Evening star., 1923-01-11
SPECIAL STOCKS
IN VIOLENT JUMPS
Nash Motors Leads Whole
, Market by Spectacular
| MoveS-Trend Upward.
nv STUART p. WEST.


NEW YORK, January 11-The stoch
market today was given over largely
IN q series of specially moYemfnSs'
In the industrial list these'were near
lv all upward. In the railway sectloll
the individual moves were most VI
them down.
Nash Motors had a spectacular
iurnn opening up IL points on the
sale Of i zoe. shares, and subsequenItly Ss,I!
,ont5,Tinr the advance: This was
6uo ITO an accumulation of buying
orders. influenced by the statement
that the company is earning ~
share in a market in wnlch OH eF1nso
were exceedingly scapcs; : ~, ~,
Postum Cereal was ,i oid up p,sn sT The
story was that the recent nolaels
XvouId be offered two and nan IT." ~
shares for each share OF olu cot
move in Beechnut Packing "as T.
down as pool operation, n;hiIitv III Of
hack Of which was the posSlpllllS "
a further dividend increase ldteI "
In connection with the adVdHce ~
owens Bottle, the street hau I PO, oo, =
for which, however, there was II" Siv;
frmation whatever, thal d S'oNN
dend was impending. =
other Strong specialties.
o.h.r strong specialties included
orav Denartment Stores. Associated
Dry Goods, Public Service OF NeM
Iersev American Safety Razor anu
Austin Nichols. ,yora
Railway shares, some OF thenl, w.
freeIy, sold while the industriaFs were
i coward An overnight drop
~ six Doints in Delaware ana t1uuSoli
gave this section of the market d i pst9
ioIt- The break in D. q IL rene 80,
the belief that directors wheh my
met later in the month, Wouio 49,
the dividend from the present per
cent. Reason enough for this appre
bsnsion Is found in the fact Is tnaI
the company has not been meetlhS Ils
fixed charges this year, anu Juuslhe
by the balance sheet OF a year a6U 6oo
which showed an excess or S3'Soz'ooo
liabilities over assets, Is in no posi-
ton to pay out dividends Whlch naNe
mot been earned The st. Paul STOCKS
also were actively solo.
California Pete Active.
In lien Of any definite information
TO account for the persistent strength
in California Petroleum common
stock again today. soIne toiioo,I
was paid to the rumer that to4Io"T
ing the payment next month OF
stock dividend on California Pete the
way will be made open TO exchanGe
the shares of the latter Tor Fan
American B stock. This report was
fact that any deal between the two
companies has been officially denied
at least once.
Rumors are being heard regarding
q merger of oil companies in whlch
Cosden is expected to take prominent
part This, according to some ex-
perts, is the reason for the advanSe
in CoSden to new high ground, but
those who might be said TO be speak
ing semi officially are of the opinion
that the earnings position of the STOCK
is the real reason for the movement.
The Phillips Petroleum strength
was due to- the trapping of short
interest which had been expecting
the company to do some new hnanc-
ing. Phillips at the present time has
authorized a bond issue of S1O,OOO,OO
of which around $3,500.000 is out
standing. The report as the financial
district had it was that these bonds
would. be called for redemption and
that a new issue of probably $15.-
600, 900 would be issued in its place.
Outlook in Europe.
In all the markets today there was
a quiet expression of assurance re-
garding the latest developments in
European affairs. Sterling exchange
rose again sharply. Cotton went
higher and the stock market was de-
cidedly strong for most OF the indus
trials. To be sure, operations on the
stock exchange were Suggestive. of a
maximum wool speculation and
minimum of interest on the part OF
investing public. Nevertheless, the
essential fact was that stocks were
not for sale in any quantity around
prevailing prices, and it was quite
the perception of this which embold-
ened thetWall street clique.
Both French francs and French
dollar bonds went somewhat lower,
but there was no renewal of the heavy
selling in progress early in the week
Occupation of the Essen district
without disturbances which had been
predicted had a favorable influence
upon sentiment in banking circles.
The next question is, what is to be
the outcome of the present strike
threats and whether or not French
control. of the Ruhr is going to lead
to more than temporary Interrupt
tion of productive activity. If it does
not interfere with German industry,
the whole matter of German repara-
tions as affecting the markets of the
world will be in the same position
that IT was prior to the break-off of
mination of France and Belgium to go
it alone.
Railroad Shares weak.
The weakness of the st. Pauls fol-
lowed the. statements by the presi-
dent of the road that there had been
another deficit. for 1922. although not
as large a one as for 1921, and that
there was nolhope of-any resumption
of dividends. The selling of Della
ware and Hudson kept on through the
afternoon after the president of that
company had replied. in answer to a
question. that he did not know what
the directors would do~about' the -divi-
dend on the 31st..
The new high reached in Mack
Trucks was a result of a highly fa-
vorable earnings situation, which It
is thought will eyentuate in larger
dividends later on. -
Oil shares were the features in the
last hours.