Evening star., 1922-12-29
MARKET:|S ACTIVE
AS YEAR NEARS END
Closing of Old Contracts
Causes Lively Trading.
Rails and Oils Up.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK. December 29.-Con.
,sdering the usual reluctance of the
trading element to engage in new
ventures at the close of the year. to-
days stock market displayed Sur.
prisinS animation. Proof was givei
both on and off the stock exchange
that the markets were not worrying
about the apparent impending break
off of the Lausanne conference OIL
about the possibility of unpleasant
developments in Turkish affairs owe!
the New Year holiday.
Fluctuations in the foreign ex'
changes were very slight. with lit,
tie further reaction In sterling anu
Italian Ira. balanced by increasing
tirmness in French francs. once more
the sensitive wheat market reiuses
to respond to the political news. anc
instead of rushing up as it would, nae
the grain trade been at all aiafneo
was rather inclined to sag on again
Much Year End Selling.
No doubt much of the buying anG
selling in the share list representeo
merely the closing out or oiu Speeu
lative contracts. Some or TINS IN.
volved purchases or sales for casn oy
their transactions today insteAd vi
letting them go through the ciearlhe
house in the usual way. luesoas
Other of these cash operations Mele
selling by belated holders to regls.e.
losses against their income tax. bu'
asid. from these details the strength
shown in the greater part of the mar !.
ket testified to the quiet 1eellns VI
confidence with which Wall street ap'
proaches 1928.
Good Buying In Oil Group.
BUYING of some of the oil shares
was in some instances based upoI
reports of prospective deals "itr
stances was due to the expectauor
of larger dividends during the com
ing year. The preponderating sentl'
ment in the oil industry is very san
guine regarding the outlook for mex
season.
The public utility group came in fol
attention with sharp advance in Con-
solidated Gas and in North American
the latter getting ready for an earl!
increase in dividend. hallway share:
Gid little. except in one or Two IN
stances. such as the st. Pauls ant
Missouri Pacific preferred. where &
short interest had accumulated
Other stocks Active.
Producers and Refiners moved
ahead again quite sharply on the
news that the company has Just ne
sotiated an arrangement Win an
other leading producer which Will en-
rich the Producers and Renners
treasury by substantial amount oil
cash Some enlightening announc-
rnent regarding the above deal is ex-
pected next week at which 1t will also
be announced that Producers ana
Refiners has completed the deal Tor
Fensland Oil. This latter deal has
been hanging fire for some time:
Strength in Sinclair CONSOLIDATED
Oil was attributed to higher dtFi-
dends. The companys current rate
of distribution to shareholders is 81
annually and there is talk that it ms
b. raised to at least So In the not ois-
tant future. :
Some favorable announcement II
connection with the opera tions of
Ereeport Texas Company was looked
fer, and the action of the stock sug.
.sested that it had been taken In hano
again by people who have been bull.
;sh on the company's sulphur and OIL
prospects.
SteeIs Lead af Close.
The chief incident of the stock mar
ket in the last hour was the strength
of the independent steel shares. They
had attracted a considerable short In.
terest, and it was the driving in OF
these short sellers. especially IN the
Republic Steels and Bethlehem Steel
which occurred today. Prices held VI
well in the industrial section, while
the rails were neglected.