Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-12-09
STOCKS GO HIGHER
IN LIVELY TRADING
Enthusiasm Like Week Ago,
But Fewer Stocks Are
Pushed Forward.
BY STUART p. WEST.


: Special Dispatch to The Star.
NEW YORK, December 9.-Bullish
operations were resumed on the Stock
Exchange today with something ap
preaching the enthusiasm of week
ago.
The upward movement was not as
broad by any means, but the stocks
most favorSd were bid up briskly
and many new highs were established.
Again the speciality class of stocks
were in greatest demand, while the
more seasoned issues among both in
dustrials and rails made only mod
crate gains. The run-up of high
priced stocks like General Electric
had the tendency of giving a gener-
ally strong appearance to the list, and
at the same time encouraged buying
in other directions. Distribution was
in progress in certain groups and in
Individual stocks, under the cover of
conspicuous strength elsewhere, and
the shifting of profits into new ia
vorites was the keynote of the deal
ings.
Coppers Feature OF Market.
The strength in the coppers was
one of the most notable incidents
of the day. Kennecott sold at the
. highest since the big war boom.
again. American Smelling was very
strong, and large transactions oc-
Cured at a moderate advance in Ray
Consolidated. 1t simply was the fur
Their expression of confidence that the
copper trade had turned.
The spectacular features were pro-
Vided by the specialties. One of these
was Railway Steel Springs, another
was International Harvester, and
General Asphalt cut away from the
sluggishness in the oil group and was
actively bought for time.
The upward bound in United States
Cast Iron Pipe was accompanied by
reports of a short interest in difficult
ties. Central Leather and American
Hide and Leather issues were bought
partly on the ground of better trade
conditions and partly on special con-
sideration.
Bell Phone at New High.
General Electric, Famous Players
and Sears Roebuck showed conspicu-
Gus strength. American Telephone
and Telegraph above 1873 was selling
at a new high. The advance contin-
ued in the motor shares. with further
remarkable jumps in Pierce-Arrow
preferred and Maxwell Motors B the
features
Fisk Rubber common responded to
the strength of the first preferred
stock. American Water Works and
West Penn led the public utilities.
Detroit Edison made a new high.
Railway shares did not play the
part they had week ago, but there
were some exceptions. Atlantic Coast
Line ran up, and Southern Railway
for while was carried across II.
The Street heard the dividend on
the latter stock Is likely to be raised
to per cent. Lehigh Valley was very
strong, but In the low-priced rails a
great deal of profit-taking went on.
Wall Street Features.
Texas Gulf Sulphur stock is head
ed for a regular $40 cash dividend,
according to the best information.
Including the extra dividends which
have been voted, Texas Gulf has been
virtually put on 50 basis. AS a SO
stock, considering the company's
earning power and valuable assets
it is not regarded as any too high
at present.
Further buying in Worthington
Pump was thought to be predicated
mainly on profits anticipated from
the closing of two important con-
tracts. The increasing prominence
of the feed-water heater, which
Warrington manufacturers, has been
recognized in railway circles, and it
is this, along with other favorable
data regarding the company's bust
ness, that the Street has had in mind
recently.
Better Buying Seen.
Increased export demand for Amer
lean wheat is forecast in Depart
ment of Agriculture review of No
vember grain conditions made public
lob ~
surplus of principal producing areas
of the West at 700, 900, 900 bushels.