Evening star., 1924-11-25
PRICES GO HIGHER
IN LATE TRADING
Buying Orders in Rails and
IndustriaIs Brace Up
Whole Market.
BY STUART p. WEST.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK. November 25.-During g
tho greater part OF the time today
the stock market movement was de-
Gidedly less active. There We're pc
riods of comparative rest, in which 1t
appeared that the recent favorites
among both industrials and rails were
forced to absorb considera bic
amount OF profit taking. While this
was going on, however. other stocks
which had not had their correspond
ing share in the advance were taken
np. = few stocks among the motors,
sugars, hide and leather group, to-
baccos and the low-priced rails came
in for more attention.
Break in American Can.
Early in the day American Can
rose nearly 2 points. But this was
followed by a sharp reaction on the
statement made by the president that
the question of common dividends
would be acted upon at the December
meeting, but that no plans for a stock
distribution or d change in the capi-
tal structure were contemplated.
This took away the chief incentive
hack of the recent rise. which was the
expectation OF capital split-up.
Old line rails were bid up, partic-
ularly Union Pacific and Atchison.
The ST Paul statement for october
was highly favorable, showing IA net
operating income of nearly $4,000 900,
against S2,626,000 year ago.
This accounted for the recent rise
in the st. Paul stocks, but the point
was still insisted upon that while the
marked change for the better in
earnings would help the company in
its refinancing program, 1t would not
prevent a considerable addition to
fixed charges. Wheeling and Lake
Erie preferred, Western Pacific and
Norfolk and Southern We're features
among the low-priced rails. Realiz-
ing was felt in Missouri Pacific pre-
ferred and in st. Louis-San Fran
cisco.
Specfalties Are Active.
In the speciality group the features
were the United States Realty and
Improvement stocks, the American
Hide and Leathers, Universal Pipe
and Radiator, Austin Nichols and
Brown Shoe. Realty preferred is
subject to retirement after May l,
1925, and the sudden jump in the
stock across Ill suggested that a
plan Of this sort was In view. Ex-
pectation that the project for taking
care Of American Hide and Leather
preferred back dividends would be
put through at the meeting Decem-
Der Q was responsible for the rise in
the preferred stock above 20 and the
common above 90.
In interested quarters the decision
of the United States Supreme Court
in the Dollar Gas" case involving
the Consolidated Gas of New York is
heing awaited. In the event of a fav-
orable ruling it is possible that the
company will increase its dividend
from the current IS to Sc annually.
American Sugar Above so.
The explanation for American Su-
Ear's recovery across the so level was
that the bearishness of the last two
years on this company has been grad
Ually giving way to optimism for the
next year. Perhaps this view is not
generally held, but 1t has been gain
ing enough adherents lately to have
an influence on the stocks.
Invincible Oil sold above Is again
following Mondays break below that
figure. The selling here had been due
TO the announcement of n stock
ers' meeting which has been called to
reorganize the corporate structure of
The company. Persons we'll informed
regarding Invincible's affairs say that
the reorganization will effect a large
but by reason thereof should elimi-
nate a bookkeeping deficit. which
must be adjusted before dividends
can be considered.
Underwood Typewriter Sales
The recent buying in Underwood
Typewriter has been done on knowl-
edge of the company's capacity busi-
ness. Sales are running at a new
high record. Stock pays 50 annually
in dividends. Underwood has cur
rent assets of approximately $4,000
900 as compared with current liabil-
tiles of $2,5OO,0oo. There are no. bank
loans
Further buying came into Brown
Shoe in recognition Of the excep-
tionally favorable annual report. A
balance of $1,000 a shore was shown
for the last six months of the fiscal
year ended October 81. The busi-
ness of the company is said to have
Increased substantially since the
elections.