Evening star., 1924-09-24
ADVANCE RESUMED
| IN STOCK MARKET
Southern Railroad Shares
i Very Strong Following
D.. Jump in Cotton.
BY STUART p. WEST.


Special Dispatch to The Star.
NEW YORK, September 24.-The
advance was resumed on the stock
exchange today, with well sustained
activity and a broader scale of op-
erationS. There were few groups
which did not participate. although
as prices went higher an increasing
volume of realizing sales was en-
Countered
Tuesdays jump of $40 a bale in
cotton was reflected in the market for
shares of Southern carriers. Southern
Railway common was the leader, and
the ease with which this stock went
forward was remarkable.
Ex-diyidend, it had sold the day be-
fore around 81. Today 1t swept for
ward to around 20. Seaboard Air
Line preferred crossed 2S, and Atlantic
Coast Line was we'll up to its top
figure. St. Louis Southwestern COM
mon; representing the cotton belt
road" was naturally affected. Esti
mates of $40 share to be earned
this year were strengthened by the
turn for the better in cotton prices.
New York Central Strong.
Among the other rails New York
Central got above 109 for the first
time in quite a while Buying of
in Canadian Pacific, and Union Pacific
crossed 141 in response to the favor
able statement of earnings for Au-
gust put out Tuesday
At its high Worthington Pump up
is points within little more than
week. There were rumors of Cen
eral lectric buying. Also. it was
said, that the same interests which
had been so successful in Cast Iron
move.
Philadelphia Company crossed 81.
and the buying of United Railways
Investment issues was quite urgent.
The move in these stocks the
more remarkable in view of the fact
that Philadelphia Companys August
earnings were not good. They show
ed a decrease OF sle4.000 in gross
and s1oa,00o in net from the month
last year. United Railways Invest
ment owns controlling interest in
Philadelphia Company and would
naturally move sympathetically. But
the most plausible explanation is that
progress is being made for the sale
Of the companys properties in the
City of San Francisco and that the
advance in the L. r. stocks that the
drawing Philadelphia Company along
despite its unsatisfactory earnings.
Selling in Tobacco shares.
In the tobacco group 1t rather look
ed as if the sharp upbidding of Phil
lip Morris above Is was designed to
cover realizing sales in other of the
tobacco shares which have recently
been advancing.
Pools operating in SpecialtieS were
again very active. The advance in the
American Linseeds was accompanied
by reports of improved conditions in
that industry. American Chicle rr1de
a new high when II reached 81 and
Texas Gulf Sulphur when it sold
above 81. Talk of an increase from the
present dividend of 81 attended opera
tions for the rise in Corn Products.
The run-up in National Lead was to be
set down to the covering of shorts
put out some time ago on reports that
business had fallen off.
NEW YORK, September 24.-Wall
Street features.
WOrthington Pumps Scars.
A fairly sensational advance in
Worthington Pump to much the high
est il has sold this year was a fea-
ture of the industrial specialties. 1t
is rumored that one of the most ac-
tive men in the speculative commun-
ity has been operating in Worthing-
ton. On its regular line of business
the company, it is calculated. will
earn only 81 a share in 1924 1t lost
money in 921 and 1922. and earned
So in 1923. The profits in 1925
are expected to be derived chiefly
from two new sources. namely. Diezel
engines for marine and land use, and
patented locomotive feed water heat
ers for new railway power equip
ment-
Texas Gulf Sulphur Mt New Top.
The advance in Texas Gulf Sulphur
to it's highest for the year suggested
the possibility of further favorable
developments in this company's af-
fairs. Recently the regular dividend
was increased to 81 a share. The
distribution had previously been S6
annually with extra disbursements
from time to time. Now it is pre-
dicted that before the current year
is out Texas Gulf will declare an
other extra. There is no idea of the
regular rate being increased
United Drug has shown unusual ac-
tfVity and strength in the past sew
era days. It's rise has been helped
by speculative clique, but seems to
have sufficient basis in the earnings
and dividend possibilities. Drug is
paying S6 and earnings at least $40
An increase in the regular rate to 81
is looked for. 1t is said that an es-
tate of 10000 shares has been thor
oughly liqudated
MARKET CLOSES STRONG