Evening star., 1923-11-21
RAILROAD STOCKS
FURNISH SURPRISE
Activity Due to Good Traffic
Reports-OiI Shares Are
Much More Lively.
BY STUART p. WEST.

"
Special Dispatch to The Star
NEW YORK. November 21.-Rail
way shares which had begun to ge
active toward the close Tuesday wer'
again prominent in the stock marke
today.
The street had been disappointed
when these stocks did not seem t
be paying proper attention to thu
October traffic statements and thu
brilliant comparison which they were
making with the month a year ago
The present demonstration is looked
upon, therefore, simply as a belatet
appreciation that October is likel.
TO prove the best month so far il
gross earnings and that the net viii
show the effect of the cessation o.
the extraordinary charges for main
tenance of equipment
Reading Extra Strong.
Reading sold at the highest in {
long time, but there was no fresl
reason for its strength. The buyer:
are actuated by the consideration o.
the price at which the stock will BE-
selling when the rights. now Quotet
around %, will have been deducted
This will make Reading as a plair
railway stock, but still able to amply
cover its 81 dividend selling on bet
ter than a 6l4 basis.
Runners of dividend increase a
the meeting now near at hand were
responsible for the strength in Chesa
reake and Ohio. The regular dividend
was declared on both classes of Roel
Island preferred. Among the low
priced issues the Fries, New Haven
st. Louis and Southwestern ant
Southern railway We're all favored
in the buying.
One of the few pieces of news con
nected with the special movements o
the day was the advance of cents {
gallon in denatured alcohol. Thi:
had it's effect upon United States In
dustrial Alcohol stock, which go
above its previous high for the No
yember movement.
Pool Operators Active.
The individual advances represent
I'd simple continuance of pool opera
tions. The farm supply stocks. hike
lnterna tional Harvester. We're agar
prominent, and so were the shares o
the department stores, like Macy
Gimbel and Associated Dry Goods
There was the usual talk OF an in
crease in the dividend on the las
named following the latest payment
on back dividends by Lord Taylor
So much has been said about Davi
son Chemical that there was no ust
trying to find any fresh explanation
for its further remarkable advance
The big holders, believing that there
is no limit to the use OF the sllici
jel process. are not being tempted
into selling even by such rise a.
has occurred in the last month.
Oil Stocks More Lively.
The most notable individual feature
was the strength of the oil stocks
Most likely the recovery means tina
stocks thrown over when the oil-prlce
cutting began six months ago now
have been taken back. -
The midweek steel trade review:
on the whole were to be considered
favorable The market put this in
terpretation upon them. and stee
stocks. especially the shares of indie
pendent companies, became one OF
the features of the afternoon. 1t ap-
pears that buying of finished steel Is
still restricted. but against this is
the remarkable turn for the better In
pig iron.
Wall Street Gossip.
Directors of Chesapeake & Ohio are
expected to meet at Cleveland mex
Friday to act upon the dividends
The street is quite confident that {
quarterly dividend of Sl.5O insteat
of 81 will be declared. thereby raising
the rate from 81 to s6 annually.
The strength recently of the pre-.
ferred and common stocks of the
American Cotton Oil Company has
caused many to wonder whether the
situation of this company since the re-
organization and announcement OF
the formation of the new Gold Dust
Products Corporation has turned sc
abruptly for the better as to warrant
fresh buying of cotton oil shares.
1t appears that a technical condi-
tion in the market has existed which
has forced the covering in of an out
standing short interest in these
stocks.
One of the least active. yet strong
est. issues among the low-priced oil
shares recently has been Pierce Oil
something regarding the affairs OF
this company is responsible for the
buying of the stock The most re-
cent news concerning the company
was that an expenditure of $4,000,00G
would be made for reflneries in
Texas in 1924.
American Sugar stock has bene-
fitted very little from the better
feeling toward the sugar stocks since
the publication last Saturday of the
highly favorable statement of the
Cuba Cane Company.
Prices Highest ut Close.
The high prices were reached in the
final hour. Steel shares took the lead
shortly after the appearance of bull
ish weekly trade reviews. Steel COM
mon, on large transactions, rose a
point. and the independent steels
were up l to 3 points.
Cast Iron Pipe made a new high
above AZ on the idea that the
stock may now be regarded as on
a regular dividend basis. rush of
buying came into Studebaker on op-
timistic production reports, carrying
1T to new high for the present
movement.
The one conspicuous exception was
Central Leather, which broke badly
to new lows, on poor trade condi-
tions, even while buying, was most
lively in other quarters.
MARKET CLOSES STRONG.