Evening star., 1921-11-26
HIGHER PRICES ONia
NEW YORK STOCKS
Rails Lead in Broad, Active
10, 70,
Market-High Levels =,
Are Reached. eer -,
BY STUART p. WEST.

NEW YORK, November 26-To-
days two-hour session was con-
tinuation of yesterdays market. The
great factor was the demand for in
vestment purposes and this swelled
bond transactions to another enoE-
nous total, with new high prices gem
eral.
The same force made itself felt,
In the stock market in a further rise
in the dividend-paying rails, in some
of TIE preferred industrials and in
common stocks of the better estab-
lished industrials, where even after
the recent advance the investment re-
turn is high in comparison with the
yield in the more strictly investment ,
quarters.
In the last of these categories the
stocks selected as the special objects
Of attention were American Telephone
and Telegraph, American Tobacco.
American Car and Foundry, Burns
Brothers Coal and United Fruit All
these stocks were very strong. Union
Pacific and Canadian Pacific, as repre-
sentative 10 per cent rails, were
likewise bought because of the at
tractiveness of their investment yield.
They were the leaders of the rail-
way group.
LOw-Priced Rails Soft.
once more 1T was noteworthy that
shares of the weaker roads were max
ing no response to speak of to the up
ward swing in the standard issues.
Likewise there was much hesitation
in the purely speculative section OF
| the list. Here prices We're very ir-
regular, yet were plainly being buoy
ed up by the great strength in the in
vestment group.
French exchange had recovery
which, however, scarcely signitied
anything more than that spectators
who had been sellers earlier in the
week were covering in their con-
| tracts. The same vas doubtless true
| of marks, which were slightly higher.
Rails Still Lead.
Railway shares took the lead again
feet of the same investment buying
present in such volume yesterday .
Union Pacific got up to 130, where it
still returns 7s3 per cent and was,
| therefore, merely getting into line
with investment yields elsewhere.
Canadian Pacific, which always
| moves with Union because ii pays
the same dividend, was the second
leader.
1t is understood that a large block
of Northern Pacific was bought dur
| ing the last few days for inside ac-
count, and this accumulation helpel
the stock cross so. -,
Other rails Influenced by invest
ment purchases were Delaware and
Hudson, Norfolk and Western, SOUTH
ern Pacific, New York Central ana
Illinois Central. The Rock Island
preferreds, which are very sure of
their dividends, now that at least
) per cent is being earned on the
common behind them, drew closer
toward their appropriate Level
Among the non-dividend payers the
leaders were Missouri Pacific pre-
ferred, the st. Louis and San Fran
ciscos and the St Louis Southwest
ern, particularly the preferred stock.
The Burlington Dividend.
For the last week or ten days. when
gossip began to be heard regarding a
special dividend on Burlington stock
to help out the Northern Pacific and
the Great Northern, the reports have
been that the Burlington would pay
either $40 or SIS. Now, with Northern- .
Pacific strong and moving higher, tps
gossips are talking of either a
fifteen-dollar or twenty-dollar diWt
dend from the Burlington Golfers. the
Burlington is perfectly able to pay a
dividend at any of the flgures men
toned, because il has something IKE
s3400O,000 in cash and negotiable
securities in it's treasury. while II can
also call on the Colorado & Southern.
In this connection it is reported that
the Colorado & Southern dividend may
be as high as Sc.