Evening star., 1924-09-23
STEEL ACROSS 109
IN FINAL TRADING
Baking Shares and Motor
Stocks Extra Strong in
Last Hours Deals.
BY STUART p. WEST.
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, September 23.-The
stock market continued today to fol-
low along the same lines as it had
been following for the last week or
more. Lehigh Valley was pushed
across Sc on large transactions. this
representing 2-point advance. Now
that the coal property has been sepa-
rated. there remains no reason of an
unusual character to account for a
rise in this purely railroad stock.
1t is simply case of good earnings
and the expectation of an excellent
Fall business in coal. Lehigh earned
last year little over IA per cent on
its $50 par stock 1t has been earn
ing this year little less than IA per
cent. But this means twice the divi-
dend requirement and suggests the
possibility that the distribution to
shareholders may be increased.
Other Rails Strong.
Union Pacific got above 40 again.
and other standard dividend payers
like Atchison and New York Central
did better than they have in some
time. There was special buying in
Chicago Great Western prefer
red on merger talk. Southern Rail
way common was selling eX dividend
of IL per cent.
favor United Railways Investment
preferred at one time was up ,
points, Pacific Gas and Electric at 9S
was up a point. Utah securities was
in demand above 80, Brooklyn Union
Gas was very strong at A new high
above -, and buying continued, al
though not as aggressive, in North
American.
Corn Products Active.
Fresh buying on a rather large
scale came into Corn Products. Cen
tral Leather preferred rose sharply
on buying by persons who believe
that. irrespective Of trade develop
mentS. the stock as an asset propo-
sftion is relatively cheap. Revival of
the report that Cuban Dominican
Sugar was going to combine with two
other properties was responsible for
a renewed advance in the preferred
above so.
The remark able rise in WorthinE-
ton Pump continued still on reports
of the cornpany's new feed water
heating device, being adopted by rail-
roads
Short covering appeared in Coca
Cola. the action of the stock indicat-
ing that the big trading which went
on just under 20 some time ago rep
resented accumulation. There was a
sharp upturn in United Drug, and
L. 5. Cast Iron Pipe made a new
high record as it reached 10. Hayes
Wheel was in demand a bove Sc and
National Biscuit at "A was also SELL
ing in new high ground.
The improvement in the market for
the oils shares was not due to any
change in trade conditions. but rather
was the result of the strong technical
position. Outsiders for months have
not been speculating in oils. and the
professionals, where they have done
anything in them, have gone short.
This means that the oil shares have
found their way pretty well back
into inside hands.
Steel common got across 109 in the
last hour, and other steel shares did
better, notably Colorado Fuel and
Replogle. Baking shares were in de-
mand. the street refusing to accept
official denials of big combination.
General Baking and Cushman's Sons
both sold at new high prices after a
further remarkable advance. Allis
Chalmers was bid up in the late trad
ing. and so were Mack Trucks and
Nash Motors.