Evening star., 1925-02-20
MANY SHARP GAINS.
IN STOCK MARKET.
High-Priced Speculative
Leaders Very Active in
Today's Advance.
by STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, February 20.-The
stock market was more actively and
generally stronger, with numerous
upward moves among high price d
speculative leaders and in specialties
There. was nothing in the news to
account for the increased demand
although the drop in the call loan re-
newal and the fact that the Federal
Reserve Bank did not raise it's rate
provided an excuse for the profes-
kional element to turn to the bull side
for the time being.
Strong interests showed their hand
in such stocks as Baldwin Locomo-
tive and Pan American, and in each
instance substantial advances oc-
Cured. Several of the rails were bid
up SHARPLY on the idea of favorable
dividend action and merger possi-
bilities.
Steel Common Under Pressure
Steel common above l24 ran into
a lot of selling. The independent
steei shares did comparatively little.
again rejecting the uncertainty felt
regarding the trade outlook.
In 1915 Baldwin Locomotive sold
as nigh as 154h and as low as 2Sss,
III 1t were not for these recoIlections
the rather extraordinary rise in the
stock during the last few DAYS would
nave been more impressive. AS it is
fhe street takes into account the fact
tnat there are only 100000 shares
outstanding, that most of these are
locked up in the hands of people who
are perfectly Indifferent to fuctua
Gons, and that consequently, whether
II is the argument about the Diesel
engine or any other excuse, the stock
he mt
practically at random
Almost the same could be said for
American Locomotive, which was very
strong, the only difference being that
the variations in this case have been
less violent than those in Baldwin.
Pnp-Amcrican B Jumps.
n-American B, in its S-point
jump, was anticipating favorable
action on the dividend. The street
had no positive word as to what the
directors, meeting in Los Angeles.
were going to do, but it was quite In
ciined to accept private reports. put
over with authority, that the stock
was going on $6 basis Other oil
shares were generally higher. but
without regaining the prominent place
they held fortnight ago.
Bullish operations were renewed
these Sears, Roebuck; Montgomery
Ward. North American, Utah Sc
curities, Savage Arms, Mack Trucks.
General Electric, Remington Type
writer and United Drug. American
Can was bid up sharply, indicating
that the principal interests inthis
stock still had firm control over the
market situation.
Tobacco Shares Strong.
The tobacco. interests once more
showed their hand in the market for
their stocks, more particularly United
Cigar Stores and Tobacco Products.
Shipping shares did better and Amer
lean Smelling at its high of the day
had fully regained the loss sustained
on the news of the adverse court de-
cision.
Texas and Pacific made new high,
and there was heavy trading at ad-
vancing prices in Rock Island, and in
New Haven. st. Louis Southwestern
was strong and so were the Great
Western issues. and ST. Louis-Sa
Francisco.
Rock Island Gossip.
There was considerable gossip of a
speculative nature in connection with
Chicago, Rock Island and Pacific COM
mon stock. Rumor had 1t that the
Southern Pacific would absorb the
Rock Island. Persons who claimed
to have studied the buying in Rock
Island today said that the demand
for stock came from the same sources
which were responsible for the big
moves in Mack Trucks and in Cast
Iron Pipe. That was enough to in
flame the speculative spirit, and ac-
cordfngly Rock Island shot forward
IN conspicuous fashion
The theory behind the buying in the
chemical stocks had to do chiefly with
the recent performance in Air Reduc-
tlon. Sponsors Of this issue continue
extremely bullish, making extrava-
giant predictions. Meanwhile there
was good deal Of selling going on.
But on the basis of Air Reductions
late advance, more interest was taken
in Allied Chemical
American Safety Razor became more
active on estimates of the 1924 profits.
The report for the year is expected
TO show about IS a share, and the ex-
pectation is that the 1925 results will
be in excess OF that amount.