Evening star., 1922-12-28
RAILS TURN WEAK
NTODAY'S TRADING
Stocks Very Irregular, aS
Selling Develops in Parts
of List.
ny STUART T.. WEST.

NEW YORK, December 2S-Word
that the British Mediterranean fleet
had left on sudden orders for Con-
stantinople reached Wall street mid
way through the forenoon today. For
few minutes il led to hurried un-
loading of stocks bought during the
first hour and on previous days. But
the market promptly Steadied. and the
pools in Baldwin Locomotive. Stude-
baker and one or two other leaders
once more demonstrated their COM
plete control of the situation.
The fleet order. following so i'm
meGiately the British refusal to give
up the Mosul oil territory and the
Turkish counter threat was. on its
face. rather disturbing bit OF news
But just as was the case in october
and again in November. when the
Turks situation seemed gerry much
strained. the markets refused to be
upset.
Not only did the stock. exchange
show comparative indifference but the
same WAS true in the other markets..
No market is more Sensitiv, than
wheat to the faintest "uSSestIon OF
a war scare. But today. even after
the news was oLr, wheat was quoted
under its close Wednesday night.
Sterling exchange was slightly
lower and 80 were Italian lira, but
French francs were somewhat tirmer.
Some Rail shares Weak.
Railroad stocks again hung ire.
with some OF them definitely weak.
This was not due To disappointment
over November traffic returns except
in Il Very few instances. For the
most part these statements have
made favorable comparison with
I,,1
showing Il considerable Improvement
in the ratio of net to gross earnings.
as compared with the previous
months. In other words. September
and October the peal. of the eN-
traordinary expenditures for main
teuance following the railway shop
mems strike.
The market was reminded. however
OF the severe losses T'eSulting from
the prolonged coal strike by the pass
ing today OF the extra dividend or
dinarily declared Il; this time on
Delaware. Lackawanna and Western.
The Reading segregation plans. the
details Of which were published. was
not regarded as up to expectations.
IT seemed To favor the coal company
Al the expense of the railroad com
rary and both Reading and Lehigh
NaNey-the latter on the idea that
after all its plan for the separation
OF coal properties might also prove
y
Worth American Higher.
North American common stock was
n feature at higher prices today and
its sharp advance across 100 was
based not only on knowledge of the
exceptionally good earnings of the
company. but also on continued con-
hdence that within the next several
weeks the directors will place the
stock on at least IL per cent basis
at the next dividend meeting
Directors of Associated Drygoods
Corporation were scheduled to meet
reported that. due to the absence
from the city of few of them. the
meeting had been postponed until the
first week in January. December was
very profitable month for the cor
poration. 1t is likely that. the di-
rectors wish to get a good idea of the
full years results before they meet.
but il is still a question whether the
dividend will be raised from 81 to Sc
a share at this time. This has been
Associated Drygoods bes: year. with
net income over S14 a share.
Burns BrOtherx' New Plan.
Approval yesterday by the Burns
Brothers board of the recapitalZation
plan means that the two classes of
preferred stocks will be called in. AS
the company has no funded OF float
ing debt of any sort this will bring
1nt present STOCK uHeCtlS Ill lOuCH
with the assets a,s< earnings.
The A stock will. however be convert
ed. share for share. into a new per
cent preferred and will likewise receive
one share of new common. This
new common. II is understood, Will
pay 2k per cent. instead of the per
cent paid by the present B stock.
Hence Burns Brothers A will be a
1OR per cent instead of 10 per cent
issue.
The extra distribution which Wall
street has been expecting the Endicott
johnson Company to make for the
last six months Is due to be declared
next week, according to those in close
touch with the affairs of the COM
pany This extra will take the form
Of either stock or cash with the more
likelihood that it will be stock
F.ndicott Johnson has had an ex-
tremely good year and expects next
year to be even better. owing to the
fact that plant facilities have been
enlarged and that the company will
turn out a record quantity of shoes
The extra. it is said, will be at least
% per cent.