Evening star., 1924-01-04
TOBACCO SHARES
/ ARE EXTRA Strong
Shipping Stocks Also Improve
/ on Talk of Higher Rates
/ on Ocean Freight.
SOUTHERN RAILWAY OFF
Seaboard Air Line Highest Since
1920-Pressure on Oils
Less Severe.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, January 4.-Such
signs of reaction as there had been
in the stock market Thursday pretty
we'll disappeared today. There was
no uniform advance, but the ascend
ancy of the bull side was shown in
the fact that all the moves in special
stocks were upward.
Tobacco stocks were among the
favorites, and there was quite a list
of these, starting with the high
priced issues like Lorillard and Amer
lean Tobacco. taking in Schultz and
Tobacco Products and winding up
with Phillip Morris, American Su-
matra and Consolidated Cigar. There
have been rumors for some time that
other tobacco interests were after
Consolidated Cigar. 1naSmuch as
American Sumatra sold out Its hold
inEs of this company year and
half ago, there was no connection
between the advance in the two
stocks.
Five years ago. when American
Sumatra was making money, nego-
tiatiops for a union with other com
panies were opened but fell through
Now with a profit and loss deficit, IS
reported in the July 81 balance sheet.
of $2,370,000 the position is quite
different.
Shipping Stocks in Demand.
Shipping stocks were another group
In demand on the news that raising
of ocean freight rates was under way
and that some companies had already
started the year with schedules 10
TO % per cent higher. Marine pre-
ferred ran up very sharply and was
followed by American international
Profit taking came into Southern
Railway after il had drawn close to
40. Seaboard Air Line preferred was
bid UP to II, where it was at the
highest since 1920. This was belated'
response to the restoration OF interest
payments on the adjustment bonds
which come just ahead or the pre-
ferred shares. j
Electric stocks were in demand
again, especially General Electric,
which had sharp run up. United AL
ton.
This company's business reflects
conditions in the automobile trade.
and. therefore, has been going very
for the first time and Indian Motor
Cycle was actively bought.
Oil shares Firmer.
The selling of PAN Americans, which
had been such feature IN rhe last
half hour Thursday. was not reneweu.
This helped the rest of the oils. Ine
reaction in Pure Oil was checked just
apON6 So
American Sumatra Tobacco. had
brisk run-up today which was prob
ably discounting the -improvement
which is believed to have occurred
the past several months in the earn
ings of this company.
American Sumatra has reported a
profit and loss deficit each fiscal year
since 1920. In the twelve months
ended last July the loss was $685.
600, which was considerably less
than the deficit of the two preceding
years. Dividends have not been paid
on the common stock since 1921 and
there is no likelihood of an early re-
sumption.
The continued strength in Allied
Chemical and Dye Corporation COM
mon was attributed to the announce
ment in this mornings news that
the federal court had dismissed the
governments suit to set aside the
sale of certain seized chemical and
dye patents. The street construed
the news as favorable so far as 1t
concerned the interests of Allied
Chemical.
~ oCrc crnaHrC