Evening star., 1924-01-10
RAILROAD STOCKS
AGAIN TAKE LEAD
Chesapeake and Ohio Among
Stronger Shares During
Today's Session.
NEW HAVEN ISSUES RISE
Steel Common Advances on I'm
filled Tonnage Report.
NEW HAVEN ISSUES RISE
BY STUART r. WEST.
Special Dispatch to The Sta

Special Dispatch to The Star.
NEW YORK, January 10.-Rail-
way shares continued today to occupy
the center of the stage in the stock
market. No attention was paid to
the election of the new Senate COM
merce committee head.
The campaign in the rails went right
along just as if nothing of the sort
had happened. Chesapeake and Ohio
was bought on the report that the
road was to be merged with Nickel
Plate, but the market for the Fries
appeared to have got over for the
time being at least, its enthusiasm
over the idea of this merger eventual
ly including the Erie properties.
st. Paul stocks joined in the rise OF
of the new s14,O0O.00O ten-year issue
New Haven was actively bought
above 20, and Wabash preferred a.
sold at a new high above SO. There
were notable advances in Rock Is
land and in Missouri Pacific preferred
payers Atchison. Southern Pacific and
Reading reached the best figures they
have touched in some time.
OIL Stocks Rather Quiet.
Oil stocks were not particularly
responsive to the further price ad-
yances in the Pennsylvania field
There was a little squirt in Maryland
and in Producers and Refiners. Pure
Oil sold above "a again. The pres
sure against the Pan-Americans was
not renewed. But as group the oils
were not prominent as they were all
last month.
A further moderate rise occurred ir
-
theory that they had not had an ad-
vance proportionately to that in the
motors and motor supply issues
Goodyear preferred was up over a
point.
Steel Common Takes Lead.
Steel common took the lead in the
early afternoon, when the monthly
tonnage figures showed an increase in
orders on hand, where a decrease hac
been looked for. The stock drew
across par again on large transac-
tions, and interest was revived ir
other steel shares. which had beer
doing nothing in the market for sew
eral days. The street felt sure tha
the tonnage statement meant a def
mite turn and that from now on new
business would steadily expand
General Cigar was bought in ex
pectation of an increase in the divi
dend from the present $6 to $S Ameri-
in demand on the story first printed
here that plans were under way Il
pay off some of the back dividend ac.
cumulationS. Postum Cereal appeared
TO have discounted the increase in the
dividend from a SO to 81 basis, an
nounced today. Corn Products made
q new high in honor of the first APP
pearance on the stock exchange of the
new shares selling at the ratio of to l
1t was another day on the stock
exchange precisely like those which
had gone before it. On a very large
turnover. the advance continued ir
parts of the list, while speculative
other parts.
Utilities Get Attention.
Attention was drawn to the public
utility group, especially Philadelphia
Company and North American. by the
r-pbidding of these stocks to theil
best prices for the current move
ment. Crossing As. Philadelphia
Company was rejecting further the
Improvement in earnings and the
likelihood that the 1923 report would
show an increase of $1,o00.000 tc
s1.500.0 900 in combined net income.
North Americans rise represented
buying based on similar considera-
t:ons-that is, the maintenance of a
satisfactory earning capacity, after
requirements, sufficient to leave a
balance estimated at from SIS to Sc
for the common stock.
The advance in Iron Products fitted
in with bullish estimates of the 1925
earnings. There is talk of SIS share
company has reduced its Indebtedness
materially in the past year and the
full retirement of the preferred stock
is matter of gossip in the street.