Evening star., 1924-03-15
MARKET CURIOUS TUMBLE
Heavy Buying Rail Shares as In
dustrials Decline.
BY STUART +. WEST.
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK, March 15.-A series OF
sharp breaks among Industrial stocks
and heavy buying at rising prices in
few rails made curious jumble in
the two-hour market today. As be-
tween these two conflicting Influences
the main body of stocks drifted about
uncertainty, with a majority Of small
net declines.
Directors of Kelly Springfield meet
some, time during the early part OF
April to act upon the dividend on the
S per cent preferred stock. 1t is pos
sible that one more declaration may
he made, but the majority opinion is
that the dividend will he passed alto
rether. AS explained on Friday, this
company has been affected by the fall
In crude rubber, the more so as its
inventory at the close of 1928 was
$l."00.000 above what it was twelve
months before, and in 1928 there was
Kelly Springfield common was ex-
tremcly heavy this morning and had
depressing effect upon other of the
rubber and the tire shares. Kelly
down eight points from the previous
sale.
Coco Cola Also Weak.
Coco Cola was another weak spot
and Madison another. The break in
Coco Cola was further reflection of
the misgivingS which have been felt
for some time regarding the main
1enance of present dividends. The
annual report showed a balance of
only $I.65 as against $11.14 the year
before and during the last quarter of
1928 there was quite a deficit after
dividend distribution.
A drop in Mallinson to a new low
was the result of the recent decline
TO a new low figure in the raw silk
market.
Tobacco Products Breaks.
With Tobacco Products down nearly
this morning. publicity machinery
yvas set in motion to tell the public
that Tobacco Products in its 1923 re-
mort would probably show that the
per, cent dividend had not been COW
cred and would raise the question
of its continuance This, of course
was followed by heavy unloading OF
the stock. carrying 1t below 60. No
other explanation for the bad break
in American sumatra was needed
months ended January 81. which
was issued some time ago and showed
a profit and loss deficit altogether
Of S2,369,00o.
list were Chesapeake and Ohio, New
Orleans, Texas and Mexico. which
made new high, and the Wabashes
ManinsOn Mt New Low.
Mallinson dropped to a new low
for the year today for the quite OBJ
vious reason that this past week raw
silk prices struck a new bottom.
When the news of the Japanese dis
aster broke last fall. advancing prices
for raw silk in this country helped
MallinSonS inventory position, and
the improvement was noted in the
company's financial statement. Raw
silk then advanced to around sS a
pound. Today it was quoted we'll be
low 81. Furthermore. all the bullish
predictions regarding the business
which would come to American sill,
manufacturers as the consequence of
the situation in Japan have not been
borne ont.
Market Street Railway Drops.
Selling of Market Street Rsilwav
preferred, persisted, carrying the
stock to a new low. 1t was evident
that the disappointment over the
passing Of the dividend was due ia
the large disbursements which have
been required by refundine opera
fions and retirement of over $500. 600
of funded debt. The cash position of
the company has been weakened and.
pending reported negotiations with
the city of San Francisco over the
sale of Market Street Railways prop
erty, dividends are likely to be de-
ferred Indefinitely