Evening star., 1923-11-30
OIL SHARES Strong
ON CUT IN OUTPUT
Other Stocks Move in Confus-
ed FashiOn-No Definite
Trend During Session.
BY STUART y. WEST.

BY STUART =. WEST.
Special Dispatch to The Star.
NEW YORK, November 30.-The
stock market was a very confused af-
fair today, with varying price changes
and alternate strength and heaviness
among individual stocks.
Oil shares were moderately respon-
sive to the latest weekly report on
crude production. showing another
decrease. Texas Company. on large
transactions. went up from IL to AZ.
Royal Dutch made new high for the
season above 81. Producers and Re
finers was only slightly affected by
the passing of the dividend. This ac-
tion had been fully anticipated.
There was unusual activity at ad-
Tancing prices IN Maracaibo, and Phil
lips Petroleum was we'll supported
around 81. Realizing sales made
themselves felt in the Americans
after their run-up on the success of
the new bond offering.
Rail Shares Unsettled.
Railway shares were very irregular
One of the features on the buying side
was Seaboard Air Line preferred
NHlIH dI IL WAS DIT Il new nlBn Tor
the autumn. This was a tardy re-
sponse to the notable rise recently in
the adjustment bonds on which re-
sumption of interest payments is
looked for in February.
southern Pacific, eX-dividend sold
at an equivalent of slightly higher
than 90. Lehigh Valley was actively
bought for awhile on the idea that
as the time drew near for Offering
rights to shareholders there would
rNf
that there was in the case of Read
ing. St Paul stocks were weak
again. accompanying the very low
selling prices of the bonds
Tobacco Products Jumps.
Tobacco Products common was in
cilned to get somewhere closer in
llne to what per cent industrial
should be selling for. 1t made a new
high for the year. Associated Dry
IoodS was another strong speciality
according to the Federal Reserve
boardS index. department stores
on record. Gulf States Steel broke over
. points right on the announcement
that only the regular dividend had been
declared.
The declaration of 50 dividend by
Great Northern Ore as against 81,
the previous payment, explained the
recent strength in the stock, but
caused no further advance.
stocks which received more attention
today was Maracaibo Oil Exploration
Corporation, of which there are 400
ooo no-par shares outstanding. This
issue reached new high for the year,
and the question was raised as to
whether the corporation had negoti-
ated additional leases. Maracaibo's
business consists of letting out acre
age to producing companies on a bo-
nus and royalty basis. Total current
assets on April 80, 1928, announced to
SsgO,94l, as against total current liza
bliItieS of S11.S20.
Inland Steel More Active,
The recent strength in Inland
steel common has been reached from a
better recognition of the position of
THIS company. The ratio of current
assets to current liabilities figures
soon TO be put out will show is some
thinS like 10 to l. Operating capac-
ity has increased substantially in the
last several months and the net in
come on the common is at the rate of
Approximately 81 annually against
the So dividend requirements
This weeks advance in Electric
Storage Battery has been set down to
anticipation of favorable dividend ac-
tion. 1t has been reported that be-
fore the year end Electric Storage
Battery would declare an extra div
idend. Earnings have been consid-
eraply in excess of the 81 annually,
and the broadening of the company's s
business mas meant increasing prOf1tS.
On the stock exchange the volume
of business fell off considerably. This
may have been due in part to the fact
that many of the active traders were
remaining away from business over
the week end But it reflected the
uncertainty both in speculative and
in investment circles as to whether
the upward movement of the last
month had not been sufficient for the
time being at least.
Real Decrease i'm Oil.
A month ago the official publication
of the Standard Oil of New Jersey
estimated that production of crude
oil was outrunning consumption by
100000 barrels a day. The weekly
decrease since then has averaged be-
tween $4,000 and 10000 barrels. For
the week ended November "a it was
26,050 barrels. Assuming the down
ward movement will continue at the
same rate, it would take less than
TWO months for current demand to
overtake supply and for producers to
be in a position to raise prices. This
is what the recent rise in oil stocks
has had in view.
1t has been measuring conditions as
they are expected to be in the course
of the next few months. Still it is
proof of the changed character of the
holdings of these oil securities that
they should not have faltered at the
suggestion of a series of new finan-
eng announcements that are in pros
pect similar to that of the Pan-Amer-
lean.
Business Drop Seasonal.
The carloadng figures for the first
week in two months showed a total
less than 100000 cars. This, how
ever, is merely a slight seasonal fall
ing off
The important comparison is that of
the loading of merchandise as be-
tween the week this year and the cor
responding period in other years There
was an increase of 19,T01 cars over
1922 and of 1S,404 over 1921. In mis-
cellaneous freight the gains were still
larger, 2S,6S5 above last year and
100 167 cars above 1921.
Thus shipments over the railroads
continued to support the other testi-
mony to the largely increased general
volume of business which the country
is now doing.
Leading Stocks at Close.
Chicago and Alton and Pierce-Ar-
row were among the strong features
in the late afternoon.
The pool in United States Cast Iron
Pipe bid up stocks nearly four points
after an early two-point drop. Iron
Products went along sympathetically
Schultz Retail Stores was another
leader.
MARKET CLOSES STEADY.