Evening star., 1925-03-25
MOVES ARE MIXED
IN STOCK MARKET
Better Tone Develops ir
Spite of Many Very
Weak Spots.
BY STUART r. WEST.

Special Dispatch to The Star.
NEW YORK, March 25.-The mar
ket today exhibited better tone
although there were still a number
of individual weak spots. Selling
was concentrated on these. apparently
with the idea of inducing further
liquidation. Union Pacific was &
striking example, the selling of the
preceding day evidently having hao
the effect of frightening out man!
weak holders. The net change in the
general list was inconsequential. I'm
provement was shown at times in
various quarters, including the rails
the motors and the oils, but the gains
were only moderate and some of them
were reduced before the session was
over.
Union Pacific Reports.
The best information about Union
Pacific was that there was no likeli-
hood of a reduction in the dividend.
Yet the stock did act Wretchedly,. as
it broke into new low ground, de-
spite the recovery in some of the
other rails. The explanation which
seemed most plausib e was that the
hears had selected Union Pacific as 4
special target on account of the ad-
yertising which the St Paul receiver
of the Panama Canal competition
upon the earnings of the transcon-
tinental roads.
Other railway shares were irregu-
lar. Up to the time around midday
when the selling of Union Pacific
became conspicuous most of the rail
stocks did better.
There were rallies of a point or sc
in Atchison, in St Louis San Fran
CISCO in Southern Railway and in
Missouri Pacific. NorfolI! and West
ern was up nearly two points. There
was active short covering in the St
Pauls, but when Chicago and North
western, Northern Pacific and Great
Northern preferred rallied. they ran
into a fresh supply of stock. Later
I'm the day under the unsettlement
caused by the weakness in Union Pa
cific the movement in the rails became
more uncertain.
Pools Are Successful.
Some of the pools in specialties
appeared to be getting their nerve
back after the series of reversals
which had lasted over the greater
part of the month.
Air Reduction was run up sharply,
so was Famous Players for a time.
The tWo-point rise in Loews was as
cribed to increasing earnings and the
possibility thus suggestefof larger
dividend. The bears did not dare at
tack the public utilities. Consolidated
Gas, Columbia Gas and North Ameri-
can all stood out strongly, and Ameri-
can Water Works held around top
figures.
Maxwell "B- Is Feature.
The possibility of California Petro-
leum preferred being retired was
again considered in view of the
strength in these stocks. Short COW
ering was rather heavy in Pan
American B, but most of the other oils
were sluggish.
Maxwell Motors B stock was one
of the strongest of the industrials.
This was the more remarkable be-
cause of the fact that a meeting OF
directors said to have been scheduled
for Tuesday did not occur The
Street had been looking for some sor,
of dividend announcement. 1t was
said today that the preferred stock
would go on an SIS basis in April
New Haven recovered some of the
ground lost on the preceding day
when it got down to its lowest for
the year. Since the recent oversub-
scription of the s23,000,000 15-year
secured gold debenture 6 per cent
bonds, New Haven stock has enjoyed
a better market, rejecting the re-
newed confidence of shareholders.