Evening star., 1925-04-09
STOCKS Do BETTER
|NF|NAL TRADING
Prices Rebound in Special
StoCks-MaxWeIl AZ in
Very Active Demand.
ny STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, April 9.-Trading IN
the new Dodge Bros preference
shares monopolized attention as busl-
ness began today. The stock soIo up
10 1857, as against the subscription
nrice of 100. Then came a flood OF
offerings from the people VINO naa
subscribed merely to make quich
profit. The stock broke under TINS
selling nearly 8 points, then steadleo'
The books were closed at IL O'CLOCK
and from all indications there was
big oversubscription, but nolhihs
was said as to how far TINS was
speculative and how far II meant tne
placing of the stock In permanent
hands. After the first hour or so the
dealings in Dodge Bros. quieted down
and interest was transferred to other
things.
Rail Shares Stay Weak.
Desnite everything done to reassure
ssn+iment on the Chicago and North-
Western situation by saying that the
next dividend would be paid ana that
earnings were picking up, the stoeh
continued to be sold. 1t dropped pc
low 80 again, at which nsure 'he
yield was per cent.
The continued weakness of Penn
sylyania was the most disturbing IN
cident of the day. 1t was commonly
set down to bear pressure, based upon
the success of operations for the ue
cline in Chicago and NorlhWesleih
and exploiting another earnings SIT
uation which, on the SURFACE was
ttencouraging. PennsylNahla pare
ly more than covered the "a ul'
in 1924. The same was true OF the
frst two months of 1925. At the same
time the charge has been made that
aouinment expenditures have not
been what they should.
Savage Arms below 63 was back
over all the ground gained since eiec-
ton day 1t was down 40 points
from its top. This was an extreme
case; still 1t was not altogether out
of line with the experience which mas
attended other specialties In "hich
bullish operations swere carried TO eX-
tremes during the Winter. American
Bosch Magnetic below 80 was Selllng
"a points under the top reacned dur-
ing the orgy of January j. Mack
Trucks was off over 10 points from
Its high.
Motors Lack Incentive.
The completion of the Dodge Bros.
fotation seemed to exhaust the I'M
mediate incentive in the market 1or
the motor stocks Nearly all these
shares were freely supplied-Stude-
u,
Overland
There were no Indications of any
desire to resume bullish activities in
the oils. These stocks were inclined
to drag along with the rest OF the
list. Pacific Oil was down point
and Phillips Petroleum was off " from
the high of the previous day
The continued selling of Pennsyl-
vania Railroad was attributed to
Street today that many OF the most
active traders have been busy on the
short side of a number of the rail-
road shares and that pennsylvania
was one of them. Their operations
are believed to have been based on
the comparatively unfavorable earn
ings statements of some of the ROADS,
including the Pennsylvania. Last
wear, the recent report showed, the
PENNSYLVANIA had a loss In net in
come of s10,00O,000 from the results
of the preceding II months. Moreover,
the January and February figures
were none too good.
FYguriur Dodge Profits.
Although, as stated in the formal
announcement of the Dodge Bros.
preference stock offering today, the
company has never had an unprohtable
year there were some who were Won
dering whether the recent proht per
car could be maintained. The 1924
statement showed that 222,236 cars
were sold and that net earnings before
taxes amounted to S19,965,440. This
meant earnings per car Of approx
mately $50. There is some doubt that
a profit of $50 per car can be con-
tinued indefinitely In the event Of
lower profits the present calculations
on the common stock, given as
bonus, might have to be revised