Evening star., 1923-12-26
MARKET ADVANCES
OVER BROAD RANGE
Special Attention Paid to
Steel ShareS-OiI Group
Still Making Gains.
BY STUART Il. WEST.

Special Dispatch to The Star.
NEW YORK, December e6.-Today'
upward movement on the stock ex-
change covered a wide range. Stocks
which had been doing, little for the
last week or more were taken up
especially the steels.
United States Steel common taking
the lead was an inspiring spectacle
for the entire market. Independent
steel stocks were equally strong
with sharp advances i'll Republic, Beth
lehem, Gulf States and Sloss Sheffield
AS a group the steel shares were dis
counting an increase in steel buying
after the inventory taking is over.
Baldwin md Can Strong.
The ease with which the industrial
leaders went up was remarkable, in
view of the extensive rise of the last
two months. Baldwin Locomotive
was strong, despite the statement in
the Iron Age that railroad equip
ment business was lean The ex-
pectation is that this situation will
change with the coming of the new
year. Am erican Can was up point
on the first few sales and Continen-
tai Can was bought again on unoffi-
cial statements that the 81 dividend
Is being earned more than twice over
and that current liabilities have been
reduced to an insignificant total.
Maryland, above SO. and Pacific Oil
above so. were the leaders of the oil
group, responding to another advance
of 25 cents a barrel in Pennsylvania
crude.
Mack Trucks was bid up above 81
again. High priced industrials. with 6
Scant floating supply, We're favored, Ma
tional Lead and Corn Products making
new highs. The campaign in Comput-
ing, Tabulating, Recording. founded
upon the seemingly favorable prospect
Tor dividend increase continued. Sugar
stocks did not do as much as they have
been doing relative to other issues, bu
Cuba Cane preferred got above 90 fol
the first time.
Public utility stocks showed a goot
of the selling pressure which has st
long been holding back Consolidated
Gas.
That stock continued its upward
movement. begun toward the end OF
last week. Completion of certain
special liquidation, which has had nc
reference TO company earnings. was
reflected in Columbia Gas. The re-
bound, once started. was rapid one
American Water Works 6 per cent
preferred had a sharp jump. and Phil
adelphia Company shares did better
The November earnings report of the
latter company was decided i'm
provement upon those of other
months.
The two important contributions in
the trade news of the day were an
other advance of % cents a barrel
the second in two weeks-in the price
of Pennsylvania Crude Oil and the
statement in the midweek reviews OF
the steel trade that business in semi
finished steel has so increased that al
least one middle western firm has
Withdrawn from the market.
These favorable bits of testimony
htted in with the prominence accord.
ed the oil and steel shares in the up
: ward swing. Marking up of oil quota
ttons comes logically after the sta
ristical evidence that output has been
coming down much more rapidly thar
was expected two months ago, and
that the gap between production and
consumption. if not already closed is
getting pretty narrow.
Special Market Features.
With the taking up of the steel share.
buying was resumed in Sloss- Sheffield
This company made remarkable show.
ing for the first nine months. Net in.
come was s2.153.27S, which after de.
ducting preferred dividends, was the
equivalent of over Is per cent on the
$10,000,0O0 common, computed on ar
annual basis. Common dividends at the
rate of 6 per cent were suspended ir
1921. The idea is that they will be re-
sumed early next year
The suspension of trading on the
curb exchange in the shares of the
Southern States Oil was reflected In
d sharp break in Middle States Oil
which dropped below 5. as against
Mondays closing level of 1. The two
companies are under the same man
agement. Middle States Oil had been
benefiting from the general advance
in the domestic oil stocks.
General Cigar was bought, as il has
been on previous occasions. in an
ticipation of either an extra or higher
dividends. The stock got UP to a new
high for the year.
Bethlehem Steel attracted a mod
crate amount of buying. and it's ad-
vance was coincident with the in
formation that this company has Sc
cured an extraordinary share of the
steel business in the market lately.
L. s. Steel CrOsses %.
Steel common got across 81 in the
late afternoon, where it was up more
than 2 points. Whatever the selling
has been in the rails. it ceased abrupt
1y in some conspicous instances a.
Union Pacific, Reading and Southern
Pacific. The last named, which has
been dragging along for a week oil
more just under So sprang up across
81 on few transactions. This show
ed that the selling had been of &
special character, unconnected will
the earnings situation and that the
market was much relieved at it's be
ing apparently over. Heavy short
covering came, into the St Pauls in
the last hour.
MApvCn rTocEc rrDM