Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-03-30
LOSSES EXTENDED
IN LATE TRADING
Break In U. S. Steel Shares
Called Most Vital Incl
dent of Day.
ny STUART r.. WEST.

SprclaI D!snhtch TO Inc sur.
NEW YORK. March 30.-Another
selling movement swept over the
stock market today, driving prices
down sharply and establishing many
new low prices for the year.
United States Steel common was
particularly weak. This market lead.
CO. fell considerably below Its preVi-
Gus bottom figure for 1925 and at It's
low of the day had lost well over l6
points as compared with the top OF
the market other active industrlais
of the type of American Can, Bald
win Locomotive, American Locomo-
tive the coppers and host OF spe-
cialtieS were actively sold.
Railway shares did not escape the
selling pressure, number or these
stting down to their lowest for the
year. The striking thing about the
market was the extent of the losses
from the high levels OF the last four
months, amounting in numerous cases
to 10 Il, % and more points.
steers Action Causes Worry.
The ease with which United States
Steel broke was the most diSconcert-.
ing incident of the market from the
bull standpoint. During the first two
months of the year when stocks were
being distributed strenuous efforts
were made to support United States
Steel and for a long time these were
effective, especially when the stock
got around l20-the price at which
the 1924 quota was offered to en-
ployes.
But since steel broke the 100 level
Il has been acting very differently.
The bears have hammered II sue
ocssfully day after day, and there
hI Of a
ton due 20 the fact that people had
profits in this stock who were try
ing TO protect losses in others.
Baldwin at New Low.
Baldwin Locomotive made a new
low. American Locomotive was weak.
The support crumbled in American
Can and in General Electric, the
latter ignoring the favorable annual
report, showing s21.09 earned, against
SiS.25 the year before. Oil shares
were not any weaker than the aver
2 &c, but they did not do any better.
Stocks, like Independent Oil and Gas,
Pacific OIL and General Petroleum,
went down about as much as the aver
age.
Railroads OF Many Points.
Railway shares were mostly weak
Rock Island, below AZ, was down
points off from its recent top. ST.
Louis Southwestern was off more than
a point and so was Reading. There
was persistent pressure against Cana
dian Pacific and Baltimore and Ohio
Wabash preferred a was off more
than points from where 1t was
quoted when the So dividend was an
nounced. Delaware, Lackawanna and
Western broke badly. Northern Pa
cific was pressed for sale. although
the earnings of the road are running
at the rate of something over s. a
share, which would seem to insure
the continuance of the present IS
dividend
Comparing the Markets.
The comment of one OF the large
wire houses. S. Bache G. Coon
current stock market says in part:
The important question of the mo-
ment is whether or not the bull
market is definitely over. In this
connection 1t may be interesting to
go back over seven previous bull
markets covering a period of IS years.
In every instance the bull market
was divided into two separate up
ward swings OF broad proportions
and. Furthermore, in every instance
there was an intermediate correction
which in some cases went as far as
losing a third of the first gain. The
minimum loss was Is per cent.
The usual duration of these inter
mediate corrections has been abouy so
days. The present market has in 20
days lost approximately % per cent
of the upswing from May, 1924, to
March, 1925, so that even with fur
Their corrections in sight, it would not
be disproportionate to the history of
previous bull markets. However, in
applying previous market movements
to present conditions, an immediate
resumption of the broad bull market
appears premature