Evening star., 1925-06-29
STOCKS IN VIOLENT
T BREAK At CLOSE
California Earthquake and
Higher Call Money Are
[. Leading Factors.
By STUART p. WEST.
Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. June pa yer,
sharp break occurred in the stool
market during the late afternoon to
day, directly due to the news OF tn
earthquake in California. This wa
supplemented by a rise in call none.
to per cent, the highest since th'
Autumn Of 1928.
Wall Street recalled the unpleasan
developments which came with th'
San Francisco earthquake and fire II
1906. 1t had no idea, OF course, tha
the two situations were comparable
but 1t did have in mind the fact thai
the Oil companies, some Of Whose
shares are dealt in on the Stock Elk
change, have large properties in thu
affected district.
Oil Stocks Lead Break.
Oil stocks were the ones most ur
gently sold. Pacific Oil, California Pc
troleum. General Petroleum. Asso
ciated Oil, Marland and MidContinen
Petroleum. United States Steel, which
had not done we'll early in the day
broke for time rather easily. Under
ia II was off over a point. Southern
Pacific as a representative California
road, was heavily sold, and Union Pa
cific weakened, while an upward
move which had started earlier ir
Western Pacific was quickly checked
Early Advances in Tires.
United States Rubber led its group
the stsock crossing 81 for the first
time this year The advance in Lee
Rubber, also to a new high, followed
buying of the stock last week, which
Wall street regarded as signif1cp ~
Goodyear preferred made a new
and the movement took in Fis- .
Goodrich.
Sugar stocks were inclined to do
better, especially Cuba Cane pre-
ferred. This was not due to any de-
velopments in the sugar industry, but
rather to the belief that the sugar
market itself has discounted the
worst.
Southern Common Jumps.
On the decision against the Southern
Railway preferred shareholders In
their claim for back dividends, the
common stock rushed up to a new
high above 80. 1t has been said all
along that the uncertainty on this
score was the only thing which was
keeping back higher dividends from,
Southern Railway common sharehold-
ers. The preferred stock opened down
sharply, but subsequently rallied.
Some of the other rails were strong
er, notably the Seaboard Air Line and
st. Louis-San Francisco.
Motor Wheel Stock Scars.
Right at the opening Motor Wheel
Jumped up points on the sale of 1000
shares. This was followed by a sharp
setback. but later the stock moved for
ward again. There were new highs
for du Pont debentures, Woolworth,
International Railroad of Central
America, Simmons, Refs common and
first preferred, General Electric spe-
cial and the Newport News and Hamp-
ton issues. The common stock of the
last named gained nearly 9 points and
the preferred 6. The advance kept on
in Yellow Cab and in Freeport Texas,
Unusual activity at higher prices char
acterized the operations in Park &
Ttlford.
Copper stocks were brought forward
on reports of a slight advance in the
price of metal. Cerro de Pasco at
one time was up over a point, and
Chile three-quarters of a point. Ken
necott gained a half point.
How highly speculative the 10-point
advance in American Can had been
on Saturday was clearly demonstrated
today when the stock sold several
points below that level much of the
time.
Pierce-Arrow stocks were prominent
among the motors, making further
response to the last favorable earn
ings report. 1t appears that the
steady improvement in the truck and
motor bus divisions of Pierce Arrows s
business has been largely responsible
for the good showing.