Evening star., 1923-07-20
REALIZING SALES
SLOW UP STOCKS
Many Issues Advance Fur
: ther in Spite of Early
Profit-Taking.
ny STUART p. WEST.

Snecial Dispatch to The Star.
EF,y YORK. June 2o.-7foday
,,,orket had TO take some rather
heavy realizing sales by traders "ho
had bought on previous days anu
found themselves with attrsctiNs
rrofts. This sort of selling during
the> greater part of the time heio
hack stocks which on Thursday had
been the leaders.
on the other hand, stocks which
had. not been so prominent In the
Thursday advance came In for 'heii
share of attention today One Oh
these was General Asphalt, when
ran. up above so, completing gain
OF nearly points from It's receh'
low. This, however, was merely
readjustment in accordance with the
change in general market conditions
Heavy Selling in Oils.
Oil shares did better for a while
but later encountered the same sort
chsck Thursday These stocks at
fhetr low points of two and three
weeks ago undoubtedly had dis.
counted everything unfavoraoJe IN
the oil trade situation; eut .heS ,n1W n1i
the present overproduction in crude
oil is corrected. The action OF
MarIand Oil has been disappoinrins
in view Of the expectation that tns
stock would be put up across W
as soon as the general market per
fnitted in order to give the SUP
scription privilege to tho issue some
value. Phillips Petroleum was con-
spicuously weak, getting down 70
The break in Phillips Petroleum
had an adverse effect upon otner on
stocks a. the day went on. Cosden
came down below 40 again and there
was heavy selling in Sinclair.
Tobacco Products Active.
Some buying in Tobacco Products
A stock and common was eccompa-
med bv the report that the deal with
TIC British Tobacco is near
ing completion. 1t is believed tnal
nnder the new combination the
present Tobacco Products preferred
will be retired. leaving the A shares
ss the senior security
Mack Trucks at 1712 was up IA
points from its recent low Tnose
who have been most correct In their
statements about the affairs OF this
. company continue to maintain that
holders Of the common stock will
receive considerably more in divi-
6ends this year
Railway shares were very irregular
Reading and Lehigh Valley ran ur
sharply for a time, the former FOL
lowing the sharp rise in the hrst
mortgage per cent bonds and in
the new securities of the Reading g
Coal Company on the curb. Lehigh
Valley was strong in anticipation OF
similar benefits when it's segrega-
tion plan is put through. St. Paul
preferred at one time was up over a
point, but persistent selling went on
in other OF the northwestern stocks
especially Great Northern preferred
and Northern Pacific. This selling ap-
Toars TO represent switching into
other stocks not under the shadow
Of possible reduction in grain freight
rates.
National Biscuit Outlook.
An early increase on the dividend
In National Biscuit Company. which
now pays So annually. is predicted
The fiscal years full dividend re
ouirements were almost covered ir
the first six months 1t is understood
that the company has about completed
It's new plant at Cambridge. Mass. &c
meet the call for it's products in New
England. A site has been bought in
Philadelphia for new plant.
The increa sing activity at high er
prices in Founda tion Company, which
sold at its highest since it was ad-
mitted to trading recently on the New
York Stock Exchange, was attributed
IN certain quarters TO more than salts
factory current earnings The ad-
vance, 1t was thought, suggested a
possible alliance with one or more
other concerns in the construction
business. Foundation Company also
is said TO be in line for important for
eign business
At the close of business today the
stockholders right to subscribe to
Mariand new stock offered recently
Al $40 a share expired. 1t was pro-
Vided that Marland holders could
purchase one share of the new for
every four shares of their holdings
of the outstanding issue. II was the
opinion of we'll Informed people that
the new stock had been fully taken.
Foreign Exchanges Dull.
The foreign exchanges, with the ex-
~eption of German marks. which made
A new low, were dull and about sta
tlonary awaiting the reception of the
British note on reparations which
was reported to have gone forward to
the allied capitals this morning.
The abbreviated session on the
cotton exchange ended with prices
slightly lower. Recovery was check
ar was quoted at SIS cents a pound
as against 512 early in the week.
These movements threw little fur
ther light upon judgment regarding
ANY. real confidence that the British
reply note would bring France and
Germany together it ,would show
more than it has in the movement of
exchange rates. There are some in
the financial community who believe
that prospects of settlement are
good, but the majority feel the other
way.
The way the market took the early
realizing sales and turned upward
again in the late afternoon simply
went to show that the modern day
Wall street problems are all one way
or the other.
MARKET CLOSES STRONG