
The 1928 report of the Studebaker
Corporation is expected soon, and the
street today had It's mind set on APP
proXimately s28 a share for the com
mon stock. In the first nine months
was s23.68 a share. In his statement
to stockholders some time ago Presi-
dent Erskine said that the business
OF the Studebaker Corporation for the
slightly below that of the third
quarter" but that substantial vol
Ume would be assured.
The figures in the annual report are
of less interest generally than the pro-
posal to issue two and a half shares
of new common stock for every share
of the present outstanding issue.
Westinghouse was strong today. at
tracing further buying in anticipation
of a favora BILE report for the fiscal year
soon to end, and on account of the
continued satisfactory condition of the
company's business. The year will prob
ably result in net earnings of $40 a
share on the common stock. which
would leave a good sized margin over
current dividend requirements The
annual report Is expected to make q
favorable showing as regards untitled
orders.