Evening star., 1924-02-20
STOCKS co HIGHER
IN DAYS TRADING
Oils Among Shares Making
Some Gains-Weak Spots
Noted in List.
ny STUART r. WEST.

Special Dispatch 10 The Star.
NEW YORK. February 20.-Larsely
on account Of weather conditions
trading on the stock exchange fell of
today, and the price fluctuations in.
dicated much difference OF opinion.
The market received the news ol
the defeat of the Mellon tax bill il
the House with an immediate decline
"t a point in such leaders as Baldwin
Locomotive. United States Steel com.
mon and American Can. These losses
however. We're rctraced before the
end of the first hour. Thereafter
trading quieted down. and Interest
centered in special operations in {;
few individual stocks.
SSouthcrn Hallway Higher.
Low-priced rails again aroused !
Sood deal of interest. southern rail.
way common practically equaled fts
high in expectation OF Il dividenc
next month. Seaboard Air Line pre-
ferred crossed 20 again. and Missouri
Pacific preferred came back nearly
two points from Tuesdays low. L.
tneSe instances readiness to buy
whenever there was any decline a;
all seemed to be suggested. On the
ether hand, no aggressive efforts were
made to force these junior rails up
ward. They were evidently running
INTO lot of proffttaking as they
reached their previous highs.
Whatever disturbing effect the Sen
ate Investigations were having upon
the market for the oil shares had
worn off. Pan American IS was VI
at one time a point or more and Sin
clair Oil was steady. The pressure
against these two stocks had mani
testify been lifted. The leaders Of the
OIL group, however. We're Standard
Oil of California. Pacific Oil and
Maracaibo. The Mexican Seauoards
made better showing than they had
i'll some time. People who are sup
posed to be on the inside of this
company's affairs feel considerably
more optimistic on the outlook.
Dividend Passage Expected.
The passing of the National Enam-
cling and Stamping dividend had long
been forCShadowed. 1t was virtually
assured after the issuance Tuesday
of the 1928 report, showing earnings
OF only 1852 shore. There was some
covering OF Dupont by spectators
who had sold short on the declaration
"f nothing more than the regular div
i@end and had been disappointed be-
cause the stock had not gone down.
t>u small transactions Eastman ko-
'iaN went higher.
Investment buying was responsible
for the rise in this case. and also tCt'
the advance in International Nick e.
preferred. The latter paid per
cent. and around s., returns a little
over "a per cent. The cash position
Of the company has always been
strong. even during the long period
while trade conditions have been
poor. Now the trade situation ap-
pears to have taken a definite turn for
tho better
Wall street Features.
Tho persistent strength of Southern
Hallway. which was again the fea-
fuic Of the low priced rails. was in
anticipation Of the forthcoming divi-
drud meeting. The interests which
have accumulated an exceptionally
large part of the outstanding 1900
GOO shares Of common expect that
tho stock will so on s. annual divi-
drnd basis. II is estimated that the
pool in Southern Railway can ac-
count fer close to SOC. 900 shares.
Several months ago q stockholders
conmitte" announced its intention to
fo-cc tho payment OF dividends. In
1898 southern Railway earned over
$40 share on the common, and il is
estimated that this year the figure
Wa, be close to SIS n share
Independent strength WAS apparent
in the shares of California oil COM
pan cS from the outset today. As one
ohsc"Ncr pointed out today, the crude
oil situation. both mid continent and
California, suggests further advances
III crude and gasoline prices and
should stimulate all important oil
stocks"