Evening star., 1924-01-08
ERIE<STOCKS LEAD
RAILROAD SHARES
-outhern Railway Also Active in
Wall Street-Day of
E. Special Moves.
:fE. ---------t -------t
MANY BREAKS IN PRICES
Trend Turns Downward, Due to
Very Heavy Selling.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, January Sin con-
trast to the general buoyancy of
Monday todays price movement on
the stock exchange was very much
confused. Realizing sales were get
ting the upper hand in some quar-
ters, while fresh buying was carry
ing stocks forward in others. 1t was
I market which had to be looked at
as a collection of special moves
rather than any general swing.
Erie Stocks Take Lead.
AS Southern Railway had been the
railway leader on the preceding day,
The Erfes were today. All three
classes of Erie stocks reached the
highest prices since 1918. The gos-
sip of month ago about new inter
"sts buying into the property was
revived, The Van Scheringens have
more than once denied the rumors
connecting their name with the Erie
operations But quite apart from the
possibility that representatives of
some other roads have been heavy
buyers of Erie securities during the
last, few months, it is a fact that, the
way earnings have been running.
these securities have appealed to
many people as an attractive specu-
lative investment.
The remarka BILE movement in the
Eries did not have the effect which
might have been anticipated on other
rails 1t was evidently a special
operation, and not part of any gen
eral campaign beginning in the rail-
way list. Among the other rails con
siderable attention was paid TO
Wabash a on the usual dividend talk.
and some fresh buying came into
Pere Marquette because Of its con-
nection with the automobile trade
and because of its high yield-over
per cent at present prices.
American WOODEN strong.
The run-uo in American Woolen
was apparently due to the sudden
route OF an old standing short in
tcrest. which two months or more
ago took the position that the divi-
dend was in danger The most that
some persons close to the company
viii say on this subject is that the
dividend Is safe for the present.
The latest word is. however, that the
1928 report out in March, will be
better than the recent selling prices
OF the stock would have led the pub
lie to expect. Also there is better
feeling regarding the prospects for
the fall openings" due the latter
part Of this month.
North American at 81 was up near
ly points from Monday morning. 1t.
of the Public Utility group. People
who have gone into the earnings OF
Utah securities do not see how there
can he anything but very small
dividend. If any is to come at all.
American Hide and Leather.
Important developments in the af-
fairs of the American Hide and Leath-
er Company are expected to be an
nounced shortly. Not only Will the
management undergo certain changes.
it is said, but provision is likely to
be made for the payment of part of
the accumulated dividends on the pre-
ferred stock, which amount to over
130 per cent. The last dividend on
the preferred was paid in January
1921. 1t is said that the situation in
this company should mot be meas
ured, wholly by the depression in the
general sole leather trade, where
prices have been at their worst
Latest informa ton from the west
coast is to the effect that dividends
at the rate of So annually, as against
the present 81 in the case of Pacific
Oil. will be paid within a year. The
company is also expected to make
quarterly instead of semi-annual dis
bursements. Much depends upon the
market for oil during 1924, but with
very large quantities in storage and
Pacific Oil is quite likely to make a
relatively good showing.
Market Street Railway Drops.
Coincident with tho offering of s13,-
600, 600 per cent bonds of the Market
Street Railways, for the purpose of
funding two issues of near maturities
the Market Street Railway shares de-
clined today. There was no apparent
reason. Earnings have improved dur
ing 1923, and the possibility of the city
of 5San FRANCISCO buying the entire
property appears to be as favorable as
ever.