Evening star., 1923-12-11
INDIVIDUAL MOVES
IN WALL STREET
Chandler at New High-To'
bacco Shares SoId-Price
Trend Indefinite.
BY STUART =. WEST.

Special Dispatch TO The Star.
NEW YORK, December 11.-lnter-
est in the market today was again
taken up with individual moves.
Some of these were downward, more
of them upward.
Chandler Motors made a new high
above SIS on reports that 1t Will show
50 earned this year and that its pro-
duction schedule for the first quar-
ter of 1924 will be considerably
larger than in the same period OF
1928. The strength of Chandler at
tracted some speculative buying
into Maxwell, = WHY'S Overland pre-
ferred and the Pierce Arrows. Cen
cral Motors was heavily bought
above Is.
High Priced Issues.
Some sharp advances occurred in
high priced issues easy to move be-
cause of their limited market sup
ply. Among these were Corn Prod
ucts. General Electric and National
Lead. The rise in Corn Products
above 141 was taken to mean
either a large extra dividend in pros
pect or Capital sp.it-up which
would result in a substantial in
crease in the regular dividend.
Announcement that Schultz Retail
was to combine with United Cigar
Stores had been expected. No details
have so far been given out, so that
the benefit for tobacco products as
the owner of United Cigar Stores is
not made clear.
Neither is the effect OF the deal
upon Schultz Retail stock. Both
Schultz andn Tobacco Products were
heavily sold on the idea that they
had discounted, in their recent ad-
vance, the good results of the con-
solidation.
Northwestern Roads Weak.
Railway shares were somewhat af-
fected by the weakness in the stocks
OF the northwestern carriers; Great
Northern preferred was sold, along
with the St. Pauis, Northern Pacific
and Chicago and North Western, de-
spite the fact that its earnings po-
sition has improved sufficiently to
assure the dividends.
The trouble with this group OF
stocks is that they represent a sec
ton of the country where genera
business has been held back by the
depression in wheat. They are 90
ing better in net, because they have
cut down maintenance charges But
their gross traffic has not been dong
80 well. nor is there any prospect OF
it's picking up until next autumn
and only then If wheat has got back
to a profitable basis.
brooklyn Manhattan Transit stocks
were bought accompanying unusual
activity at rising prices in the per
cent bonds The earnings of the COM
pany have been making an exce!len
showing for the last year and a haIf
and a very substantial surplus Is
disclosed for the new preferred stock
Copper Production for 1924.
Scarcely any improvement has oc-
in, he
companies in response to whatever
betterment there has been in the cop
per metal situation, but 1t is interest
ing to note the calculations OF the
trade regarding the 1924 outlook. In
1928 it is estimated that world pro-
duction has been approximately q
100000 pounds of copper, as
against 2,1S1, 100000 in 1913. 1t is pre-
dicted that in the first half OF 1874
copper consumption will be the high
est in history.
It is difficult to determine con-
sumption. because fabricators whose
securities are not traded in on the
stock exchange are not compelled to
give out figures to the public
Cuba Cane preferred was the lead
er of the sugar stocks, partly be-
cause of its strong financial struc-,
ture and dividend prospects and
uation. Net income for the last
fiscal year was nearly s13 a share
on the preferred stock, and the COM
pany reported a remarkable come
back in it's assets position. Just
now the Cuban sugar situation is
tight. That is, there are hardly any
offerings of old crop sugar and the
new season has been delayed in get
ting under way. The price level into
1924, the street believes. will be as
high as. If not higher than the 1923
average.
Late Selling in Rails.
The street pretended to be surprised
at the reduction in the Chicago and
Northwestern dividend from a S5 to
SO annual basis. But as a matter of
fact the poor earnings of the road
have foreshadowed it for some time.
Heavy selling broke out in the
shares of other northwestern roads
following the announcement and there
was some hasty throwing over of
other rails.
But, of course, the condition in the
northwest does not reflect upon the
railway situation as whole. 1t is
entirely reflex of the troubles of the
northwestern wheat farmer, and the
consequent business depression in
that section.
Evidently the cotton trade realized
that it had overdone things in the
four-cent decline of the past week,
even assuming that the government
report will confirm the higher crop
estimates. Prices regained most of
the ground lost yesterday.
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