Show GUTTiNG CUTTING ri MELON I BOOSTS r MARKET ARKET Business Stabilized Rail Railway way Shares Bought By ny STUART P r Con of 1110 Copyright 1926 Consolidated Association NEW EW YORK Dec DY 18 18 By The Press Press United States Steels Steel's extraordinary action In vot- vot votIng vot voting ing a 40 per cent stock dividend this week has revived Interest In Inthe Inthe the question of other companies with large surpluses capitalizing to the advantage of share share- shareholders holders For nearly ten years now this question has cropped out at Intervals The favorite Wall all street notion was that these treasury and property accumulations would be smoked out under the threat thre-t of Now with Ith tIle tendency all toward reducing taxes not to much is heard on this side of tho matter It Is believed that paY paY-I pay paying ing out In the form of ot extra divI- divI divIdends divi dividends part of the savIngs ot of the past Is a R normal proceeding Busi Business ness has become more stabilized There Is no longer need for the caution that was dis displayed played when trade was settling down after Its Ita post war upheaval Companies with 1 Ith large will some of or them soon toll ow the example of United State Steel This was wall the feeling In InWall Vall street treet at the end of the wee and It has al cady been In very ery sharp advances In Dome ot the the priced high Industrials and andIn andIn In one or two ot f the rails Inu The broader r aspect of ot the teel judgment III 1 that It stands In peoples people's minds as an ex expression pres lon of confidence not only In affairs but in In- In In Industrial conditions generally general As such it has haa given an Impulse to th market which was not before The Cho active e buying movement In Inthe Inho the railway allway s shar-s shar ar s durin during the last tew days s hns been due to the ex- ex expectation ex expectation that the coming witness further dividend In- In In Increases cre creases 3 like that of the Louisville and Nashville 1 this last week An- An Another An Another other factor has the over 11 overflow flow buying from tho hIgher grad s of the Investment market Capital Is la constantly that It must accept a lower re- re return re return turn and under these circum circumstances stances sto railway stocks at a a steady are arc attractive to many manye e n where where they are on a 5 percent per percent cent basis GI LAnGE JJ Tho has brought no 0 change In trade conditionS condition It is Inter Inter- Interesting esting to read In the mercantile mercantile- reports that Christmas purchases promise to break all re records ThIs Is another piece of testimony to the largo large volume ot general business budness which Is handl ll throughout the country As against this commodity takIng the average show how no sIgns of Improvement Duns Dun's Review states during the week the whole wholesale sole sale commodity market a defined welt trend hend toward a lower level The same ot of things at the approach of ot the year year I IlS has frequently been commented I uron all season on The Th country Is n a lare larKe trade but It Is do- do doIng do doing ing it at low prices The cotton market may have reached It not the turning point at least a position tion where matters are not like likely ly Iy to get any worse For two now It has hns confronted the huze crop estimates put P out In Inthe Inthe the fortnightly bureau report It had a I chance chan e to get hard hardened ened The latest census bureau figures show that there hd h been some someI I in mill takings II ot cotton during November ember Dut tho Increase was it amount amount- amounted ed cd to orly bales as com com- compared compared pared with Octo October bel and bales as c compared with of last year |