Evening star., 1923-12-29
STOCKS STRONG TODAY.
Steel Again Leads Market-Rails
in Good Demand.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK. December 29.-What
few signs of reaction there were III
Fridays market entirely disappeared
today.
United States Steel common con-
tinued the leader. and in it's prog
ress toward par proved an fnspira-
lion to the entire list. Oil shares
with Standard of New Jersey across
30. with a violent advance in At
lantic Refining and with gains OF a
half point to a point in other MEM
pers of the group.
1t was said that two important in
terviews on the oil trade would be
released over New Year, and that one
at least would be very bullish. Ap-
parently this was the motive for the
buying in the oil stocks.
3. Better Trading in Rails.
There was more of a demand for
railway shares especially for stocks
of the northwestern roads and other
transcontnentals, like Union Paci-
tic and Southern Pacific. The theory
here was that much of the recent
selling in these stocks has been to
register fosses for income tax pur-
poses and that they might reason.
ably ibee expected to feel the removal
of this pressure.
With the good news all out in the
shape of the recapitalization plan,
Corn Products did little in the days
market. The campaign which got
under way Friday in Coco Cola con-
tinued, and SO did that in U. S.
Realty, the latter getting above par
Brooklyn and Manhattan transit pre-
ferred attracted attention by selling
at its record high.
Fertilizer Stocks Active.
The shares of the fertilizer COM
panies-particularly American Agri-
cultural Chemical and Virginia Caro-
l-ra Z
tention and reached their highest for
the current upward movement today.
American Agricultural Chemical pre-
ferred was in especial demand, get
ting up to A on few sales.
The recent improvement in these is
sues began few weeks ago, when two
or three prominent Wall street houses
advised their clients that the turn for
the better had come and that the
farmers were more able to buy and
pay for fertilizer than they had been
in long while. On the other hand,
there has been a feeling in some quar-
terS that the industry had not come
back to anything like profitable condi-
tions. and that the necessity for cheap
er fertilizers would prove a further
depressant on the earnings OF the fer
tiliZer makers.
Further selling occurred in Asso-
ciated Dry Goods on the idea that, with
the dividend recently increased, there
was no special incentive, for the time
DelnE at least, Tor a continuance OIL
the upward movement.
Directors raised the annual rate
from 81 to s. this week. and there
were some holders of the stock who
were disappointed because 1t was not
put on a s6 basis. Earnings for 1929
are expected to be equally as good
as for 1922. when net income on the
common stock was over $15 per
share.
Annual Review Cheerful.
The first of the annual reviews. OF
which-the public will have a surfeit
during the next few days, made their
appearance and were very cheerful In
tone. Doubtless they contributed to
the good feeling. evidenced In the
stock market The year 1892 went
out with preponderance OF opti-
mism. but with q respectable minority
thinking the other way. The year
1923 ends with a moro general senti-
ment of confidence, yet with recog-
milton OF the uncertainties OF the
coming presidential campaign, and
how they may affect business and
finance.