Evening star., 1925-03-18
MOVES ARE MIXED
IN STOCK MARKET
Short Covering and Good
Buying Push Some Is
sues Up Rapidly.
by STUART u. WEST.

Special Dispatch TO The Star.
NEW YORK, March Following
n sharp rally in the early dealings,
expressing relief that the St. Paul
receivership was out of the way. the
stock market encountered further
selling today. A violent advance in
grain at the opening. together with
the st. Paul announcement had a
stimulating effect, but it was short
lived
Traders were inclined TO take prof
its on the rise Another bad break i'll
the American Wooden shares and un-
settlement elsewhere played into the
hands of spectators for the decline
and cooled what little enthusiasm
had been worked up at the outset
Brisk EARLY Advance.
In the course of the early rebound In
dependent Oil and Gas reached "a, as
against 2012 the previous day, Pac Oil
was up nearly 2 points and so was Gen
eral Asphalt. Cosden gained a point and
half and Pan-American b above
20, was back points over the ground
lost Tuesday. Texas Pacific Coal and
OIL California Pete and Marland were
all up y points or so. and Pure Oil
and Phillips Pete bore their share in the
recovery. Later. when the weak spot be-
gan to crop out in other directions. part
OF these gains We're lost But in the
main the oil group displayed a better
tone than it had for the last week
y. a w. stock Strong.
The best acting rail stock was
Norfolk and Western. New York Cen
1ral was heavily sold again around
and just under 11S, but Atchison
showed better spirit The way St
Jouis-San Francisco was taken below
a made an impression, in view of
the statement which has been made
that while the directors at the recent
meeting did not see fit to increase the
dividend from IS to Sc, they were
likely to do so at the next quarter.
On the other hand. optimistic divi-
dend predictions received a good deal
OF shock when it was announced
mat Texas and Pacific had taken
no action regarding dividends on the
common.
The expectation back of the rise to
oeH4 hau been that IS would be de-
clared. The stock broke badly on the
news
St Paul stocks depended for such
support as they received from the
short interest, which seemingly was
very large. The taking of profits on
the short side sufficed to hold the
common stock around for the first
hour or 50, and the preferred between
covering was over the outpour of
stock bore prices down again
Ihe people who were selling the St
Paul steady were those who had been
holding off unduly long and who sud
denly found themselves confronted
by the prospect of an assessment de-
mand.
"OOlen Hits New Lows.
copper shares were heavy on a
1urther reduction in copper metal
quotations. American Wooden com
mon made new low under Us. United
states Steel common was consistently
supported, and so was American Can
Ihe sharp run-up in the latter and in
other high-priced industrials. like
General Electric and Cast Iron Pipe.
had reassuring effect
st. Paul bonds and stocks were
heavily sold again for the well under
stood reason that a great MANY ont
side holders had not believed in the
wall Street reports of the last few
months and only woke up to the truth
when the application for the receiver
snip was made today. The ST. Paul.
10 De sure. represents a special case
or overbuilding into a territory which
has not grown up to the point of pro-
ducing increased earning power sufff-
cient TO cover the interest on the new
obligations undertaken.
Still the reference IN tha Don
American Canal competition as one
of the prime causes which have
brought the road into difficulties was
something which had to be taken into
account in the case of other transcon
Ilnental lines, which are not earning
their dividends by any comfortable
margin.