Evening star., 1925-03-19
PARTIAL RECOVERY
i IN STOCK MARKET
Short Covering, Rather Than
Fresh Commitments, Aid
Advancing Prices.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK. March 19.-FollowinS
q series of uncertain fluctuations, the
stock market today had partial re-
covery 1t had started in higher, but
turned weak. with some stocks at
new lows for the year. Then with
nothing in the outside news TO inf1u-
ence prices one way or the other, the
decline was checked.
1t was a two sided market most of
the time. Probably the bulk of the
buying represented the covering In
of short contracts rather than fresh
commitments. The dealings were
characterized by a series of these
buying waves, succeeded on each oc-
casion by an irregular decline.
Steel stocks Active.
There was an interesting contest in
United States Steel just under 120.
Here was one of the stocks which was
credited with receiving banking sup
port, not to bring about general up
ward turn, but merely to keep the
market steady while the further
liquida ton of weak accounts was go
ing on. Bethlehem Steel rallied to
above Al under short covering, but
the stock was freely supplied at the
higher figures.
Some buying came into American
Sugar as it dropped below 50. No
body was going to bid up in such a
market stocks in which there was a
large public interest, because this,
from a professional point of view,
would be pure philanthropy. Ana
conda and kennecott were two in this
position, and accordingly they were
sluggish. Few persons on the out
side have Norfolk and Western and
this was one of the things which were
ahead whenever the general market
permitted Norfolk around 134 was up
nearly four points.
The effect of the St Paul receiver
ship was still felt in the railway sec
ton. The ST. Paul junior bonds and
both classes of stocks were heavily
sold again at new low prices The
preferred dropped under 10 and the
common sold around 3. More atten-
tion was paid to the part which the
Panama Canal competition had play
ed in bringing the st. Paul into re-
ceivers' hands, and this had a sub
stantial effect upon Union Pacific,
which sold around 142; upon Chicago
Northwestern, which dropped below
63 for the first time, and upon Great
Northern preferred and Northern Pa
citic. which al one time were off Il
to . points.
Iron Pipe on 30 Points.
At $50 L. S. Cast Iron Pipe was
off 20 points from its high of the
year. Later the stock rallied some
what. Radio Corporation was very
weak again, down 80 points from
its top. There was other similar
instances where the speculative ex-
ceSses Of the Winter were being cor
rected with a vengeance. Sears Roe
buck was down some % points from
its 1925 high record National Cloak
and Suit broke sharply on alleged
disappointment because the 81 diyi-
dend declared was no larger. At
lantic Gulf and West Indies rebound
ed against the shorts.
American Sugar sold down below
60 in face of the optimistic references
heard regarding the company. Some
predict the declaration of dividends
this year at the rate of $6 annually
on the common stock. A year ago
raw sugar prices were at their high
levels and the market broke from
under the refining companies, which
had paid high prices for raws and
were forced to sell their own prod
uctS at a loss. Now the situation is
reversed. Although American Sugar
reported an operating loss for last
year, it was able, through the sale of
inventories and through other in
come, to show balance of $1S.15 a
share on it's common
At its low of today General Asphalt
was down more than 10 points from
the high of the year. Some buying
occurred in the stock on the announce
ment of fresh developments at the COM
pany's oil fields in South America The
talk of a dividend on the stock was
abandoned some time ago, but now dis
cussion along this line has been revived
A 50 rate has been mentioned General
Asphalt came through 1924 in relatively
better shape than most other companies
dependent either wholly or in part upon
oil for their income