Evening star., 1924-12-19
MARKET BROADENS
!. IN FINAL TRADING
Steel, Equipment, Copper
and Smelling Issues in
! Even Greater Demand.
BY STUART p. WEST.

BY STIARF Il. "ESH.
Special Dispatch to The Star.
NEW YORK. December ls.-At the
height of the upward movement OF
the Stock Exchange TODAY tradine
was rs excited and the volume was
as great as 1T any time since the be,
ginning OF the main advance several
weeks ago.
The many new high records which
were made included a number of the
most prominent stocks on the list
Typical Instances were American can
following its late demonstration on
Thursday; United States Steel com
mon, General Electric, United states
Cast Iron Pipe. Studebaker, the Fan
Americans, American Smelling ano
Refining and Mack Trucks.
Proft-Taking Heavy.
Profit-taking was extremely heavy
but the buying power which spreae
over the entire list. with only fe"
exceptions, was sufficient TO keep the
market boiling and strong. Ihe
leader of the railway section was
New York Central, which rose to a
new top for the year.
United States Steel commons ad-
vance to It's best for 1924 was ac-
companied by gains of one to three
group. Crucible, Gulf States, Sloss
Sheffield, Bethlehem and Republic
were all higher The upturn in the
steels was predicated on the lncreas
ing Improvement in the steel trade
and particularly on the expected gam
in the untitled tonnage of the Steer
Corporation for December.
American Can Strong.
American Cans dividend possibil-
tiles and conjecture about spit UP
of the stock were behind the heavy
buying of Can at new high figures.
The buoyancy OF the PAM n-Ameri-
cans was accompanied by continued
strength in the oil shares.
Among the public utilities United
Railways Investment common was a
feature. rushing UP several points on re-
ports of A change in control. Philadei-
phia Co. also was in demand at its high-
est prices. American Locomotive got up
to a fresh top on the theory that 1t hau
been selling out of line.
Baldwin stTI Going Up.
Baldwin Locomotive was active at the
best for the current movement. The out
standing strength in American Snet-
ing and Refining was attributed to the
efforts OF a strong speculative Syndi-
cate United States Rubber common
was higher, and all the motor and tire
stocks reflected the demand for Stude-
baker.
Studebak@ had its first real ad-
vance since the inception of the bull
market, selling at new l9Z4 top
Trading in Studebaker was in great
volume. Earnings in the last quarter
of 1924, it has been pointed out re-
peatedly, will be the largest for any
similar period in Studebaker's his
tory. Wall Street has known this for
some time, but the information failed
TO influence active buying of the
stock.
United Railways investment com
mon shot up violently at the outset
then lost some of the gain It's
strength was speculative and was
based on reports of the control of the
company having been taken over by
the BylIesby interests.
Punta Allegro Sugar was conspic-
uously weak, the selling continuing
on the assumption that the pei
cent dividend would be passed The
income account for the last fiscal year
showed the dividend barely earned.
The raw sugar market has been
breaking to new low levels, and the
outlook for Punta Allegro is now re-
garded as poor.