Evening star., 1924-03-12
RAIL SHARES MOVE
TO HIGHER LEVELS
Norfolk and Western Leads
Market-Southern Rail-
way Hits New Top.
BY STUART p. WEST.
Special Dispatch 20 The star.

Special Dispatch 20 The Star.
NEW YORK, March 12.-Railway
. shares took the lead in the STOCK
market today. but without there
being any general advance.
The rise in Norfolk and Western,
anticipating the announcement of a
Pennsylvania lease on highly salts
factory terms, furnished one incen-
tive for buying in the rails. The
great strength in Southern Railway
common at new high levels provided
another. Anything less than per
cent declared at Thursdays meeting
would be, according to the present
sentiment of the street, very disap-
pointing Other low-priced :. rails
Z were sympathetically strong, particu-
/. larly the Seaboard Air Line, Wa
bash preferred A. the ErieS and
st. Louis Southwestern.
American Sugar Rallies.
American Sugar went down on the
publication of the 1923 figures, but
by recent short sellers. The two
points chiefly made were, first, that in
a good year for the sugar trade This
company on it's own operations had n
loss and even with its income from
investments, at the highest, was able to
show less than 81 share on the COM
mon stock. The second point was that,
selling above so and with earnings
the way they have been, American
Sugar looked to be out of line with
others selling around the same level,
paying dividends, and earning hand
some surpluses.
The sharp rise in Goodyear preferred
seemed to be in the nature of very be-
lated response to the recently published
annual report. Goodyear, in 1928, had
an entirely different experience from
other rubber and tire companies. Where
some of these showed deficits and others
comparatively small surpluses, Goodyear
earnings took big jump. After the 8
per cent oa the prior preference stock
there was a balance for the preferred of
s1.Sf share, as against less than 81
the year before.
Oil Shares DO Better.
Oil shares for the most part did
better. There was special buying
again in Phillips Petroleum within a
point of its high of the year. General
Asphalt rose on what apparently was
short covering, and the Pan -Ameri-
cans retained their recent improve
nent. Also there was considerably
more activity in Invincible Oil and
official estimates regarding the earn
ings position of this company have
been quite favorable.
Operations for the rise were re-
newed in various specialties. Among
these were the Corn Products issues,
Loosely -Wiles and American Radiator.
The advance continued in May De-
partment stores and buying came
into Macy stock and the Gimbel
Bros shares. One of the few ex-
era1
Wilson & Co, where the new finan-
cial plan was the cause for further
weakness.
Market Factors Varied.
TIE important happenings bearing
upon financial conditions today were of
a somewhat conflicting character Re-
covery continued with considerable vio-
lence in French francs, and other ex-
changes were drawn along moderately.
The cotton market was Steadied by un-
favorable weather in laTts of the south.
The latest figures on railway car load
ings made another. extraordinary show
ing. The stock market once more demon
sarated that it was not prepared to get
out of the rut into which it fell three
weeks ago.
Continental Can Earnings Up.
Buying of Continental Can the last
few weeks has been induced by esti-
mates of higher earnings in 1924 and
tue prospects Oh eltner larger cash
disbursement or another dividend in
stock. In 1923 Continental Can
earned $9.1S share. 1t is estimated
that Continental Can will earn ap-
proximately $12 a share this year and
that when the company runs into its
busiest season in the fall it will be
operating at capacity.
1t was evident today that the pay
ment of all arrears on the second
preferred stock of the Loose -Wiles
Biscuit Company had not been fully
discounted. Obviously the buying Of
the common was based on the expec-
tatlon of dividend, but conservative
opinion is that none is likely to be
voted for a year at least