Evening star., 1924-02-29
PRICES CONFUSED
IN STOCK TRADING
Merchandise Shares Display
Special Strength in Aft
ernoon Session.
BY STUART p. WEST.


Special Dispatch to The Star.
NEW YORK, February 2s.-With
the exception of the northwestern
rails. which we're decidedly weak, the
stock market today continued fairly
strong.
Northern Pacific, breaking to 40
was selling at the lowest price since
1900, the year before the famous
corner" when the stock sold at
$1,000 a share. This decline reflected
genuine misgivings as to the main
tenance Of the present per cent div
idend. The dividend was not quite
covered in 1928, and the new year
started with a further per cent
shrinkage. Great Northern preferred
Chicago and Northwestern and the
st. Paul issues were all more or less
affected by the weakness in Northern
Pacific. Great Northern and ST. Paul
made a very poor showing in their
January traffic statements, but in the
case of Chicago and Northwestern the
decrease was comparatively small.
Southern Crosses so.
rails did not interfere with buying
operations in other sections of the
railway list. Southern Railway
crossed SO for the first time, thereby
when dividends begin they will be al
the rate of SIS instead of 81, which the
street counted on up to a short while
ago. Wabash preferred "A" made a
new high when 1t reached As. Among
the other low-priced rails which
Missouri, Kansas and Texas issues
ST. Louis Southwestern, the st. Louis
and San Francisco shares and West
ern MARYLAND second preferred. Nor
folk and Western sold~'ex the quar-
terly dividend OF IN per cent and
quickly made up most of the deduc-
tion.
Trading Slow in OIL Shares.
The copper shares had evidently
adjusted themselves to the unfavor-
able action on dividends and was pay
Ing more attention to the advance in
copper prices to the highest of the
season. 1872 cents pound. American
Smelling was helped, not only by the
copper advance but by the further
marking up of the price of lead. Oil
shares did little in the market, being
held back, as they were the day be-
fore, by uncertainty as to what the
outcome will be of the effort in Con-
Eress to obtain government supervi-
sion over the oil industry.
Despite the delay in making Of
fetal announcement regarding vir-
gtnia-Carolina Chemicals finances
and despite the attempts in the
meanwhile to reassure the public. the
preferred stock made a new low rec
"
Dry Goods at New High.
Associated Dry Goods made a new
high for all time in recognition of
the remarkable addition to surplus
and property accounts during the last
two very prosperous years. Ameri-
can Can reached the highest since
the general market reaction of a
fortnight ago and there was a re-
newal of operations for the rise in
Mack Truck and in May Department
Stores.
What fresh buying occurred in the
market was inspired more than any
thing else by the compromise reached
on the tax program, which, so far as
could be judged by the developments
of the day, will result in a 20 per cent
cut on 1923 incomes and an adjust
U1ent for 1924 on the basis of a 371s
per cent surtax maximum. Inasmuch
as the fear that nothing could be
done at the present session In the
line of tax relief had been one of the
main depressing causes in the mar
ket, this was a very welcome piece of
news
Call money went to 5 per cent. but
this was merely incident to prepara-
tions for the first of March corpora
during the past week, the federal re-
serve ratio stands well up to the
highest since 1917. With the New
York bank showing a percentage of
90 DIS against QUO d year ago, any mt
tie hardening Of money rates like to-
days is matter of no consequence
whatever.
Burns Brothers "B. Active.
Burns Brothers "B" continued ac-
tive and most of the time was selling
above Thursdays best prices. 1t was
noted that certain persons who have
just recently re-entered the market
for the "B" stock and who had taken
only lukewarm interest in it since
Ing. 1t is believed that with the
danger of a coal strike removed, un-
interrupted operations in coming
months will mean substantial earn
ings.
United States Cast Iron Pipe, COM
mon, attracted renewed buying in
quarters which have taken fresh
interest In the stock since the de-
ctsion of the New Jersey court of
chancery, which ,decreed that divi-
dends on the z per cent preferred
stock are cumulative. The same in
terests, which sponsored Cast Iron
Pipe common from the so level to
around 80, appear to be undisturbed
by the legal aspect of the situation.
Ihe strength In the majority Of the
railway list was ostensibiy connected
with the record breaking figures on
car 1oadings. During the week ended
February 16. the total reached 935, 5,1O9,
which was the largest for any Janu:
ary. February or March with the ex-
ceptton of the last week in March
1923. 1t exceeded by 11S,463 the num-
Der of cars loaded in the correspond
Ing week year ago.. :