Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-03-06
0LD-T|ME LEADERS
/ ARE MORE ACTIVE
Can, Steel Studebaker and
Baldwin Gain-Dry Goods
!. Shares Do Well.
by STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, March 6.-Today's
stock market developed more general
strength than it has shown in some
time. Oil shares which had been the
leaders Wednesday were not as prom
inent, although maintaining and as a
rule somewhat charging their adj
vance. -s~..l*
Old line leaders like American Can,
United States Steel, Baldwin Loco
motive and Studebaker came more to
the front. Much of the buying in
these stocks came from southern
resorts.
Sugar Shares Strong.
Sugar stocks received more atten-
ton under the lead Of South Porto
Rico Sugar. This stock, paying per
cent, looked pretty high around IS,
unless on the supposition that the
dividend is to be raised or, as was re-
ported, that there is to be a capital
split up. The street was inclined to
take the latter report seriously. Fig
ures were given out to show that
Cuba Can Sugar was considerably
ahead of last year in the making
of its crop.
The Cuban producers have sold any,
where from a quarter to a third of
their product, and the selling has
been done at considerably higher
prices than those of a year ago. Yet,
with 1928 prices, the sugar companies
Worthington Pump rose sharply on
unusually large transactions. APP
parently this was belated recognition
of the good showing made in the
1928 report. After paying dividends
on both classes of preferred, the COM
pany has a surplus equal to little
more than SIS share on the common
1t had untitled orders at the Begin
ming of January of $5,611 900, against
$5,331, 900 the year previous. 1t was
rent assets of $1S,293.00O, as against
current liabilities of only S1.740,000,
Merchandise Issues Gain.
Department store shares and stocks
representing the retail merchandise
trade Were in strong demand. Wool
worth, well above 800, and Associated
Dry Goods, also al a new high, were
the features. May Department Stores
was drawn along and there was in
creased activity at rising prices in
National Department Stores.
Among the rails Missouri Pacific
preferred made a new high, above 49,
In response to the disclosure that
had 1t not been for abnormal appro-
prlatlons for maintenance earnings
would have been running at the rate
OF over $40 share. Considering the
extraordinary rise in ST. Paul bonds
the stocks did very little. Northern
Pacific did better on the recommended
tion to vote the regular l Il per cent
dividend, which was only announced
just before the close Wednesday.
Tobacco stocks were taken up for a
time, with special attention given to-
bacco products and Shuttle Retail
stores. Short covering made its ap-
pearance in American Wooden.
large block of Texas Pacific Coal and
OH was taken off the market at 10H,
ana this led to quick rally to IL.
Associated Dry Goods Active.
The renewed buying in Associated
Dry Goods common was done with one
thlng particularly in mind-the surplus
OF Ss.loS.s65 as of December 81, 1923,
representing undistributed profits
earned since September 20, 1916. less
S964.451 transferred to capital reserve
One of two things, it is thought is
apt TO be done with the surplus. Either
higher dividends will be paid or the
company will acquire another store
The downward movement in Coca
Cola resemblad the recent decline in
such stocks as the feathers. fertiliz-
ers and rubbers and tires which have
borne the brunt of professional at
tack. The 1928 income statement of
the company was disappointing.
showing balance for the common Of
only $3.50 share as against $11.14 a
share In 1922. There was bearish
talk regarding the outlook for future
disbursements at the current rate
The prospect of another advance
in crude and refined oil prices in the
California and midcontinent terri
tories was behind some of the buying
in the oil stocks again today.
Reports of crude oil output in the
United States today indicated a fur
Their slight falling off last week. The
market for the oil shares is believed
by many to have discounted to a
large extent any moderate raising of
prices which may come.