Evening star., 1924-01-30
WILD RUSH TO BUY
DR|VESSTOCKS.UP
u. S. Steel Starts Exciting
!: Trading by Dividend Ac-
ton and Reports.
Special Dispatch to The Star.

Special Dispatch 10 The Star.
NEW YORK, January 30.-A rush Of
buying came into the market today
following the declaration after the
close of business Tuesday of the 80
cent extra dividend on United States
steel common and the publication of
the statement for the December quar-
Ger, showing net earnings $i.O0o,O00
to $1,000, 900 larger than had been
estimated. The opening sales oc-
CURED at loo as against the previous
close of 103L. y moderate reaction
set in, but was soon checked, and
under transactions conducted on a
very large scale the stock went up
again, carrying with il the rest of the
steelS and many other industrial lead
erS American Can continued it's ex-
traordinary rise, getting across 120.
Railway stocks Higher.
Railway stocks We're for the most
part strong, both the old line divi-
dend payers and the low w-priced nom
dividend issues. New York Central
got across l05 for the first time this
year, under what was evidently in
N"stment buying. Atchison held up.
despite the. December report showing
q decrease of $1,S00,000 in net oper-
ating income as compared with De-
Ctmber. 1922. Here, too, the invest
ment influence was apparent. because
Atchison officials have repeatedly
thrown cold water upon the notion of
Il higher dividend: Southern Rail
way made new high, and Erie
Crossed 27 again.
Oil stocks were actively bought on
still another increase OF 20 cents per
barrel in the price of PENNSYLVANIA
crude. Phillips Petroleum was the
leader, hut was closely followed by
Cosdtn Pacific Oil, Marland. Maracai-
bO and Standard of California
Sugar shares Strong.
Tho advance in the quotation on
Cuban Raw Sugars TO 5'4 cents Il
pound WAS promptly reflected in the
sugar stocks. which wer" very
strong. Interest here centered in
Iunta Allegro, which sold at the
highest for the present move, in the
Cuba Canes and in the Cuban Ameri-
cans.
Dawson chemical had an overnight
jump of six points. anticipating the,
annual report and The special state
nlent regarding Silica-Jel, which were
published at noon.
There We're a number of weak spots
which stood out the more conspicuous
ly because OF the background OF
strength and buoyanCy in other parts
OF the list. Serious uneaSiness regard
ing the dividend was reflected in the
drop in American Woo en- below 40.
Special selling continued in Famous
shares. Weakness was particularly
marked in Kelly Springfield, and Lee
Rubber fell over a point.
The two principal contributions in
the way of business news We're an
other advance Of % cents a barrel IN
Penns ylvania Crude Oil ard the state
ment in the reviews of the steel trade
that the output of both pig iron and
steel has undergone further in
crease during the last week. The steel
corporation is operating around 80
per cent of capacity and the lnde-
pendentS between 10 and 80 per cent.
But proper notice should be taken of
the statement by the Iron Age that
lit is apparent that final consumption
has not grown since the year open
ed in proportion to the increase III
mill sch heduleS.
Dividends at the rate of 81 annu-
ally are to be restored not later than
at tie September meeting of the Cuba
. Cane Sugar Corporation, II earnings
hold up as well as expected. In the
fiscal year, 1928. Cuba Cane earned
almost Sl3 q share on the preferred
stock, and it is predicted that the
figure will be nearer $l5 in the cur
rent fiscal year.
Associated Dry Goods Active.
Buying continued in Associated Dry
Goods, chiefly by persons who are
pay at the rate of IS annually be-
fore the end of 1924. The floating
supply of Dry Goods common has
decreased materially, and the COM
pany's earnings have been main
tanned at a satisfactory rate, with
the present So dividend covered about
three times over.
One of the chief points of interest
in the street today following the
80 cent extra dividend disbursement
by the steel corporation, was the
question as to what the companys
policy would be for the remainder
of 1924 with regard to dividends. Ac-
cOrding to good opinion, 80 cents
extra will be paid every three months
at least until the last quarter, and
that is as far as most people are will
ing to figure on. Although remain
ing on s. regular basis, steel com
mon virtually has become a 81 div
idend payer.
Prices Drop in Late Trading.
stock exchange realizing sales be-
came heavier and the demand fell off.
Altogether the steel dividend action
and the earnings report-conStitut-
ing from the speculative standpoint
tho best news which the market has
had in a long time-eVoked COM
paratively poor response. 1t proved
once more that Wall street is not in
the same enthusiastic frame of mind
that it was during the first fortnight
of January.
1t showed that more thought is
being taken of the magnitude of the
advance during the last three months
and of the danger of the movement
ness conditions.