Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-12-20
STOCKS CONTINUE
MOVING UPWARD
Volume of Trading Smaller.
Some Profit aking Is
Encountered.
by STUART p. WEST.
. , -. l. A. r.Jho Star


NEW YORK. December 20. -
Operations on the Stock EXchang'
at the outset of the week Tell OF
substantially as compared WITH
those of Friday and the SATURDAY
rwo.hour session. Heavy prof1t-tak
ing following last weeks improve
nent carried many of the promlneh
leaders down a point to two poih''
from the Saturday finals, but TINS
realizing was well taken ana alte.
the first hour or so the uPwalu
movement was resumed in numerous
directions. ill., %
n was evident from the action OF
the main body of stocks that tht
market in its recent upward move
ment had not discounted the luii
significance of the United STATES
steel dividend action. The specula :
tive element was inclined 10 seek ou'
shares of companies with large SUI
muses. which are likely, IN the hoS
distant future. TO follow the leau VI VI
4ba steel Corporation and reward
stora owners in the shape of extra
stock disbursements. lncludeC
an,ong these were Internatlnoai
harvester and Allied Chemical, both
of which were in demand arouhu
high prices for the year.
Eastman Kodak was the feature
among specialties. advancing Sharply
10 new top for the year. Buying OF
the issue apparently was based on the
belief that as a So stock the ylelo at
present prices was attractive, ana
especially in view of the manner III
which earnings have been running.
The inward movement which got
under way last week in National
Biscuit carried the price somewhat
higher again today and the actlon OF
this stock had a favorable influence
upon the market for Postum Cereal.
American Can was actively dealt IN
at higher prices for time. In con-
nection with current strength IN the
issue the opinion was expressed tnat
at the coming meeting something
more than distribution at the annual
rate of So will be discussed. Whether
directors are to act on a larger dis
b,,rsement at that time is a question.
but it was generally agreed that favor
able dividend action viii not be long
delayed.
United Drug stood out strongly
establishing a new top above III, and
the same was true of American Tele-
phone & Telegraph at 149 on buying
evidently of investment character.
This was taking into account the 81 70
quarterly dividend deducted from the
selling price today.
The rise of more than II points
last week in Atchison encouraged
profit taking which carried the price
off almost points. After this was
absorbed, however, the price started
forward again, retracing good part
of the early loss. Union Pacific went
into new high ground for the
present movement when it crossed 1866,
land special strength was displayed in
Texas and Pacific, Chesapeake and
Ohio, Southern Pacific, Southern Rail-
way and Norfolk and Western. Shares
of the Northwestern carriers went
slightly higher, but the upward move
inent in the railway section was by no
means uniform. New York Central
had to absorb heavy realizing sales,
which carried the price down a point
at one time.
United States Steel common changed
hands throughout the first half session
within a half point of the Saturday
final, with profit-taking sales resulting
in lower prices most of the period. At
the same time the new Steel stock
dealt in on a when-issued basis, was
changing hands around the 116 leVelF
General Motors gave the best ac
count of itself in it's group, while the
Offering of Nash carried the price
down a point or more.