Evening star., 1925-04-24
TRADING ERRAT|C
IN STOCK MARKET
Union Pacific Extends Loss in
Afternoon-Strong Spots
! Also Registered.
By STUART P. WEST.

Special Dispatch to The Star.
NEW YORK, April 24.-Had it not
been for the bad break in Union Pa
cific the stock market looked as if it
might have done better today than
1t really did. But the persistent selling
of this very important stock at de-
clining prices was an unsettllng in
fiuence which had to be reckoned
with seriously. 1t did not prevent ad-
Vances in other directions, but 1t did
put a restraint upon the market as
a whole.
Union Pacific Earnings.
Union Pacific earned not quite SIS
a share in 1924. This apparently was
a liberal enough margin, on the face
of things, over the $40 dividend. But
since then earnings have been drop
ping again, and more thought has
been taken of the formidable compe-
tition from the Panama Canal. The
March statement was very poor in
its comparison with a year ago, net
falling off s1,100,0O0, or 80 per cent.
Union Pacific stock below 134 was
off over points from where it had
started Thursday morning, and this
was q very unusual fall in similar
space of time.
Other Rails Depressed.
The selling of Union Pacific had
depressing effect upon other rails,
which are interested acutely in the
competition of the Panama Canal.
Northern Pacific and Great Northern
preferred were persistently sold, while
il was only the short interest ap-
parently which kept Chicago and
Northwestern steady as it held.
On the other hand, the weakness
in the transcontinental rails did not
extend to other members of the group.
Reading went up over point in re-
SponSe to merger rumorS. baltimore
and Ohio was strong for a time. st.
Louis-San Francisco continued to an
ticipate dividend increase. The Sea
board Air Lines, docking forward to
record earnings on account of the
prosperity in Florida. were in demand
at rising prices, the common above "a
and the preferred above 40.
Utility Stocks Feature.
Public Utility stocks were feature,
especially the shares of companies IN
terested in the Greater New York po-
litical situation. The news on TINS
score was regarded as favorable from
a market standpoint, and Consolidated
Gas drew close to 80 on large trading,
while Observation-Disclosures Transit
and Interborough Rapid Transit were
strong on word that the surface lines
of Manhattan would be out of re
ceivers' hands on May l had senti-
mental influence.
Other public utilities that came in
for attention on advancing prices were
American Water Works, West Penn,
Manila Elec, Standard Gas and Phila-
delphia Company.
Two Favorable Reports.
The International Cement Corpora
ton produced it's formal statement OF
earnings of the year 1924 and the
Mathieson Alkali made known the re-
suits of its first quarter business to-
day Both reports were favorable
Cement earned S713 a share on its
400, 900 shares of no par common in
1924 against $6.37 a share on 1854 l61
shares in 1928 Mathieson Alkali's net
income in the first quarter equaled,
after charges and preferred dividends,
$3.50 a share on 141,257 shares of no
par common.
Chrysler Rumor Denied.
The gossip in connection with the
buying of Union Bag and Paper in
cluded dividend talk. The company
was paying per cent annually on its
capital stock until October, 1924, when
payments were suspended. Earnings
since have improved.
The rumor that General Motors in
tended to buy Maxwell Motors and
make Walter p. Chrysler head of
General Motors was discredited to-
day in banking quarters which have
been identified with Maxwell. How
ever, the report persisted, although 1t
is unlikely that any important buy
ing of Maxwell was done on the
strength of it.