Evening star., 1924-02-27
MANY SHARP DROPS
IN STOCK MARKET
Copper Shares LoWer-Much
Tax Worry-Francs Off.
Rails Hold Fairly Well.
Special Dispatc,i to The Sat.r
, BY STUART y. WEST.

NEW YORK. February 27.-The
stock market today got rid of the
depressing influence caused by the
passing of the Anaconda Copper div
:derd, yet it showed no inclination
20 resume the main advance. Specu-
lative interest was mainly dying
down, as was indicated by both the
falling of in activity and the mar
rowing of the price changes.
Anaconda at New Low.
Anaconda reached new low early in
the day below SO. but then began to re-
ceive powerful support which told
as the. session went on. Cessation OF
the pressure against Anaconda led
10 short covering in other of the cop
pers. The strength OF Chile Copper
was particularly striking as indicat-
ing the advantage which the low cost
producers in South America have over
their North American rivals.
Extreme weakness again In the
Virginia Carolina Chemicals at new
low records was matter OF no
surprise, in view of the expectation
for some time that the company
would have to recapitaliZe in ac-
cordance with what was acknowl-
edged TO be a permanently reduced
income. Some announcement was
expected at any moment. tnasmuch
rs il was known that company Of
icialS were in conference with bank
crs attempting to solve its financial
problems. Although American Agri-
cultural Chemical is in different
position from Virginia. Carolina. its
stocks We're dragged down sympa-
tnetically.
Iron Pipe Stock Erratic.
The surprising decision of the New
cast Iron Pipe preferred. which has
h"cn publicly known as non-cumu-
lative stock. was in reality cumula-
tive. caused sharp advance In the
preferred shares and a still sharper
break in the common. The decision
as it stands will mean that nothing
can he paid on the common until back
dividends amounting TO nearly $780,
600 are paid off on the preferred.
The new high record established
bE Fisher Body caused retteration
II reports of q Split-up in capital
which would bring the market price
more within range of the ordinary
buyer. The latest earnings statement
was remarkable. showing S9.4t for
the quarter ended January 81; s26.1S
Tor the nine months period. and thus
Indicating earnings of well over $50
a share for the year ending April so.
The rise in Fisher Body had no in
fiuence upon General Motors. despite
the large holdings Of the latter COM
pany.
Among the rails. Norfolk and West
ern was strong again on talk of an
extra dividend this spring. Low
priced rails We're more favored and
were more consistently supported, al
though not getting much ahead.
French Francs Lower.
Resumption OF the selling in French
francs WAS the most important inter-
nf G.IV Re
fwcru the extreme low of 4.07I
r.'uts a week ago Tuesday and the
high OF Ia Monday of this week.
lllrTc was n difference of 36ls in
the hundreds. or over one-third of d
r,nt.
There is a Iessening of the good
feeling ard the prospect of tax re-
due ZION. which was one of the factors
hack CT the january advance, and
most Important OF all is the dis
.iitions. which furnished the real
background of last months stock
market, were too optimistic in that
they did not allow for the numerous
exceptions in particular industries.
DHyison Chemical Advances.
Dawson Chemical had another
characteristic advance while selling
THO recent buying in Dawson has
fitted in with statements in specu-
1atiye quarters that important oil in
tercSts had not cnly found the Silica
Gel patents useful, but were taking
2. mere active part in the market for
the stock.
Interest in the copper situation in
fEe light Of the passing of the An
arorda dividend and the possibility
Of similar unfavorable action by at
least one other company was still
keen today. The street now believes
the Inspiration Copper dividend will
ha passed.
In making UP its mind which of
the copper securities were In a more
favorable position at the present
time because Of costs, net income
and dividend possibilities, the street
paid particular attention to Kenne-
colt and Utah. Kenrecott is fully
able to pay the SO dividend. it is
calculated, and will still be able to
10 SO on 1873 or 12 cent copper.
Utah is paying 81 and has shown a
substantial margin after allowing
for this disbursement.