Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-12-04
MANY STOCKS SOAR
IN HEAVY TRADING
Market Again Very Strong
Over Broad Range, as
Rail Shares Lead.
BY STUART II. WEST.

n
Special Dispatch TO The star.
NEW YORK, December Railway
shares. particularly those in the low
and medium priced groups, and a large
number of industrial specialties were
the favorites in today's very strong
stock market New high prices were
numerous, and the demand for stocks
continued extremely heavy. The vol
ume of business was well up to the
recent records.
So far as st. Louis-San Francisco
itself was concerned. the effect of the
: per cent dividend declaration ap-
peared TO have been pretty we'll dis
counted The street recalled that
this was the experience when South
ern Railway declared its per cent.
Subsequently the profit-taking sales
were absorbed and Southern Rail
way rose another IL points or so.
Bulls on St Louis-San Francisco
were coutendng that this was what
was likely TO happen to their stock.
Junior Raids Lively.
The dividend created a new furore
for the junior rails. Undoubtedly in
some instances this movement was
eNtravagant, nevertheless II was un-
derStandable. There was rush to
buy everything about which there
has been any gossip of dividends. St.
~
cent was one of the logical things
taken up. Texas and Pacific was an
other.
A jump OF over 5 points in Seaboard
Air Line preferred looked pretty vio-
lent in view of the fact that there
remains a back interest accumulation
on the adjustment bonds of 12H per
cent. But the Street was talking
about these obligations being paid
off he
Seaboard preferred as high as SO a
share.
Other Shares Taken Up.
Wabash \, above SO, foreshadowed
the declaration of the full per cent
to which the stock Is entitled. The
common stock was heavily bought
and so was NJ, X and T, which was
up over points. Gulf, Mobile and
Northern was one of the many to
make a new high, and there was
revival of interest at rising prices in
Chicago and Eastern Illinois. On
tario and Western, Kansas City
Southern, Missouri Pacific common
and New Haven fell into line
The higher-priced, dividend-paying
rails were not as prominent. But one
exception was Chicago Northwestern,
which shot up nearly points.
The idea that the latest develop
ments in the Greater New York trac-
tipn field were distinctly reassuring
for holders of these securities was
back of the continued buying in the
traction group.
Big Day for Specialties.
1t was another great day for in
dustrial specialties. Allied Chemical
United States Distributing, Philadel-
phia and Reading Coal. Mallinson Silk
and Electric Storage Battery were
among the leaders. They were up
TO 3 points. Cuba Cane Sugar pre-
ferred sold down sharply when the
directors took no action on the divi-
dend.
L. S. Distributing went ahead
briskly in further recognition of the
satisfactory earnings already report
ed and in expectation of increased
buying. The company Is having
profitable year, with the current rate
on the common OF approximately S11
a share. For the full IL months
balance of IS a share is anticipated.
Associated Dry Goods.
In spite of the optimistic references
to the Associated Dry Goods dividend
possibilities. conservative opinion to-
day favored the view that nothing out
of the ordinary would be done until
after the 1924 results are fully known.
Probably at the first meeting of 1925
the company will consider to higher
dividends Either an increase in the
regular cash rate on the common
from IS to $40 annually or a 100 per
cent stock dividend, with the IS divi-
dend maintained. is looked for.
Gulf Mobile and Northern was one
of the strong spots among the low
priced rails pushing above it's pre-
vious high. The street comment was
that Gulf Mobile and Northern was
the only low priced stock having
early merger prospects and which
has not advanced in tine with other
rails
Cerro de Pasco's advance received
check when reports from Limo,
Peru, conveyed the information that
floods in copper mines owned there
by Cerro de Pasco might seriously
affect the output for this year.