Evening star., 1924-03-14
GENERAL ELECTRIC
IN WILD Jump
Wabash Takes Leadership of
RaiIs-Market in Pro-
fessionaI Hands.
BY STUART T.. WEST. -

BY STUART T.. WEST. -
Special Dispatch to The Star.
NEW YORK, March 14.-Today'S S
stock market did not lose its pro-
fessional character, and in the gen
cral list price movements were COM
paratively narrow. But tone was
given by the numerous advances,
some of them quite sharp, in special
stocks.
General Electric had a spectacular
jump to 1t new high, hut this was ac-
companied by nothing fresh in the
way of recapitulation tGlk. The street
believes that the pre"ent shares VIII
he divided and dividends paid on the
holders receive more than they do
now. Other electric stocks We're
drawn along, especially Allis- -Chl-
merS and Westinghouse.
Wabash Leads Rails.
Among the rails the Wabash were
the leaders, the preferred \ getting
up to a new high above 46 and the
common crossing Is. Wabash y is be-
lieved to be next in line to southern
railway to receive dividends. Opinion
is divided as to whether the distri,
5. to which the stock is entitled
There are more who are coming to
think that the higher rate Will pre-
vail Wabash earned in 1878 over -
:: share, and the president of the com,
pany is on record as predicting sun
better results for 1924.
Among the other low-priced rails
to receive special attention were
Texas and Pacific. Western Paclhc
and St. Louis Southwestern. Buying
81 pir,,, ,iy,,r y, am,
were not discouraged by denials that
new interests were after the prop
erty. Norfolk and Western crossed
121 again and New Orleans, TeXas
and Mexico made Il new high.
Despite repeated warnings that the
dividend on Market Street Railway
prior preferred was in danger, the
stock had not discounted the an
nouncement of its being passed.
There was another severe fall in the
market today.
General Motors at New High.
General Motors and Dupont made
new highs for the present movement.
Freeport Texas was taken up for the
first time and bid up over point
American Telephone and Telegraph
selling eX the quarterly dividend of
2A per cent. made a new high for
the year. More interest was taken
in the shipping stocks and Marine
preferred, American international am
American Ship and Commerce We're
all strong.
The upward tendency was in the
ascent again on the stock exchange
today, but without any essential
changes in the surroundings. Fur
ther recovery in French francs
carrying them up l "a cents from the
extreme low of a week ago, was the
principal outside incident.
The Southern Railway dividend ac-
tion of the previous day again FUR
nished strong incentive to buying
of other low-priced rails. which
would be able, the way earnings are
now running to make some distri-
button. But much of the buying in
this class of stock was purely spec
ulative.
So, too in the leading steel, equip
ment and motor shares the impulse
seemed to be coming especially from
short covering
Today's Special Feature.
Special buying in Texas and Pa
cific suggested the activity of bank
ing interests which have been identi-
fled with the company and have been
confident that its financial and in
come position since the reorganlZa-
tion would be gradually strengthened.
1t is expected that, with the pros
lines in 1924, Texas and Pacihc VIII
show about 81 share.
1t is believed in well informed quar-
ters that behind the high selling
prices of Norfolk and Western re-
Gently has been the expectation of a
20 per cent stock dividend. The regu-
lar I per cent dividend would be guar
anteed by the Pennsylvania, and some
think it would be raised TO per cent.
Colorado Fuel and Iron was bid up
again in spite of the denial by an Of
fetal of the company lately of the re-
ports that oil had been struck on the
companyS property.
The official is quoted as having said
that no drilling had been done, but
there has been no direct denial of
the story that oil has been found.
Recent weakness in Stewart War
ner, which became still more pro-
rounced today, has been explained in
speculative quarters on the ground
that the comrany was to lose a con-
siderable portion of its business be
cause of the reported decision OF
General MotorG to make its own
speedometers This gossip is dis
credited in some quarters.
Kelly Springfield Tumbles.
Kelly Springfield. which had been
weak all through the period of ris-
ing prices early in the day, broke
badly in the afternoon. Other rubber
shares were not as much affected.
but they all went down in one de-
gree or another. Kelly Springfield
made the worst showing of any of
the big companies for 1929. 1t re-
ported deficit of $1.76S.000. More
over, it had Inventories at the close
Of the year of S1,200,000 in excess of
those twelve months before.
The expansion of inventory ac-
count is particularly significant in
view of the recent fall in crude rub
ber to naw low levels for the year
and in view of the decline of some 8
cents a pound in the price of cotton.