Evening star., 1922-09-09
DIVIDEND RAILS IN
SPLENDID DEMAND
End of Strikes Helps These
, and Also High-Grade
IndustriaIs.
BY STUART p. WEST.

NEW YORK. September 9.-The
stock market was strong all around
again In today's two-hour session.
Interest shifted more to the railway
list particularly in the higher priced
dividend-paying rails. There were a
variety of reasons for this.
In the first place, although railway
securities have at no time been weak
since the strike started, they had
been neglected in favor of industrial
tand public utility issues. Consequent
ly the advance in this quarter Friday
and again today was to be looked
line with the rest of the market, now
that the shipments strike is on the
wane.
In the second place there was a
prospect of unusually heavy earnings
from coal traffic during the next six
months to furnish a special incentive
for the buying in the stocks of coal
carrying railroads such as Reading
Lehigh Valley, Norfolk and Western,
Delaware and Hudson and Western
Maryland.
Anticipate Melon-Cutting.
In the third place, there was a pros
pect of what speculative Wall Street
calls melon cutting" to give a special
inducement in several instances
Increase in the Louisville and Nash
Vile capital. with consequent extra
stock distribution, has long been in
view. There was belated recognition
today in the sharp jump in Atlantic
Coast Line. for which, as the owner
of majority interest in the Louis
willie road. this recapitalizationw would
mean much. The new high record for
Union Pacific drew more attention to
the possibility of another distribution
to Union Pacific share owners of the
stocks of other companies held in its
treasury similar to that of over a
decade ago.
Industrials Recede.
Low-priced. non-dividend- paying
In the advance. Among the indus
trials there was still a great deal of
profit taking. which in the last hour
rather checked the advance and
of the leaders. But as against this.
operation for the rise went on In the
tobaccos. in several of the motors and
in number of specialties of the type
of Iron Produce and Austin Nichols.
Iron Products.
Buying of Iron Products stocks to-
day caused an unexpected advance in
prices. This advance appeared to be
an operation by people who have pre-
sumably made large profits out of the
rise in tobacco stocks and who were
utilizing some of these profits to put
IlnS iron PRODUCTS up. he pTeIeEFcu
stock, usually quite inactive and hav-
ing a narrow market. responded read
lily to a small amount Of buying.
Dupont Common Higher.
The advance in Dupont common Is
closely connected with the advance in
General Motors because the former COM
pany is the largest holder Of General
Motors stock. A dividend of 81 share
on General Motors would add at the
very least several million dollars to Du-
points yearly income. 1t was figured
that every point advance in General
Motors stock should mean something
like a ten-point advance in Dupont ccm-
mon. 1t continues to be reported that
something Is likely to be done toward
cutting down the interest charges, Gem
eral Motors has to pay by retiring a
part of the debentures now outstanding
These stocks are being bought in the
open market, 1t is said
Dividends Declared.
II, The following regular quarterly divi-
)dend declarations were announced to
.day Wilson & Company, IL per cent
ION preferred. payable October 2, to
stockholders of record September %;
Pittsburgh Plate Glass Company COM
mon stock per cent, payable October
I to stockholders of record September
20; Westinghouse Airbrake 81, payable
October 81 to stockholders Of record
September 80; Pittsburgh. Bessemer
and Lake Erie. regular serni-annual 1h
per cent on common stock, payable
October to stockholders Of record Sep
tember 30.