Evening star., 1924-11-26
VIOLENT ADVANCES
IN STEEL SHARES
U. S. Common Scores New
High and Seven Other
Kindred Stocks Follow.
BY STUART II. WEST.


Special Dispatch to The Star.
NEW YORK, November 26.-The re-
sumption of the upward movement on
the stock exchange, which had been in
Spired late Tuesday by another bullish
demonstration in United States Steel
common and the high grade rails, was
carried further from the outset today.
The advance took in large list Of
stocks of the speciality class and spread
TO the steels and oils. Stimulated by
the rise In Steel common to its highest
for the year and encouraged by increas
ingly optimistic reports from the steel
ceuters, the entire steel group struck
an unusually swift pace.
1t was apparent that the running in
of Shorts was Immediately responsible
for the performance of the inde-
Dendents. A number Of the rails con-
tinued in favor, and the Street was
not allowing its interest in prospec-
tive mergers and dividend announce
ments to lag. In fact. the discussion
took in additional companies.
CrucibIe Steel Scars.
Crucible Steel had an extraordinary
jump. The Street put down this to
the final covering in of a very stub
born short interest, which had re-
fused to believe in the face value OF
the favorable statements regarding
the position OF this company. The
rise in Sloss- Sheffield was almost
equally remarkable. United States
steel common was Influenced by the
latest remarks of Judge Gary, which
were optimistic about the whole busi-
ness outlook.
Altogether it was the most strik-
ing day for the steel stocks since the
start of the post-election boom. There
was unusual activity also at rising
- u
very sharp run-up in Eanadtum
Corporation shares.
Pools Force Stocks Up.
The pools in industrial specialties
took full advantage OF the favoring
surroundings. International Nickel
went across "a, accompanied by talk
that the earnings situation had un-
dergone a surprising change for the
better. National Department Stores.
which had closed Tuesday at 81 IS
was rushed across 40. United States
Realty preferred, above lis, COM
pleted an advance of IL points within
less than a week and the common
stock went along
This fitted in with the gossip about
the retirement of the former. Mathie-
son Alkali, Park & Tilford, REM
ington Typewriter and Radio Cor
poration were other features on the
speciality list.
Selling in American Can.
With the announcement that there
was to be no immediate capital split
up or any stock dividend for Amer
lean Can, this stock was freely sold.
But Continental Can came to the
front and around 81 was pretty close
TO top figures.
In connection with the discussion
ion ~
the Rock Island Railroad into the
Southern Pacific System, the Street
has been indulging in some interest
ing calculations as to the terms oi
the projected combination.
In one quarter it has been figured
that a logical exchange would be ap-
proximately four shares of southern
Pacific for seven of Rock Island. II
4 7 seven per cent dividend is TO be
voted on Southern Pacific, it is argued
that the stork would be entitled
TO sell around 115. This would bring
Rock Island common up in the COS.
Delaware Lackawanna Strong.
The demand for D. l. and W. Tues
day and again today fitted in with the
story that the road will ultimately
come under Van Sweringen control
Before such a step Is taken, however.
the story is that the Lackawanna will
make substantial dlStrlDutlon OF
its valuable treasury assets.
International Nickel made another
HeW high to the accompaniment of re-
ports of n decided improvement in the
companys business Estimates or
what net income will be have reached
exceptionally high figures.
The advance in May Department
stores in the recent trading has oc-
Cured with the knowledge of the
very favorable earnings of the COM
pany and in expectation of higher
dividends. A stock dividend and the
raising of the dividend to 81 basis
now are looked for.
Studebaker at Previous High.
The fact that Stude ebaker, as 1t
again touched it's previous high Of AZ
two days ago, faltered under the
burden of rather large selling orders.
is regarded as significant. Today
the stock went across it's old top.
The impression created in speculative
quarters was that the people most
heavily committed to the market for
Studebaker have not been averse to
the growth of short interest, while
the stage was being set for better
recognition of the highly satisfactory
business which will be reported for
the fourth quarter