Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-11
ADVANCES MADE
: IN SPECIAL ISSUES
American Can, feathers and
Tobacco Shares Among
, Weeks Early Leaders.
BY STUART T.. WEST.

WYNN ~ @SS' y
BY STUART T.. WEST.
Special Dispatch to The star.
NEW YORK, February l1.-Trad-
ing proceeded at u slower pace IN
today's stock market, but during the
greater part of the time strength was
displayed in a number of special Is
sues.
American Can. crossing l20 again
was the leader There is possibly
nothing on tho list which gives evil
dence of being SO entirely under con-
troll as this stock. On all SIDES the
comment is heard that it is acting the
same way as Corn Products and that
its market is being handled by the
same people who have made the Dig
profits in the latter.
steel Common Less Active.
Steel common appeared to have dis
counted the favorable figures on un'
filled orders, but the steel group as Y
. whole was steady. Republic iron and
Steel sold again around its high, ano
there was special buying In V az AZ ~ u
Corporation and in Sloss eiheld
the latter in anticipation of dividends
at the rate OF SO.
The advance continued in Central
Leather preferred because OF the
sharp rise during the last week or SO
uct
It is expected that the annual re-
port will show that $2,OOO.OGo of the
per cent bonds. due in April, 1879
have been bought in. The object Is
to get this issue outstanding in the
amount of s24,000.0O0, down to w.
OOO, 900 and then proceed to open ne
gotiations for refinancing.
Profit taking in White Motors, fol.
lowing the publication of the annua
report last week, had evidently beer
concluded, and new buying came into
the stock today.
The idea is that. having earned IT
1928 nearly sl4 share. while paying
out only 81, and having good business
on hand for the present year, there u
q very fair chance for an increase II
dividends.
Uish-Priccd stocks Advance.
Among the more noteworthy of the
sncci,Itv moves were the sharp ad'
vance in Lorillard and Fisher Body
among the high priced issues, re
newal of the rise in Wells Fargo Elk
press a new high for Congoleum, ana
on the other hand, bad break II
National Enameling. The selling IT
the last named stock has been very
persistent for several days and ap
pears to be based upon fears that the
dividend which was cut last fall iron
St to "a will be cut again or passee
altogether
Railway shares were inclined to dc
better. Southern Railway common
crossed Al again, and New Haven was
actively bought around 20. Wlscon-
sin Central was bid up on reports
which are periodically circulated, tina
4 the 500 line, which owns the con
trolling interest, is seeking TO bu!
in the minority stock.
Sterling. Exchange on.
Sterling exchange was off over
cents in the pound from last week :
high. This may have been merely 4
reaction following a period OF active
short covering, or 1t may nave re-
nected genuine uneasiness that the
various schemes of the labor party
for helping the homeless and unem'
ployed would result in fresh govern
ment borrowing or else in Increased
1t was interesting to see the week
ly Paris cables, which have beel
notoriously wrong all along. attemp
to explain the failure of the fran
who have been selling the franc ar
described as belonging to the zig
norant class" The intelligent ele
ment are seemingly those who TO
the last year have swallowed tn
official explanation that the fran
was going down because of German
manipulation" or because of artiti
cial pressure from English banker
designed to change the French at
titude toward the Ruhr.
But at least it, is ;i-r2niI-.ed that there
is still much lack Of condolences in tho
outcome and effectiveness Of the gov
crnmcntS new fiscal policy. tonse-
queutiy the disposition continues &c
exchange French paper money Tor
other forms of capital, such as real
estate and stocks.
Missouri Pacific Status.
The advance in Missouri Pacific pre-
fcrred today to new high for the
year. following last weeks gain OF
over 2 points, attracted increasing at.
tention to the earnings and dividend
possibilities of this carrier.
Last year Missouri Pacific barely
covered fixed charges. However. its
traffic has shown steady Improvement
and in December, when numerous
other roads reported decreases, Mis-
souri, Pacific showed an increase. II
has been conservatively estimated
that in 1928 this railroad charged
off s6,000,000 in excess maintenance
or over IS per share on the preferred
There will be 30 per cent preferred
payment of something on that ac-
count is looked. for late in 1924
Missouri Pacific has the equivalent OF
s32 per share on the preferred in
cash and government securities.
The continued buying in American
Hide and Leather preferred suggested
the desire on the part of certain in
tcreStS to increase their holdings OF
the stock prior to the annual meeting
TO be held in the spring. Recently
changes in the management and d.
rcctorate of the company have been
announced: The sale of part OF
american Hide and Leather's proper
ties and the payment of part of the
accrued dividends on the PREFER ed
arc still talked Of Hide and Leather
prices have improved moderately In
the past several weeks. and this fac.
tor has been of much benefit to the
American Hide and Leather.
Late Trading Lets Down.
There was not much in the trade
news of the day calculated to inf1u-
ence the market. Strength of sugar
stocks fitted in logically with the
marking up of refined sugar quota
lions to the highest of the present
move. But this was merely putting
the refined sugar market in proper
relation with the raw sugar market
which had been SO strong last week
in the late afternoon. The share list
showed little tendency one way or the
other. Outside some of the low-priceG
rails, which were actively bought, i,
could have been characterized as
steady, but nothing more Wednes.
days market will tell whether OF moi
il was a reason more substantial thar
the prospect OF Il one-day holiday
which was responsible for SLOWING
down the price movement.
CLOSE rs IRREGULAR.