Evening star., 1923-12-04
MARKET INTEREST
CENTERS IN RAILS
Wall Street Ignores Fear
Over Possible Action by
New Congress.
BN STUART II WEST.

BY STUART. IL WEST.
SPECIAL Dispatch TO The Sshr
NEW YORK. December 4-Rail-
way shares Were the particular point
of interest i'll t6day's trading on the
stock exchankc. That they should
have been Selected for leadership
Just at this time was certainly proof
that Wall street was not worried
about Congress- passing anti-railroad
IogisiatHn at the present session.
Pennsy Leads Rails.
IL was. curiously enough. Penmsyi-
EaTa that started the rails going.
cry rare ar" the occasions where
mis- stock moves much as u point
in one dav. The financial community
We're much surprised therefore, when
- suddenly became active and got
above ~. as against Mondays close
of Al. POSSIBLY this was move TO
get Pennsylvania, which has been
selling on better than Il ! pes cent
basis more into line with New York
Central and Illinois Central. selling
70 return less than : pc" cent. The
+acr that the largest transactions
We're handled by two houses, one on
-he selling side ana one on the buy
ing, indicated that il might be the
transfer of Il big block in the open
market. previously arranged for.
4. ~ .. Fellows Nickel Plate.
RuyinG 81 Chesapeake and ohio
WAS an aftermath @f the rise in Nick
III Plate above 50. The statement
was made some time ago that
the alliance between these two prop
ertieS has been beneficial To the earn
iugs of both. At all events the two
stocks move together in the market
Erie common crossed - fer the
Hrst tim" this year, ana the preferred
=tocks also bettered their pr-vious
Aish prices. The whole motive for
buying the Eries is that taking the
current earnings with reference to
the selling prices OF the stocks. the
latter are about the lowest of amy in
the market.
IndustriaI> Neglected.
The Wheeling and Lake Fries were
also taken up. the preferred jumping
points ia quick order. Partly tho
explanation for this adv:unc. lay in
the much improved earnings The
let for the ten months ended tct"-
her 81 was $2.250,5oN. against S4l9.-
40 last year. But more largely buy
ers OF Wheeling have in mind tina
this road is to become part - Il big
system.
The regular leaders If the indus
trial list were at times almost neg
fected. American Can at its low "i
The day WAS off nearly points from
where it selling Monday morn
!ng. showing that il had discounted
anything that the directors may do
It the December 20 meeting. Some
selling came into Mercantile Marine
preferred on the pessimistic express
ions by the president of the company
II the shipping outlook.
Wall street Features.
The continued back wardness in
fnterna tional Paper stocks seems
natural in view OF the varied opinions
concerning the ability to show sat
isfactory net income. The latest cs-
Inmates are that the company will
earn between - and $1n on the com
mon this year. II is understood.
however that rather heavy d-pr--
rtaticn charges hav" been necessary
because of the changes in Iuterna-
Jonal Papers business-the removal
II part of the print paper branch
10 Canada, the ots ration of its book
paper plant and the development Of
hydro-electric power in the north.
In connection with the recent i'm
provement in the domestic oil shares.
the street has had in mind the likeli-
mood of publication of favorable
weekly statistics on Thursday. Not
only has output in the Powell Field
IN Texas dropped off materially. but it
tS believed that the report Will show
substantial reductions elseW Wher..
American Wooden Strong.
Probably nobody doubted that
American Wooden directors would de
clare the regular quarterly iii, idend
on the common. It is believed that
the company will have earned well
over the : per cent for 1923. The
question that has arisen, however, is
what 1924 will bring shareho ders
OF American WOODEN common. Where
he stock was selling today 1t was up
less than 10 points from the low of
6J. and yielded we'll over 9 per cent.
There is always the feeling that
American WOODEN does not disclose
It's fun earning power. ana that the
company might continue dividend dis
i,Irs-ment beyond the point where
lrss resourceful concerns would omit
hem. =
The declaration Of only the regular
quarterly $50 on Mack Trucks com
mon was NOT a surprise. Additional
dividends at this time would be war
Tanted SO far as earnings are con-
rerned. for the company will show
.Lbout &22 Il share in 1928 as against
the current s6 dividends on the COM
mon.
Late Trading Is Quiet.
The stock market quieted down de
cldedly in the late afternoon. with
the immediate tendency of prices un-
certain. There was an evident dis
position 10 await the outcome of the
apeakership contest in the House and
the reaction of the conservative ele-
uentS to the disclosure that the ratli-
calls have the balance of power and
can block important Legislation.
While admitting that the tax rcfluc-
tion outlook was not as cheerful as
it appeared a week ago. Wall street
vas still looking for some sort of a
reduction measure.