Evening star., 1923-12-15
RAILS MORE ACTIVE.
Oils Do Better-Corn Products
Scars as Week Ends.
BY STUART T.. WEST.
Special Dispatch TO The star.

Special Dispatch TO The Star
NEW YORK. December 15.-In the
greater part of the list prices on the
stock exchange did little more than
remain steady through the abbrevi-
ated session today. But the principal
moves We're. with one or two excep.
tons, on the side of advance
Manhattan Elevated Guaranteed and
lnterborough Rapid Transit were
weak following the announcement
the former had been deferred. on
erationS for the rise however, pre-
dominated They even extended 10
the fertilizer stocks-American Agri-
cultural Chemical and Virginia Caro-
INA Chemical-which had done
scarcely anything during the rise
since the end of October.
Rail Shares More Active.
Railway stocks waited through the
first hour 10 see whether there would
be any selling on the overnight news
from Congress. When this did not
appear. buying set in, especially il
the Erie stocks and this led to q
fairly general. although moderate, re.
covery among the rails.
OIL stocks in number Of instances
bettered their previous high prices
\ jump of nearly three points in
Pacific Oil was the feature. The
Pan-Americans We're also stronger
than they have been for some time
TORN frOuuctS GainS.
There was nothing new in connec-
ton with the remarkable rise OF
Corn Products above Isl, except that
the story of u capital split-up has
not yet been denied. The upward
movement in L. :. Cast Iron Pipe
hardly be justified on the ground OF
earnings and expected dividends
Rather the explanation would appear
to lie in the litigation between the
ra1 Gh q lnl Iar
which quite well might have found
reflection in contending market posi-
tions.
Western Pacific went up over two
points on the approval by the Inter
state Commerce Commission of the
Denver and Rio Grande reorganizG-
ton.
Hupp Motor Car Breaks.
Hupp Motor Car broke again today
on the announcement that directors
had authorized the sale of S4S.61s 5
shares of All issued capital stock,
which amounts to 90 per cent of the
issue now outstanding. The new
stock will be put out at $3.50 a
share. That is the unfavoraDle thing
about the Offering, from the market I
viewpoint, for the issue price is only
little more than half the recent mar
ket value Of the outstanding stock.
Stockholders will have the right to
subscribe for the new stock until
of the issue will provide additional
working capital. The regular quar-
tcrly gig per cent cash dividend. just
declared, Will be paid to holders of
the new stock as well as the old.
More than 100000 of preferred now
outstanding Will be retired
Fertiii1ed Stocks Pick Up.
Increasing attention was paid TO
the shares OF the American AgriCul-
tural Chemical and Virginia Carolina
chemical--companie which have
been conspicuous exceptions to the
strength in industrial stocks since
the upward movement began more
than six weeks ago. The buying was
induced by emphasis in advices sent
out from the street upon the pros
perity of southern farmers and their
ability to purchase fertilizer more
freely. 1t was also claimed that
American Agriculture Chemical af-
fairs had turned for the better. AL
this was contrary to recent reports
that the farmers We're learning how
10 make their own fertilizer. Nor die
IT At in with the agitation for lower
fertilizer prices started by President
Coolidge in his annual message, wheT
he said that this was one of the prime
needs for improving farm conditions