Evening star., 1923-12-31
AK SELLERS BEGIN
3UYING BACK STOCKS
J. S. Steel Common Reaches Par
During Today's Trading in
Wall Street.
ALL MONEY rs ADVANCED
Ills Again Strong-Railway Shares
Get Attention.
ALL MONEY rs ADVANCED
BY STUART p. WEST.

~necial Dispatch to The Star
NEW YORK, December 31-The
principal gains in today's stock mar
ct were among the stocks which have
neen the object Of the largest selling
Or the purpose Of registering tax
osses.
This was quite to be expected on
he last day of the year when the
"ulk OF this sort of selling had been
'ompleted. Naturally it was the
stocks on which the big paper losses
had occurred which felt most the
relief. Among the industrials thus
:ural Chemical common and preferred,
he Virginia-Carolina Chemicals. the
Consolidated Cigars, the American
L.inseeds. and the feathers, the ship
ping stocks and some of the rubbers
and tires.
1t was also quite likely that re-
purchase of stock sold previously for
lax purposes was partially RESPONSE
BILE for the Jump in Producers and
Ref1ners and for the strength in Phil
lips Petroleum and other of the oils.
OIL Stock Again Strong.
In0 OIL Sndr6S as a now
ever, were naturally helped by the
over-Sunday announcement Of an
other advance in crude oil prices in
the Pennsylvania district. Also there
was the statement by the head of
the Sinclair Company that consump-
tion. On the other hand, speaking
OF gasoline, the president of the
Standard Oil of New Jersey did not
anticipate an equation being struck
between demand and supply before
the middle of next summer.
Railway shares came in for con-
siderably more attention. In the case
of stocks like Great Northern pre-
ferred, Chicago and North West
ern and Missouri Pacific pre-
pressure was no doubt responsible
for the advance. But this explanation
did not apply in the case of Southern
Railway common, which stood out
conspicuously and closed the year at
a new high figure. The buyir<, here
was based upon earnings and divi-
dend prospects.
Southern Railway earned nearly 3
per cent for its Junior stock in 1922
and on the basis of results for the
eleven months ended November 80,
1923, 1T is estimated that 10 per cent
will be shown this year. Under these
circumstances 1t is thought likely
that a dividend distribution will oc-
cur some time during the new year,
provided there is assurance that
there will be no antf-railroad legislation.
Call Money Rates Raised.
Nothing happening outside the
stock exchange was of as much in
terest as what happened inside. Call
money, as was to be expected on the
last day during which funds were
being gathered in for use in the new
year settlements, rose to per cent
for standing loans.
But later in the day the rate on
newly borrowed money fell off again.
Those who remember what used to
occur in the year end money markets
can best appreciate the blessings of
the federal reserve system.
Sterling exchange was off rather no
ticeably, and French francs went
lower again. The latest cable reviews
from Paris, however, once more bore
witness to the fact that French critics
have ceased looking for trivial and
transient explanations for the decline
in the franc. They are showing more
of a disposition to face the funda-
mental truths.
U. s. Steel Reaches Par.
in the stock market was United States
Steel common reaching par This al
ways has a sentimental value in in
vestment as well as in speculative
circles. Coming as 1T did on the last
day of the year, 1t showed the mar
ket's readiness to accept favorable
now being made on almost
every side regarding the business
outlook, at least during the early
part of 1924.
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