Evening star., 1923-12-10

Special Dispatch to The Star.
NEW YORK, December 10.-Realiz-
ing sales made themselves felt in the
stock market today to greater eX-
tent than at any time i'll over week.
Nevertheless, they did not prevent
continuance of the rise in certain di-
rections.
MarIand Oil Jumps.
Oil shares were the leaders on the
buying side. a remarkable jump oc-
curing in Maryland and more mod
est advances in others The way out
nut of crude is now falling off over
production in the oil trade promises
TO be cured at an earlier date than
anticipated.
This quite likely will affect con-
siderations of new financing, and the
market for the oils was expressing
the hope that such financing would
not have to be done on the scale ap-
pretended a month and TWO months
ago. The Pan-Americans did not
move with the American oils. They
were held in check by reports that
the Mexican insurrection was spread
ing to the oil regions.
Steel shares Weak.
The decrease of 3O4. tons in un-
filled business on the books of the
l.
compared with month ago, was d
larger decrease than expected.
The independent steel shares. like
Bethlehem, were more sensitive to
the showing than was Steel common
itself The street continued to say
that the December figures were not
the important thing, and that neither
would be the January flgures. that IT
would not be until after the first of
the year, when the season Of inven-
a orders
would have their expected revival
Railroad Shares slump.
Chicago and Northwestern was q
conspicuous weak point among the
rails. Directors are to meet tomor-
row. and will probably act upon the
not shown the improvement that
some of the others in its section OF
the country have.
The October results in particular
were disappointing and indicated that
less than 3 II per cent would be earn
ed this year on Chicago and North
western common stock, against the
5 per cent which has been distributed
in dividends. Earnings are, in fact,
running behind those of a year ago.
when also the dividend was not COW
cred.
otEer Rail Stocks Sold.
The weakness in Chicago and
Northwestern brought some selling
into Northern Pacific, which got be-
low 54 at one time, and Great North
ern preferred, which was off over a
noint In the case of Great Northern
this was merely sympathetic de-
cline, for the road has picked up re-
markably in the last Few months, ana
is now sure Of earning over per
cent on it's stock against the per
cent dividend.
Northern Pacific, on the other hand,
will probably not quite cover its per
cent distribution.
Merger Talk Helps Oils.
The conspicuous strength in Mar
land among the oil shares again to-
day was set down in some quarters
to the report that a member or the
Standard Oil group contemplated
taking over Marland at something
like $40 a share. But this rumor was
not credited by persons in close touch
with the company'S affairs. Rather
rhe upbidding of the stock was att
tributed TO the belief that Marland, 8
large holdings of high gravity OIL
profits and put the company in a sub
stantially better position. 1t is un-
derstood that the latest information
from the mid-contlnent field has been
highly favorable.
Reynolds Is Puzzle.
The activity in Reynolds Tobacco
B since the declaration last Thurs
day of only the regular dividends
has been puzzling to persons who
had looked for more than the rs
cents quarterly disbursement. The
buying in the stock today was one
OF the outstanding incidents among
the tobacco shares. From one source
it was reported that extra dividends
either at a special meeting or at the
next regular dividend meeting are
expected Reynolds is earning well
over the SO dividend on the COM
r~onn stock
Special Issues Jump.
Corn Products and General Electric
stood out as the striking features or
the late afternoon. Corn Products
went through the 1894 mark, which
was it's former record. made last
February. anticipating an extra divi-
dend General Electric, above 200,
was higher than it has ever sold on
the present capital. There is talk
of melon cutting in this connection,
too.