Evening star., 1924-12-01
RAILROAD SHARES
LEAD SHARP RISE
Heavy Realizing Early in Day
Followed by Excit-
> ing Rally.
BY STUART p. WEST.

Special Dispatch 20 The Star.
NEW YORK. December 1.--ShortlS
after the start of business on thE
stock exchange today heavy realiz
ing was encountered, and the markct
staggered under the weight of this
selling. With the exception ot
American Can, which was conspicu-
onsly strong, the industrial leaders
fell back rather sharply for time
and this induced considerable profit
taking all through the list. 49,
Operations In specialtieS were mix
ed. While some of these were being
quite freely supplied others were
pushed forward vigorously. a num-
her of the late favorites in the rail-
way group were taken up again. AS
a whole the market absorbed the
selling without much difficulty and
continued strong.
Rails Lead Upswing.
Among the rails Kansas City South. .
ern took the lead at the start. Balti-
more and Ohio was the next favorite.
Then others fell into Intoxicating.
Lehigh Valley. Southern Railway
more and Ohio Is were up over .
points from their previous high of the
year.
The road will show between 8 and 9
per cent earned for 1924 but the buy
ing has been based upon the fact that
4 per cent issue, reasonably we'll
secured, in return of over 6S4 per cent
was attractive.
So far as earnings are concerned
there is absolutely no reas son for such
an advance as has recently occurred
IN Kansas City Southern, and which
was continued at q lively pace today.
Vhp hest that he
the common shares is not much over
2j2 per cent. If there is anything
beyond pure manipulation in the ad-
vance. il must be the prospect of a
consolidation.
Realizing in Steel Shares.
There was heavy realizing in the
steel shares, some of the independ-
snts like Bethlehem, Crucible and
Replogle, coming down quite sharply
Pullman was the leader in the equip
ment section. The advance in Mer-
camille Marine preferred was in fur
ther recognition of the significance
Of the advance in passenger rates an
nounced to take effect after the first
of the year. Pure oil was heavily
dealt in around 2s Otherwise the
was q sharp run-up in Continental
Can. International Paper, Fark and
Tilford and realty shares
Wall Street Features.
During the past few DAYS special
buying has occurred in Pure Oil. II
was reported today that 19 new sery-
ice stations and bulk plant had been
installed recently by Pure Oil in
various sections.
\ sudden break in Replogle Steel
could only be explained on technical
grounds. 1t had closed last week a t
22s4. Today the stock got down
around the 20 level Replogle had
participated in the advance of the
stel shares last week. 1t was a
case of a. specially movement with
a none TOO favorable earnings posi-
ton back of il.
stewart-Warner Strong.
The upturn in Stewart Warner was
based upon more favorable reports of
the current business of the motor
accessory msnufacturers. A release
Of orders from automobile companies
was responsible for the improvement
which occurred in November.
The morning letter OF one of the
largest Wall Street wire houses to-
day said: The Federal Reserve
Board, in consolidating the figures Of
743 member banks as of November
70, shows reduction in loans on
corporation securities to the extent
of $4,000 and a reduction of
$24,0OO,0o0 in general commercial
loans and discounts. With business
getting bigger, and the stock market
one of the biggest in our history. and
a. reduction in loans on corporate Sc
curltles, what is becoming of the
STOCKS where are they going, and
where is the money coming FROM"