Evening star., 1925-02-19
TOBACCO SHARES
. MARKETFEATURE
Independent SteeIs and Many
j Oils Are Heavy-Very
Irregular Prices.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, February 19.-DurinS
the greater part of the time today the
movement of prices on the stock
exchange was dull and with little in
Clination to do much either way.
With the exception of IA number of
suecialties the fluctuations were mar
row. Standard stocks like United
States Steel mmon, American can
and Studebaker were more in the
background. and Baldwin Locomotive
after crossing 1871 to new high
dropped below the final price of the
preceding day.
The Independent steels and most OF
the oils were heavy. The tobacco
.hares with United Cigar stores far
in the lead. were a feature. y jump
in Utah securities was the chief Incl
dent among specialties. soon after
midday the speculative rails turned
strong again. the buying in New
Haven creating the most stir
Big Rise in United Cigar.
The street did not explain the big
rise in United Cigar Stores on the
ground of earnings and possible diVi-
dend increases, but preferred to talk
about the operations in the stock by
the important interests in the tobacco
industry. OF the various individuals
who have figured in Wall Street gos-
sip as having been particularly sue
cessful during the last few months,
George Whelan has occupied con-
SpiCuouS place. Accordingly, any
stock starting forward like United
Cigar Stores did today. which bears
the stamp of a successful name, was
bound to attract a ready following
Tobacco Products was drawn along
and so were other tobacco company
shares.
Advance in New Haven.
The advance in New Haven was
further reflection of the favorable inn
preston made by the way the company
carried out the refunding of the s2S,
100000 bonds without having to pay
banking commissions. 1t was, of
course, purely sentimental move.
There was not the remotest thought of
dividend possibilities Other Iow-priced
rails were some of them strong, among
them Texas and Pacific. Rock Island
and Missouri-kansasTe The divi
dend-paying rails did not do as well.
Stocks like Union Pacific, Southern Pa
cifc, New York Central and Atchison
were moro freely supplied.
Air Reduction Jumps.
Some of the speciality moves were
interesting. The jump in Air Reduc-
ton bore out the report of new pool
at work in the stock. Utah Securities
had a sharp run-up on talk of re-
adjustment of the operating companies
which would bring a larger revenue to
their holding concern. Montana Power
which had closed the previous day at
6S12, was bid up across 10
There was further short covering
in American Woolen following ttre
poor showing in the annual repott
but above so the stock was actively
sold. Heavy profit-taking occurred
in Baldwin Locomotive after the
stock had gone to within a point of
its previous high.
Weakness in SteeIS.
The weakness in the steels was
again an outstanding feature. Gulf
States appeared to have fully dis
counted the stock dividend an
nounced Wednesday.
The points which stood out most
distinctly in the Wall Street situation
today were that stocks as rule failed
to continue the rally of Wednesday
afternoon, that the signs of hardening
in the money market were emphasized,
and that wheat prices were again dis
posed to recover.
The advance in time money rates
was calculated to have a SOLDERING effect
both in investment and speculative
quarters. Loans covering periods of
. five and six months, and therefore
representing judgment as to what the
course of interest rates would be later
on, were in most active demand On
the first occasion in more than a year
per cent was bid for credit accommo-
dations running to five and six months,
while the offered figure was AZ.