Evening star., 1923-12-21
WALL STREETL|ST
F|RMER AT CLOSE
Many Traders Sell Out tor
Rest of Holidays-Moves
in Individual Stocks.
BY STUART p. WEST.

bI stuart T. " Eshs
Special Dispatch to The Star.
NEW YORK, December '2l.-To-
days market continued at the start
the upward movement in special is
sues which were in progress at Thurs
days close Later realizing sales be-
came heavier and the early gains
were lost or considerably reduced, al
though the market was firmer at the
close.
Central Leather Up.
Central Leather preferred at SO was
up nearly Z points since Wednesday
morning. Wall street was still de-
batting whether this implied change
for the better in the company's busi-
ness or merely the run-in of an eX-
tensive short interest.
1t was in the last quarter a year
ago that things picked up SO that
there was a surplus of $l,400,000 over
interest charges. The first quarter
of 1928 made a similar showing.
Then another downward turn came,
and the operating loss of $3.S26,00O
in the three months ended Septem-
her 80 wiped out all the Improvement
leaving the profit and loss deficit as
IL stood at the close of 1922-that Is,
more than S5.0O0.O00 Taking this.
along with recent reports of in
port trade. it is difficult TO conceive
of Central Leather'S financial posi-
tion being much improved as the re-
suit of the last quarters operations.
Sugar Again Strong.
Stocks of Cuban sugar producers
were strong again. On the other
hand, American Sugar refining had
an abrupt break. 1t is well known
that most of the refiners got little
advantage from the rise in prices,
because they had believed in high es-
Inmates for the 1923 Cuban crop and
delayed laying in their raw supplies
until sugar was well on its way
toward its high of Ga cents.
Unofficial estimates are that Ameri
can Sugar will do we'll if it covers
preferred dividends. Any payment on
the common for a long time TO come
is quite out of the question.
Jones Tea broke nearly points
on the passing of the dividend, an
nounced after the close Thursday.
but later had some rally. Cast Iron
Pipe, with another jump. gave evil
dencc that the market supply. was
still small despite the rise of the
last two months. The extra divi-
dend of l per cent on American Can
stock selling off sharply when the
news was out.
Exchanges Go Lower.
Again today the foreign exchanges
attracted more attention than any
thing else happening in the markets.
pound and French francs. under the
same persistent selling that has been
noted all week, made the customary
daily new low record"
The stock market felt to a greater
extent the quieting influence of the
approaching holiday. Evidently a
good part of the selling represented
nothing more substantial than the
clearing up of speculative contracts
by traders who were leaving tonight
not to return until next Wednesday.
offerings of this sort were large
enough to cause some reaction in
some of the usual leaders. but not
enough to lessen the underlying note
of steadineSs or to discourage opera
tions for the rise in a number of
special issues.
Atlantic Gulf and West Indies is
sues have gained moderately the last
vance, it is said, is the fact that the
tax suit of the government against
the company, which has been over
hanging for some time, has been set
tied Whereas the amount originally
sought approximated $4,000. 900,
rumor has it that the sum actually
greed upon is only a small fraction
of that figure.
Merger Talk Revived.
The run-up which occurred for
while in Tobacco Products today
attended reports that the parties in
the projected Schultz Retail Stores
United Cigar Stores combination
were closer together than at any
time since the opening of negotia
ticHS. 1t was pointed out again that
in the event Of the deal being put
through the effect upon Tobacco Prod
ucts shares would be favorable.
Some selling appeared in American
Ice. in response to the income state
ment for the fiscal year ended Oc-
tober 81. in which the company
earned s12.51 share on its COM
mon stock. as against S1S.4S in the
previous year. Total sales were
practically the same, but deprecia-
tion charges We're higher. Current
earnings are said to be satisfactory.
New Highs in Late Trading.
New highs for the present move
ment were made in the late trading
in May Department Stores, Associated
Dry Goods and others representing
the department store and retail
trade. Cuba Cane preferred around 81
was above its previous best.
CLOSING IRREGULAR.