Evening star., 1924-10-21
SOUTHERN RAILWAY
MARKET FEATURE
Preferred in Great Demand
After Case Iron Pipe RuI-
ing-SteeIs Drag.
BY STUART =. WEST.

Special Dsratch to The Star.
NEW YORK. October 21.-As was
the case on the previous day, the
stock market today was a good deal
Of mixture. There was pronounced
strength in some of the rails and
equally decided weakness in some OF
the industrials. In both cases the ex-
Ilanations given were of a specific
rather than of a general nature. The
market as whole displayed more
apathy toward election results than
on any day for a long while.
Rush to buy Southern.
There We're some remarkable de-
velopments in the Southern Railway
shares following yesterday New
Jersey court decision in the United
States Cast Iron Pipe case. Many
thought that in view Of this decision
preferred stockholders of the South
ern Railway who have brought
suit i'll the Virginia court for $22,90U,
zoe back dividends had Il good case.
other, and probably better considered,
opinion held that the two situations
We're dissimilar But at all events
there was a rush to buy southern
Hallway preferred under which the
stock shot up over 3 points, and there
was heavy unloading in the common.
4 good many peUp'e who made money
thought to have been switching into st.
iouis-San Francisco common and other
OF the low-priced rails. -. Louis-SaIi
Francisco continued To justify the char
acterization of n second southern Rail-
way" which has b,en given to ii for the
last month or more. The stock kept
pushing into new high ground. The ad-
vance went further III Wabash preferred
y. Texas and Pacific got up to 81 again
nI,aT1 Al
was strong for time.
Central Leather Improves.
For the first time since tht. second
quarter of 1928 Central Leather re-
ported Il surplus. this for the three
months ended September 80. The net
profit was S2I2.761. against ii deficit
oi SS,S26,o34 in the third quarter of
1928, and Il deficit Of S14i.16. for the
second quarter of 1924. This fitted in
with reports which have been com
ing in since July regarding the i'm
provement in the leather industry
American Hide and Lea ther preferred
continued to hold its gain, but was
still expressing hesitation as to
whether or not anything would be
done on the back dividend capitali
alton plan at the meeting later. to-
day.
were actively bought on word thai
an issue of Slj.UU0.u0o bonds is tc
be made later in the week to provide
funds for taking over the two other
propartieS-Sugar States Of Oriente
and West India Sugar Finance Cor
poration-which have been spoken OF
for some time.
Bethlehem shares Weak
Bethlehem Steel was once more
actively sold under 40 Inasmuch as
the quarterly statement TO b- given
out Thursday is expected to show
preferred dividends not fully earned
the hope OF any early resumption OF
common dividends must he regard ed
distant
Cotton. reversing itself went up as
sharply as ii had come down on the
day preceding. Such violent shift.
were not easily accounted for by
rews developments: they simply il.
lustrated the extreme confusion OF
opinion in the cotton trade as tc
whether the favorable October wealth.
er conditions are going to alter ma
ferlally estimates of supplies. ant
whether the recent picking up oi
demand by cotton manufacturers
here and abroad can he counted upon
to last
American Sugar Refining common
was not far from its 1924 low. while
Punta Allegro sold at new bottom
nSures for the year. In tn. case of
the former. It is understood that pre-
ierred dividend requirements are
being barely covered. if they are
being earned at all. The S5 dividend
on Punta Allegro is said to be unsafe