Evening star., 1925-04-02
SELLING RENEWED
IN STOCK MARKET
Yesterdays Rise Fails to
Last in Trading Today.
Money Lower.
by STUART y. WEST.


Special Dispatch to The Star.
NEW YORK, April 2.-The stock
market went lower today, with losses
of a point to points all through the
list. There was no outside cause. IL
was simply the settling back OF the
market after the running in of good
part of the short interest.
More attention was paid to the un-
favorable reports from the steel in
dustry, especially to the declining
tendency of prices. United states
Steel was heavily sold. Bethlehem
got down below 40 again and other
members of the group were corre-
spondingly depressed.
New Low Records.
New low records were made botn
In American Woolen preferred ana
the common. The selling persists IN
face of authoritative statements that
there is no immediate danger about
the dividend on the preferred. But
Wall Street does not like to buy into
a proposition where dividends are be-
ing maintained through draft on sur
plus. 1t has only been the heavy
short account which has kept Amerl-
can Woolen up so well. Today, with
the short interest much reduced. the
common stock fell away easily below
36 and the preferred made new
bottom figure as it got beneath rs.
Other Rails Lower.
Canadian Pacific was offered down
over points and Union Pacific was
almost equally as weak. New York
Central was off a point or so. Low
priced rails like Wabash and Mis-
souri, -Kansas-TeNas were down
half point to a point
Whatever good feeling had been
aroused by the success of the B. &
L. Il; nd
the stock was off nearly two points.
The break in Great Northern Ore
followed the declaration of a dividend
of only 81 a share, where at least 81
had been expected.
Pan-Amerfcan Thrown Over.
The Street was not much impressed
by the transfer of the Doheny inter
terest in n-American to the syndl-
cate. 1t could not see how this would
make much difference so far as divid-
dends were concerned, and ran
American has been built on unreal
lied expectations of an increase in
the dividend from Sc to IS. There
was heavy selling in the shares to-
day. and the whole oil group felt the
depressing effect early in the day.
They rallied later. Houston Oil was
off nearly two points. Independent
Oil and Gas dropped below %, but
subsequently rallied.
Individual strong points were Nash
Motor. which sold well above 303;
the old Kresge stock, Famous Play
ers, Mack Trucks and one or two of
the sugars.
Wilson Shares Weak.
4. Wilson & Co stocks turned weak
again in response to the announce
ment that the reorganization plan
had finally been agreed upon. The
preferred, which had closed Wednes-
day at 81, broke well below % be-
fore any support was encountered
and the common declined sharply. 1t
was estimated that under the plan
of capitalization the company S
1924 income was equivalent to Sl.l5
q share on the new common and that
inasmuch as the present preferred
will receive one and a half shares
of new common, the preferred stock
portion of last years earnings would
amount to about S1.69.
American Sugar Strong.
Persistent buying went on in
American Sugar in anticipation of
favorable dividend action next
month. The stock was selling much
of the time today under 65, but those
who are supposed to be best in
formed insisted that important buy
ing was occurring. American Sugar
is expected 10 declare QFluenuS dt
the rate of IS share on its common
in May. 1t has over S30,000,000 sur
plus funds, and SO far as current
earnings are concerned seems to be
in a better position than has been
generally thought.
Mack Truck Earnings.
The recent rise in Mack Trucks has
been ascribed by the people who have
done a good deal of buying not so much
to the possibility of capital splt-up
or higher dividends in the near future
as to the very satisfactory earnings and
financial position of the company. The
statement was made recently that the
company's earnings were at the rate
of $50 a share on the common. If this
is the case it represents a substantial
influence over the high income in each
of the last few years.