Evening star., 1924-01-09
SPECIALITY SHARES
FEATURE MARKET
Wall Street Buying Spreads to
Typewriter, Zinc and Ship
ping Stocks.
TIRES ARE ALSO STRONGER
Erie and Southern Railway OBJ
legations Quiet Down.
BY STUART r. WEST.

Special Dispatch to The Star.
NEW YORK, January 9.-The chief
difference between today's stock mar
ket and that of other days lay in the
increasing prominence in the buying
movement of stocks of the speciality
type. Usually this is not considered
good sign. 1t suggests too, much
manipulation and the attempt to
divert outside interest away from
stocks of the more representative
into stocks where the market is
mostly made by speculative cliques.
The list of speciality favorites was
long one. 1t included the shares
of typewriter companies, the ship
ping STOCKS. Hayes Wheel, Beechnut
Packing, the American Linseeds,
Allis Chalmers. Austin Nichols, the
American Zinc shares and Worthing-
ton Pump.
Remington Again Scars.
Remington Typewriter on top of
other jump today. Inasmuch as there
is still owed $40 share in back
dividends on the second preferred
talk of dividend on the common
would seem to be rather premature,
The company, however, since it's sale
of the Flushing plant has considera-
bly, strengthened it's financial posi-
ton. 1t is said to hold nearly
s2,000,000 in cash and marketable Sc
curities. There also was a report
that Remington was negotiating for
the Noiseless Typewriter Company.
The source of the recent buying of
the Eries was suggested by the state
ment of the vice president of the
Nickel Plate before the hearings of
railway construction that his road
was looking forward to a possible
com bination of the Erie, the Chesa
peake and Ohio and the Virginian
road. He asked that these companies,
now tentatively placed by the Inter-
state Commerce Commission in diff
9erent groups. be left free to combine
into a big system which would COM
pete with the Pennsylvania and the
New York Central.
Prof1t-Taking In Rails.
The Fries and Southern railway
the two recent leaders in the railway y
section-both felt the effect of profit
taking. But traders who had made
money In these stocks we're quick to
follow the initiative when 1t appeared
in other low-priced rails like Wabash
A, Western Maryland, New Haven and
Ontario and Western.
Again the oils showed themselves
unresponsfve to good trade news. The
announcement Of 10-cent advance a
barrel in Mid-continent effected lit
tie buying in Marland and one or two
others early in the day. Pressure
continued against the Pan-Americans
on dividend reduction talk
At the dividend meeting of Gen
eral Cigar Company next week, It is
expected that an increase In the reg
ular dividend on the common stock
from " to per cent quarterly will
be authorized.
Wall Street Features.
squirt of buying. occurred in Allis
Chalmers in anticipation of the pub
lication of figures throwing further
light on the steady Improvement in
earnings. Net earnings, with one ex-
Ception, had a progressive growth
month by month last year. until in
November the figure exceeded s2,S0O,-
900 and it is calculated that the net
for December was around $3,0OO,O0O.
Net for 1928 is expected to be about
St per share on the common.
Evidently the news that Continental
Can directors today had sdeclared a
per cent stock dividend in addi-
tion to the regular 81 quarterly cash
dividend on the common shares had
been discounted. Continental Can
has entered 1924 with capacity pro-
duction, il was said.
Kelly Springfield exhibited further
strength today, and other rubber and
Of Kelly Springfield the buying has
been based on new business which
this company is reported to have Sc
cured for 1924 at higher prices.
OIL Stocks Weak All Day.
Oil stocks were the one group
which were distinctly heavy all day
and their action was the more
noticeable in view of the series of
fresh advances in crude oil prices
announced this morning. Here evil
IDENTIFY was one instance where trade
Improvement was considered as hav-
ing been pretty we'll measured for
the time by the stock exchange ad-
vance.
The diversion of interest into the
rails was popular one. But deser-
ton of the normal individual leader
among the steels, motor and equip
ment shares in favor of host of
so-called specialties was not liked
at all. In fact, it was a matter of
considerable suspicion, and this feel
ing began to be reflected in the trade
toward the close.