Evening star., 1925-03-10
SEVERE DECLINES
IN STOCK MARKET
Favorable Steel Tonnage Re-
port Fails to Stop Heavy
Selling Wave.
BY STUART r. WEST.

Special Dispatch TO The star.
NEW YORK, March 10.-The STOCK
market today pursued very irregu-
lar course. with the tendency toward
lower prices much of the time Inc
United States Steel Corporation uh-
filled tonnage figures, whtch came
out at noon, exceeded the e1pec's
tions Of the majority, and SO isr as
the volume of new business was con
cerned, made favoraole iIhpi eseo
The figures disclosed an increase oi
n.arly 100000 tons, which was
larger than the January gam o.ee
common became more active at higner
nrices Immediately after the an
nouncement. and a partial rally oc-
CURED in the general ooay Oh sto@h'
OIL shares Thrown Over.
Sailing continued in the oil shares
hecause of the fact that rumors OF
further increase in mid-continehl
crude oil prices were not borne out
Pacific Oil dropped below 90, Wnere
il was off more than points from
the seasons high. Philips Petroieuli,
was down more than a point anu
Pan-American B was heavily oHereo-
California Petroleum received petter
support than most OF the otner "i1n en-.
hers of the group on the decline. me
reputed pool in Independent OH ana
Gas took no vigorous stand against
the general market tendency. ne
recent bull campaign in Texas racine
Coal and Oil had q rather melahcnoly
SEQUEL, as the stock sold around To-
where Il was dswn points from inc
late high.
Studebakcr Is strong.
Studebaker was strong for a urne
around as but il had no effect upon the
other motors. Pierce Arrow preferred
dropped 1l5. and while support was
given General Motors under IS 1t was
not especially effective. Maxwell Motors
issues were strong for time, but gave
way later American Bosch Magnetic
was off over II points from where IT
sold during the wild speculative orgy
of Saturday January 5.
Shares Of the electrical equipment
manufacturers stood out strongly.
Whenever the rest Of the market gave
them a chance General Electric and Al
lis Chalmers were bid up. The latter
was selling close to top figures.
ST. Paul Again Sold.
Reports of new banking interests
having entered into the st. Paul
situation did not prevent further
heavy selling of the stocks. But the
same support made its appearance in
ST Paul preferred around 20 as has
been shown in every occasion recent
ly when the stock has been weak.
Other Northwestern rails were lower
Chicago and Northwestern was off
3 points from last weeks best
in recognition Of the fact that there
is little chance OF an increase in the
present 81 dividend. Union Pacific
dropped below 14s and New York
Central was freely supplied under
12f. Medium and low-priced rails of
the type of Wabash A. Missouri
Kansas-Texas and the Kansas City
Southern were all inclined to drag.
So was st. Louis -SanFrancisco and
st. Louis Southwestern.
When directors of the Ludlum Steel
did nothing more than declare the
dividend at the rate of 81, it broke
up the bull movement in that stock
Today a further sharp reduction occur
red.
Allis Chalmers distinguished itself
today by advancing sharply, well
above the so level, while selling was
going on in other directions When
the ceiling movement in the general
list got fully under way Allis Chal-
mers turned back under the pressure
of realiSing sales, but this irregu-
larity was followed by further sup
port. The gossip about the company
earnings, the strong financial position
and the likelihood of higher dtvi-
dendS.
Wilson Stocks Steady.
Wilson & Co. stocks paid little at
tention to the comment on the forth
coming reorganization plan. 1t was
reported that an assessment on the
preferred and common stocks and
an adjustment of s52,000,000 debt
would be involved. For each share
of present preferred stockholders are
expected to be assessed SIS and re-
ceive SIS par value in new debenture
notes and lI5 shares new common.
For each share of present common
stockholders, it is anticipated. will
he assessed So and receive So par
value in new debenture notes and
half share of new common.
MARKET CLOSES WEAK