Evening star., 1924-02-06
BALDWIN FEATURE
IN STOCK MARKET
Stock Rushes Across 130 in
Short Session-List IT,
regular at Close.
ny STUART II. WEST.

srecial Dispatch to The Star.
NEW YORK. February 6.-In to-
days half session. made so as Wall
streets mark of respect to the late
President. the main tendency was stiil
upward. Business was restricted.
however. by the serious wire troubles
In the west.
The most important of the indi-
vidual moves were those occurring in
some of the higher grade railway
shares. notably Southern Pacific and
Union Pacific. Probably the former
was paying some attention to the
Mexican news. but at all events 1ts
rise could have been explained on the
ground that it has been long selling
out of line on it's merits as an oid-
time per cent dividend payer. The
same could have been said of Union
Pacific. which crossed l32 for the hrSt
time this year
Northern Pacific Gains.
Northern Pacific, although its lat
est earnings have been untaNoraple,
WAS up point or more, New York
Central selling cN rights quoted JUST
under 81, was dealt in AROUND the
tuuivalent of 106.
baldwin Locomotive was the fea-
turc of the industrials, crossing i3o
with a rush. There Is absolutely notn
ing In the situation of this company
to warrant any such advance IL is
operating at only % per cent OF
capacity. and the president IS on
record as saying that there VIII pc
no increase from the present per
is less than 5l2 per cent Whleh Is
very low in comparison with tne
great majority of the Industrial nst.
But there are only 2OO,Oeo snaIes
fxryl1 n
outstanding and the oulh ~ hnISo
are locked up in permanent holu
ings. Consequently it is an easy
matter. with "a good-sized short IN
terest to work on. to bid up such
stock regardless of value; IN lsno
baldwin sold at 154. and the follow
year was quoted in the sl2tles.
Royal Dutch Strong.
vbere was not much change in such
recent favorites as the low-priced
rails the steels or the motors;
Royal Dutch made a new high around
So. and Pure Oil was heavily eeaii asa1I
I:ninn crossed 90 for the first time.
Otherwise the oil stocks did nothing
noteworthy. The demand continued
for the sugar stocks, carrying them
I'D generally. Cuba Cane preferred
got across u and Cuban American
across 3S.
1t is expected that Cuban-Domin
Sugar will turn out a loo,o0o- bag
crop in 1924, and that earnings VIII
be double what they We're in 1879.
share on the common, which today
crossed 8. Cuban-Dominican IS In
sound shape financially. and its situ.
alton generally is similar to that or
Cuban-American Sugar. win us
financial structure strong. and with
the prospects of higher earnings, TINS
company, like other Cuban sugar pro-
ducers, will be able, if 1t chooses, to
act favorably on dividends.
Southern Pacific Gossip.
There is growing disposition in
the street to take more conhdent
view toward the possibility of divi.
dend increase this year in the case OF
Southern Pacific. The company has
earned at least 81 annually on its
stock since it began dividends over
eighteen years ago. In 1928 the net
amounted to approximately Sl2 a
share. Banking interests in Southern
Pacific are credited with the opinion
that the company's Mexican enter
prises will become increasingly profit
able.
There was nothing new to be said
of the sugar situation, but buyers of
signs point to 1924 being quite as
prosperous as 1928. If this turns out
to be the case no other group of
stocks will stand such favorable
In general, however, the days re-
suits were inconclusive. 1t was quite
apparent that. while certain groups
of stocks We're being bid up in rather
impressive fashion others were being
actively sold.t This selling began to
have effect iE the last half hour, es-
pecially in SINE Of the oils. the steels
and a few of the recent speciality
Steel tevfews Interesting.
The mitweek iron and steel re-
views wsre interesting for two
statements made. One was that for
the first time since June. 1928, pig
iron production showed Il gain in
January. The other was that not all
but several of the independent steel
companies booked more orders last
month than their shipments on old
business amounted to, the. conse-
Huence being an increase in their
scale of operations. This was prac-
.ical evidence that the steel situa-
lion is working out in the way ex-
tected-namely, no rush of buying,
but a gradual Improvement. In con-
trast to the excited advance of a
year ago is the assertion by the Iron
Age that the general price level in
finished steel commonly recognized
since May, 1923, is still maintained"
rDrcrr IT'D rEHr nornrc