Evening star., 1925-04-07
STOCKS SELL OFF
As RAILS TUMBLE
Chicago & Northwestern
Starts Big Selling Wave
Other Prices Irregular.
ny STUART y. WEST.

Special Dispatch TO The Star.
NEW YORK, April 7-Followin g
an early display of strength in GER
tain sections Of the. stock exchange
list today prices generally fell back
and the movement became highly ir-
regular. The volume of business was
again on comparatively reduced
scale and public interest was negli-
Sible. 1t was almost entirely q
trading market. Stocks which had
been pushed up on the prec eding day
Cancelled all or more than their
gains and fresh initiative was lack
ing.
The break in Chicago and North
." StHrn into new low ground should
have been no surprise to those who
uL e PAID attention to the simple
facts in the earnings situation The
road pays only per cent on its com
mon shares, and in 1924 earned less
than per cent. In January and Feb
ruary of this year the showing was
so poor as to emphasize the slimness
of the margin over dividends.
other Rails Dragged Down.
Shares of other Northwestern roads
were dragged down with Chicago and
Northwe western-Northern Pacific and
Great Northern observation-disclosures
these two roads are in a quite differ
ent position.
That the advance. in Canadian Pa
ctfic and Union Pacific was entirely
dependent on short covering was
shown by the ease with which these
stocks came down later in the day
after the demand from the shorts had
been satisfied. Delaware and Hudson
was off points from it's top, sug-
gesting that it had discounted the
preliminary information regarding
the project for separating the coal
properties.
Oil Shares Stronger.
Oil shares made quite show of
strength early in the day. Marland
sold above SO, Phillips Petroleum was
up half a point, Standard Oil of New
Jersey crossed AZ, California Petro-
leum was active around 81 u. Pacific
Oil made a new high for the move
around 5S and Midcontinent Oil was
heavily dealt in just under 80. But
even these moderate advances were
not maintained. Sentiment continued
favorable to the prospects of the oil
shares, but there was not enthusiasm
and no hurry to buy. The stocks
were freely supplied as bids were
raised.
Special Moves Mixed.
Special movements were mixed.
tuQSOn and Mdnndttdn -1ndue ne"
high early in the day a it drew close
10 80, but the stock fell away again
in the afternoon. Pool operations,
powerfully supported were given
credit for the unsual activity and
strength in International Nickel.
Coca Cola was carried to a new top.
There was a rather severe drop in
the mercuEial Savage Arms, and the
sugar stocks went down somewhat on
the announcement of further cut in
the quotation of refined sugar.
Mathieson AIkali's Profits.
Mathieson Alkalis first quarter
earnings statement will be published
in the last week of April Z. 1t will
disclose larger profits than were re-
ported for either the first three
months of 1924 or the final quarter
of last year. The second quarters
operations are expected to show i'm
provement even over the last three
months.
Sentiment toward the market for
refined sugar is distinctly bullish.
Whereas 1924 began with the quo
tation on Cuban raws around cents,
and this was increased to close to
cents, only to drop to 2, the trend
this year has been healthier. The
market has become more stable and
the probability is that prices will
work higher.
MARKET CLOSES STEADY.