Evening star., 1925-03-05
ERRAT|C CHANGES
lin STOCK MARKET
Presidents Message Said to
Have Been Very Largely
Discounted.
BY STUART p. WEST.

Special Dispatch TO The star.
NEW YORK, March 5.-The stock
market today was again subjected
to rather heavy selling pressure, fol-
lowing the decline in the last half
hodr Wednesday. Traders operating
on.lthe short side were talking about
the Presidents speech as having been
discounted, along with other items
of good news such as the declaration
of a $40 extra dividend on American
Locomotive, the raising of the regu-
lar dividend from Sc to IS, and the
voting of q 25 per cent stock divi-
dend on American Steel Foundries.
Stocks Very Erratic.
There was a lot of profit-taking in
American Locomotive following the
dividend news, the stock selling off
nearly points. subsequently 1t ral-
lied. American Car and Foundry,
which, as representing the big hold
er of American Locomotive, is the
principal beneficiary of the latter's
dividend increase, followed closely
the course of American Locomotive
stock. There were violent f1uctua-
tions over a range of points or
more The talk was that when Ameri-
can Car and Foundry put through its
new capitalization plan the extra
revenue from American Locomotive
would insure a dividend increase on
the new stock.
II. & o. at New High Mark.
American Can was consistently
supported on the idea that this COM
pany would be one of the next to an
nounce a program promising larger
returns to stockholders. General
Electric was one of the leaders of
the recovery, which started around
midday.
The feature among the rails was
Baltimore and Ohio, which sold at
new high for 1925, despite the unset
tied conditions in the general market.
There has been no talk so far OF an
increase in the present IS dividend,
although the earnings are suffclent
to warrant such an increase. Ihe
street is more interested in the ef-
feet upon the value of Baltimore and
Ohio stock in case certain combina-
tion plans now in prospect are carried
through.
Reading was helped by the
strength in B. and O., but it did not
do much. Atchison, below 123, was
off nearly five points from it's recent
TOP, then 1t encountered fresh buy
ing, which brought about recovery
later. That Tuesdays little upturn
in the Northwestern rails was tran
sient occurrence seemed to be indi-
Gated by the ease with which stocks
like Chicago Northwestern and
Northern Pacific came down over the
ground gained. Supporting orders
were numerous in st. Paul preferred
every time 1t reached 80, but the stock
was abundantly supplied on the least
upturn.
Independent Oil and Gas sold be-
low 80 early, but in the afternoon
there was a partial recovery. Shorts
in Pan-American B were evidently
taking profits around 81. Sustaining
orders were seemingly being thrown
into Texas Pacific Coal and Oil
around 20.
Miami Copper Declines.
Miami Copper. which broke three
points on Wednesday. was selling to-
day about eight points below the
1926 high. The selling was connect
ed with gossip that the company has
been somewhat concerned about it's
ore reserves, and was anxious to add
to its source of supplies.
Private reports today from Mar
land OILS midcontinent fields were to
the effect that the company in at least
one instance had increased its selling
prices of crude oil Is cents a barrel.
This fitted in with the gossip about
higher prices in prospect in the mid
continent district.