Evening star., 1923-11-07
PRICES UNSETTLED
|NSTOCK MARKET
Pivotal Shares Lose Ground.
!. ChicIe Up Seven Points.
Sterling Lower.
BY STUART p. WEST.


Special Dispatch to The Star.
NEW YORK, November THE
price movement was not at all uni
form in the stock market today.
Realizing sales were effective in
some directions, while fresh buying
made itself felt in others. The es-
sential thing was that the principal
moves in individual. stocks were
upward. -~'--v. '.'.-
Selling continued in Texas Com
pany in anticipation that the COM
pany would either have to do new
financing or cut its cash distribution
Sinclair was also heavy. but in other
members of the oil group improve
pnent was shown.
Cosdeu OIL Pushed Up.
The short interest in. Cosden became
GSea sy and bid the stock up across 26
4 week ago the street was talking
about cut In the preferred dividend
but this turned out to be a piece OF
Tnfounded gossip. Royal Dutch. cross
ing 40, was up over points from its
low of the summer. The advance has
been steady in this stock for some
time. Standard of California, above
81, fitted in with the prevailing view
favorably disposed toward the gen.
eral situation.
Mack Truck Higher.
Mack Trucks made further response
to the favorable showing in the third
quarter earnings report, the stock
getting above IS. 1t drew along
White Motors. which returns nearly
s per cent at its present selling price.
National Biscuit made a new high
ID q 4
Loose Wiies vas sympatheticailj
strong. The latest private reports
regarding = tAc es4.>r-'.Gss. o th@s-, con
pG.--eo G.-e Ne-Jr s.-I-GS-s1lo-t'. @ytC
ba.N.-S interests =, toGc-- Nct'- Ma
tiond. SiscI.- aEa.-S CO soS c.s-
courage tae idea O. .s.S.le. d.yldends
Tinken Roiier Bearing was only mod
erare.y responsive to the declaration
o. a.. extra dividend OF Is cents. a
share In addition to the regular rs
cents.
Famous Players Stronger.
The strength In Famous Players
appeared to be In anticipation OF re-
assuring statements tending to coun-
teract the unfavorable impression
formed recently regarding the posi-
tion of the company.
Conferences, which. 1t is thought
may lead to further consultations
among solvent but minor oil com.
panies. are said to have been held
during the past week at chicago
with New York men participating
The amalgamation of producing com
panieS or the absorption of certain
of them by the stronger and richer
factors in the industry would no,
come as surprise.
The Prairie Oil and Gas Company
offer to exchange shares of its capital
stock for 81 per cent Of the outstand-
ing capital stock of Producers and
Refiners is believed to be only the
first step in important readjustments
in the oil trade.
American Chfcie Advances.
Buying of American Chicle stocks
continued and attracted increasing
attention, although the street had lit
panys operations. This company is
understood to be .'out of the woods.
with it's financial structure in dis
tinctly better Shape and with current
earnings, after charges and preferred
dividends, equal to at least 81 on the
common stock.
An extra dividend of So a share.
bringing the disbursement for the
full twelve months to S6, Is antici-
pated by persons who have kept in
formed on Electric Storage Battery.
The regular rate of 81 annually Is
not expected to be increased. The
company has been doing an excep-
tionally good business. 1t has plenty
of cash, and earnings are reported
at approximately $12 per share.
Sterling exchange made new low
for 1923. while francs around $40
cents were within a third of a cent
OF their recoTd low last August.
Oils In Rally at Close.
AS the day went on the oil stocks
played an increasingly prominent part
!. the general movement. The market
had hesitated in the early afternoon
and had come down a half point to a
point all around. But following the
declaration Of the regular Texas Conn
pany dividend and sharp rally in that
stock, active buying broke out in the
entire group.