Evening star., 1923-02-24
RAILROAD SHARES
FEATURE MARKET
Louisville & Nashville Starts
Late Buying-Extreme IT.
regularity in List.
BY STUART p. WEST.


NEW YORK, February 24.-Today' S
market movement, while extremely
irregular, had very little sign OF
weakness. Prices were inclined to
slip off during the first hour, but the
market hardened again toward the
end when better support appeared In
United States Steel common and spe-
cial buying was renewed in some OF
the oils, the dry goods shares and a
few of the high priced rails.
Louisville and Nashville had another
jump forward. anticipating early an
nouncement Of the stock dividend
plan, and Atlantic Coast Line went
along with it. The strength in these
stocks helped the entire railway list
and had Il Steadying effect upon the
rest of the market.
Cuban Dominican SugaE
Cuban Dominican Sugar advanced
TO its highest for the year SO far,
chiefly because of a favorable earn
ings position which has been
strengthened recently by the rising
quotations for sugar. With raw
sugar at only 3l& cents Il pound. a
price more than . cents below
il is estimated. can show earnings
Tor 1928 of $1,000, 600. After inter
';St charges. this would amount to
$3.50 per share of preferred stock.
cuban Dominican is one of the world
lowest cost producers of sugar. Pre-
,lictions of the 1923 output range
rom 100000 to I 100000 bags The
common stock when it was offered
cost the syndicate participants s25
share.
Simms Petroleum Active.
SlWms Petroleum is one of the
smaller producing companies which
Expect to make large profits from the
rude. Simms is now producing about
5000 barrels of crude daily in the
Mexta, Homer and Smackover fields.
OF this production about $4,000 bar
rels come from the Smackover sec
ton. Latest earning figures Of the
company show operating profits in
February at the rate of $3.50 before
depreciation and at the rate of S4.57
u share after liberal depreciation
charges. The company made a ten
strike i'll the new Smackover field 1t
Sank forty-seven wells. and forty five
of these were gusherS.
During the time when oil prices
were at their lowest Simms stored
its production and is only now be-
ginning to sell. S!mms stock was
heavily bought by the American In
ternational Corporation around As
several years ago and la ter at lower
figures. All this stock is still held.
Simms has got out Of it's trading
1ut and today moved up to 15, a new
high.
Foreign Exchange Lower.
Inc Foreign exchanges went lower,
with. France close to the siX-cent
level again and with sterling off near
ly , cents from the recent high. The
week end trade reviews gave the
most optimistic picture of business
conditions of any so far But they
evoked less response in the marker
movement than they have for the last
Two months. In other words. the
stock market seemed to have become.
1or the time being at least, Injured to
good news in the shape of expand
ing industrial production and rising
prices.
Although the copper metal was
marked up to l6t2 cents, with some
sales recorded as high as 16'9s, the
copper shares were Indifferent Sugar
stocks were strong for a time under
fhc lead of Punta Alegri and Cuban
dominican, but their advance was not
sustained.
Market Closing Unsettled.
In the last half hour. when Louis
vile and Atlantic Coast Line were
making their high prices, buying
came in to some of the other rails,
notably New York Central and Atchi-
son.
Iron Products sold at new high
getting ready for some early an
nouncement regarding the recapitalt-
Zation plan. which is expected To
work out favorably for holders OF
The present stock. In connection with
the rise in Jewel Tea above 22 there
was talk OF a new pool formed to ex-
plot the favorable earnings position
OF the company
The market closed uncertain, with
a series of small net advances min
Sied with small net declines. The
ssrensth OF some of the railway
shares was the principal feature al
the end a.