Evening star., 1925-02-09
STOCKS IRREGULAR
IN TRADING TODAY
Cast Iron Pipe Above 200 for
!. First Time-0iIs and
q SteeIs Heavily Sold.
BY STUART p. WEST.


Special Dispatch to The Star
NEW YORK, February 9.--Today':
stock market was very much IKE
that of other Mondays because OF 1t:
small fluctuations in the genera
body of the share list and the un'
certainty of the price movement. Tht
dealings were enlivened by a rev
sensational happenings like the DIG
advance in United States cast Iron
Pipe, which shot across the 20O leVe
for the first time. There were per
pendicular gains of several or more
points among specialties. while the
mark ct as whole held steady. Pools
were active in individual stocks.
Oils and Steels Sold.
Selling was heavy in oils and steels
but it was not forced to the extern
of involving any weakness. Some
large blocks of Texas Pacific Goa
and Oil were suddenly dumped over
causing a drop to 20, as compared
with Saturdays final of 21%. But
around the 20 level the stock raI
into effective support. Pacthc On
under So was over points from its
recent high. Phillips Petroleum, Gen
eral Petroleum, Standard of New
Jersey and Skelley were all freely
offered. The campaign in the oils had
being, but some of the big houses
which had been right before, were
saying in their letters that the pause
was only temporary.
Traction Stocks Strong.
The New York City fractions,
Brooklyn, Manhattan and lnterborC
Rapid Transit, opened up sharply on
the McAvoy report. Later in the day
they reacted. The opinion was ex-
pressed that the outlook was better
than 1t had been for increased fares
but that there was not enough as
surance along this line to be stock
marke factor.
The sugar stocks were very strong
Accompany the buying were re-
ports that the sugar market itself
was hardening. Still there was not
enough actual advance in sugar quo
tations to have accounted for the ad-
vance of a point to over two points In
stocks like American Sugar, Cuba
Cane preferred, Punta Allegro and
Cuban American. The statement has
been made repeatedly that these
stocks had been among the first to
complete the readjustment which
started in the general market after
the first few days Of January, and
which terminated toward the close
OF the month. Probably there was
some remnant of the old short in
terest which was being run in today.
Realizing Sales in Rails.
Railway shares did little. Realiz-
ing sales were prominent in Southern
Railway, and Missouri Pacific pre-
ferred was off over a point. New
York Central had a runup, but it was
-,1f nd panifin n
30 for the first time
The spectacular rise in United States
Cast Iron Pipe brought out the ac-
customed rumors about a short inter-
est in difficulties. But those who have
been most accurately Informed re-
garding the stock all along claim
that it is simply a case of huge earn
ings showing in market prices. Uni
versal Pipe and Radiator preferred
was actively bought, and SO was AL
lied Chemical. Commercial Solvents
stocks had another remarkable runup
Wall Street Features.
The extraordinary strength in Ma
uaieson Alkali common, which open
ed up points from the Saturday
close. was explained on the grounds
of highly satisfactory earnings and
dividend prospects. The stock had
an advance of over points last
week
Buying went on in Cuba Cane
Sugar preferred in anticipation of the
resumption of dividends, which were
suspended in 1921. The Street felt
that with the restoration of the pre-
ferred to per cent basis the stock
should be selling higher.
The fact that kennecott Copper di
rectors did not increase the dividend
at the meeting last week apparently
caused little disappointment, for the
stock did as well today as the aver
age member of the metal group. Con-
ffdence was expressed that the pres
ent SO dividend on kennecott would
be raised a t the next meeting.
Call Money Higher.
Call money renewed at ga per cent
as against per cent last week and
during the course of the day new
loans were made at 4lz. This was
the response to the deficit reported
Saturday by the New York Clearing
House banks. OF course, there has
not as yet been much resort to dis
counts at the Federal Reserve bank
there was any serious tightening In
the money market.
But the course of rates today fitted
in with the best judgment in bank
ing circles, which is that money is
working higher, partly through the
influence of the activity in the specu-
1ative markets and partly because OF
larger trade demands.
STOCKS CLOSE UNEVEN.