Evening star., 1924-06-17
BEARS ARE ROUTED
AS STOCKS ADVANCE
Baldwin Locomotive Leads Market,
as More Leading Issues
Go Higher.
TIRE SHARES TURN WEAK
Investment Element Less Active
Today-Pools Busy.
TIRE SHARES TURN WEAK
BY STUART p. WEST.

BY STUART p. WEST.
Special Dispatch to The Star
NEW YORK, June 1.-THE atten-
tion of the stock market again today
was mainly given to industrials and
public utilities. New high prices were
made in such leaders of the list as
Baldwin Locomotive and American
Can. The former was easily the lead
er of the list, the short interest be-
ing put to rout completely. The dis
comflture of the bears in Baldwin had
its effect upon the attitude of the
shorts in the steels and sugars, and
these stocks were drawn upward aft
er some uncertainty at the start.
Rubber Shares Turn Weak.
Announcement of the passing of the
dividend on Kelly Springfield 6 per
cent bore out all that had been said
about the depression in the tire busi-
ness. For awhile the announcement
served to facilitate short covering in
the United States Rubbers, the hrst
preferred running up nearly = points
But later these gains were undone
Kelly Springfield 6 per cent is the
first preferred stock of the company
The dividend on the per cent sec
ond preferred was passed on the 1st
of May
For some reason the favorable
court decision in the Consolidated
Gas case did not take the street by
surprise. Probably this was because
of the confidence felt that the con-
fiscatory nature of the 81 gas law
was something that was clearly
bound to be upheld. The stock after
drawing up around 20 ran INTO large
amount of profit-taking.
Field Day in Specialties.
fnr
speciality class. particularly for the
higher-priced issues easy to mark VI
on account of the scarcity of the
floating supply. Among these were
can Tobacco, KreSge and astl.-ar
Kodak. The last named was more ac-
tive than it has been for some time
but for no new reasons
Iower-priced stocks of the pool va
riety to distinguish themselves were
Mathieson Alkali. Colorado Fuel ane
Iron and General Asphalt. Dawson
Chemical responded to reports tha'
the Royal Dutch had definitely taker
up the silica jel process of oil re
fning. United States Cast iron Plpt
made another new high.
Texas Gulf Sulphur Strong.
Buying continued in Texas Gulf Sui
phur in anticipation of faIorable diVi
dend action. Current distribution is al
the rate of Sc annually, although tne
company has voted extra disbursement:
of so cents quarterly. 1t is expected
regular rate to 81, and also authorize
an additional cash payment. Texas
Cuffs earnings are sufficient TO war
rant higher dividends
Sponsors of Woolworth continued Opt
mistic, and no longer regarded the iou
return on the basis of the current u
dividends as Of any consequence Inc!
were confident that the high selling
prices were diScounting higher divl
dends 1t was reported that IN May ths
largest gains in Woolworth's business
were in the sections where general busl
ness was dulleSt.
The oils were especially favored to.
day in the private adyiceS OF one Of
the largest Broadway wire houses
which has been active in the buying
movement on the stock exchange dur
ing the past week or more. Amonf
the oil shares mentioned were racine
Oil, Pure Oil. Standard OF Caiiio5n1a
Houston, Mexican Seaboard, mariana
and General Asphalt.
Less Investment Activity.
In today's markets the investment
element was less prominent and the
speculative element more prominent
than on other days. Undoubtedly the
no more than the natural pause after
an advance as rapid as that of the
last fortnight. Certainly 1t dld no.
warrant the conclusion that the I'M
pulse toward higher investment val
ues afforded by the extraordinary
money conditions had been exhaust
ed But it was a fact that lower bono
prices coincided with less interest ir
stocks of the investment class and al
increase of activity in stocks OF hlsh'
ly speculative character: :, .h.
There was some indication IN the
speculative quarter that outside par
ticipation was increasing, but prln'
cipally the bidding up of prices was
the work of pools and professlona
operators, the latter converted from
weeks Of fruitless efforts to exploit
the unfavorable points in the bust.
ness situation and the uncertainties
of politics.
Late Trading Very Dull.
In none of the other markets wa:
the same interest taken as in the
stock market. Both the wheat trade
and the cotton trade were evidently
puzzled as to the extent of the i'm
provement in crop conditions result
ing from the warm weather of thu
last few days.
The stock market quieted down II
the afternoon and fell away gen
orally. 1t was quite obvious that the
advance had been depending upoI
the support of the short interest, ant
as this was reduced, the ability t.
put up prices was corresponding!
diminished. In the last hour or 81
there was better recognition that
while there had been abundan
ground for the recent rally, the set
tings were quite unsuitable. for an.
fresh campaign for the rise.
MARKET CLOSES IRREGULAR.