Evening star., 1923-12-05
PRICES ADVANCE
IN RAIL SHARES
Jump in Erie Stocks Starts
Generous Gains in Rest
of Wall Street List.
by STU ART =. WEST.
SuacIal piSDatch to The Star.

by STUART p. WEST.
Special Dispatch to The star.
NEW YORK. December Again
today the railway shares attracted
relatively more attention in the stock
market than industrials.
Unusually heavy Transactions ac-
companied by rising prices in the
Erie issues We're the feature i'll tine
railway group. The street was full
"t rumors about buy ing for account
Of the western banking interests
which have figured in several big
Itilway deals in recent years.
These stories have been circulated
on every occasion during the last few
months in which ,he Fries have been
bctiVe. They have received consider ra
BILE credence in highly speculative
quarters, but have been looked upon
with SkepticiSm elSeW mere. There is
sufficient ground in Erie earnings for
specula tion for the rise to work upon.
All three classes of stock made new
highs for the year. the second pre-
ferred having the sharpest jump.
Other Rails Well Taken.
Other low priced rails We're eagerly
bought. but th" buying was very
speculative and obviously Of -the
quick luru' variety. Western Pa
citic was bid un Sharply on intima-
tionS that the Denver and Rio Grande
reorganization was about To be o.
ficially approved.
There was iaiT reason for the buy
ing of Rex l. land i'll thc October
t,dffic rei.uit, which came cut OF
Monday, aud showed Il rJnarkabl IL
Improvement in net Iiut it WAS hare
tario and Western. This road has
ha / some Change for the better n the
last montt on two. but il still earn
ing only 80 ner ,rnt ri fixed charges
The advanye continued in Wheeiine
and Lake Erie pref. rred. and South
ern Railway common got we'll up Il
its highest.
New York city traction stocks. long
inactive. were finally taken up
BrCCklyn and Manhattan tommCn anG
preferred wele strong. and so was
lnterbOrough Rapid Transit.
IndustriaI~ Irregular.
The industrial list was very ir-
regular The usual leaders among
the motors. equipment and steel
stocks were comparatively quiet fol
the most. Attention was given tt
stocks OF the speciality class. anC
among these there We're Il number oi
hrw selections. American Steel Foun-
dries reached almost - high of the
Year, but tol no 81 ecia4 reason otne!
than that the business position ot
The stock around 90 I nIrns -. per
cent. Etw buying which has recent
y come into International Cement
btgan To makA itself felt in the T'&e
IN the stock across t3. Schultz Re
tail stores made a brand-new ii.h
when it got to l0I. In this conHec
tion there was talk of an extra di--i-
dend.
Houston Oil Gossip.
The buying of Houston Oil has beer
purely spec ulative. according to in.
forma tion available from persons who
have kept close watch on the com
pany's latest developments. How
ever. there is possibility that the
40.000,000 barrel gas we'll which
Houston is said to be working may
factory quantities. That seems to be
- the situation in HCu 'ton. and if the
next few weeks prove profitable the
recent advan, in Houston stock will
have had reasonable basis.
isumors were persistent regarding 2
Marland Oil. but buying lately has
been based upon the facts that NJ
new financing will lie necessary ant
duStry has definitely come. Reports
of combination with Houston. and
an absorption of Marland by Standard
Oil Of New Jersey have been current
in the street, but none is given much
credence by important oil interests
Fresh interest in the securities OF
United Railways investment, well
as in those of the Market Street
hallway Company recently. has been
induced by the prospect of the lat
ter property being sold to the city
OF san Francisco at a favorable price
\ figure of s41.006000 has been es-
tahi;Sh.d q az the value Of the proper
ties. while tn city has offered s35.-
rGh. 900. Present earnings OF United
Ia. inf.
quircmentS.
There was nothing new regarding
Interna tionaI Combustion Engine eering
to explain the con .inued strength in
the stock today. Earnings are said to
lie satisfactory. but those who have
taken an interest in interna tional
Combustion affairs are more con-
rerned in the outlook. This has been
pictured as favorable. especially since
il became known that the United
States Steel and the Ford Company
have negotiated for the installation
in certain of their plants of 1ntcrn:t-
tional Combustion fuel saving equip
ment
StceIS Bought Near Clos. ''''
Afternoon dispa tchcS from Cleve-
land carried the denial that the Van
Schweringcns had secured control of
the Erie ir the interests of Nickel
Ilatc This did net. however, have
much effect upon the Erie shares
which reached their high .r.cSs in
the late tracing.
Other railway shares held their
carly gains, Western Pacific making
it's highest in the last hour The
road is not earning fixed charges
hut its position might he ilanEed
through its connection with the re-
organized Denver and Rio Grande.
Among the specially features OF
the afternoon were Loews, Mallinson,
Stewart Warner and Timken Roller
Bearing. Cruciblc Steel was the
leader of the independent steel
shares. which. along with United
States Steel comIlOn. were bought
TOR q time on the favorable weekly
trade reviews. White Motors and
chandler reSched their best for the
present movement Oil shares We're
inclined 10 sell off at the start, but
rd. a