Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-03-07
PRICES GO HIGHER
!. IN FINAL TRADING
Leaders Quiet, But Many
= Other Shares Gain Ground.
WooIW0rth Scars.
BY STUART p. WEST.


Special Dispatch to The Star.
3 NEW YORK, March 1.-THE mail
price movements in the stock mar
ket again were upward today.
b There were two or three notewor
thy exceptions, however. One wa
Tennessee Copper, which went dow
on the passing Of the dividend, an
nounced after Thursdays close. An
other was Coca Cola, which was &C
lively sold on better understanding
of the fact brought out in the recen
earnings statement that the dividend
had not been covered by a considera
BILE margin during the last quarter o.
1928 and that the way things art
going now 1t seems doubtful If tn,
full 81 distribution can be main
tained.
Colorado Fuel IL Feature.
Colorado Fuel and Iron was tn,
feature in the steel group. This com
pany did not enjoy the prosperity O.
other steel producers during the frs
half of 1928. Its showing for tn,
first three quarters of the year wa
poor. But in the last three months
it picked up enough to be able t
report surplus for the common
stock of S1.67 a share. This compan,
is big rail producer and is bene
ht1ng greatly by the unusual orders
now pouring in from the railroads
Its rail mills are producing at ca
paclty and its general output ha
largely increased.
Sugars Turn Strong.
Sugar stocks We're strong again, blu
Tor no new reason. AS a matter of fact
some transactions We're reported IL
raw sugar slightly off from the las
previous sales. But the main thing
IS as 50 often stated, the high prices
Tor sugar futures, showing confidenc,
mat Whatever increase there may b,
IN the 1924 production will be full,
taken care of by increased consump
ton. Predictions of another prosper
Gus year for the producing companies
have solid basis in the fact that al
ready quite a part of the new crop ha
been sold at prices well above thos,
OF last year. and 1928 was an excep
Sionally good year in the sugar trade
funta Allegro and Cuba Cane pre-
Ierred were the particular favorite
and there was a revival of interest il
Manati.
Chain Store Stocks Jump.
Buying continued at new higl
prices in Associated Dry Goods, am
there was another spectacular jum1
In WoolWorth. The increase in Feb
tudi SdieS VI the w OOlWOrtn Com
pany over those of last year wa
approximately 20 per cent.
More attention was paid to motto
accessory stocks, especially Strom
berg and Stewart Warner. Buyins
of these shares came from specula
tive sources but was based on report
that producers of motor parts ar
well stocked with orders and are ap
parently in for satisfactory year
Hudson Motors Moves.
Missouri Pacific preferred wa
about the only rail to do anything
making new high above SO. Re
covery continued in Philadelphia an,
Reading Coal. Hudson Motors. Ion,
hanging around at one price Level
suddenly gained point. The regu
lation leaders among the industrial
like Steel common and Baldwin Lo
connective did little.
Martin Parry Corporation director
will meet on April for dividend
and there is report in the stree
that they may increase the quarterl,
disbursement to shareholders from
rs cents to 81, thereby placing tn
stock on 81 annual basis.
The question of the dividend OF
the new common and 'B" stocks o
Liggett & Myers Tobacco Company
which while ago split up the $40
par value common, is of interest t.
those who have exchanged their orig
Dividends of $12 d year have beef
paid on the old Liggett & Myer.
common. 1t is expected that at TIL,
next dividend meeting rate of 5:
per share will be voted on the new
stock, which would be the equiva
lent of SIS on the basis of the for
mer capitalization.
Wall street Features.
The street was guessing again to.
day what the 1923 income account o.
the United States Rubber Company
due next Monday, would disclose
The consensus of opinion was tha'
it would show inventories down an
probably, bank loans about wher,
they Were six months or more ago
that is, around S3S, 500, OO0-and net
income, after allowing for preferred
dividend requirements, of about Sill
share on the common.
Another reflection of the unprofit
able conditions in both the fertilize
and copper industries was found il
the action of the Tennessee Copper
and Chemical directors in passing TIL,
regular quarterly % cent dividend
on the capital stock The direc.
tors issued a statement saying it wa
deemed advisable to preserve thu
strong financial position of the com
pany by not declaring the dividend a
this time
The street was disclosing the like
next twelve months by the Contra
Leather Company, which has s24,64S,
600 first lien 5 per cent bonds ma
turing in April, 1925. 1t was though
that an Issue of at least $4,000 .0Oi
would be .f1oated to take care of thi
maturity and to give the compan.
additional working capital.
Closing Trend Indefinite.
The chief point to be made abou
the stock market of the day wa
that, while it indicated a preponder
ance on the buying side, it gave n,
suggestion of renewal of the mail
upward movement which had beel
checked at the beginning of Febru
AIRY. Evidently the analysis o
Thursdays advance was correct
namely, that it represented the clos
ing out of contracts by unsuccessful
spectators on. the short side rathe
than a revival of new buying.
The market through the afternoon
moved within a narrow range. TIL
more representative industrials va
ried very little, and operations eithe
for long or short accounts appeare,
to have been temporarily suspende
except in a few special instances.
STOCKS JUMP AT CLOSE