Evening star., 1923-11-26
OILS AND SUGARS
MARKET LEADERS
Heavy Selling Slows Up List
in Afternoon-Traders
! Again Turn to Rails.
by STUART y. WEST.

Special Dispatch to Tie star.
NEW YORK November 26.-There
was no change in the general char
acter of the stock market today from
what it had been all last week. Sell
ing for the purpose of securing specu-
lative profits was heavy at times and
produced the usual irregularity in the
price movement. But the buying
forces were still in the ascendency.
nearly all the principal moves in spe-
cial stocks being upward.
Oils and sugars We're the leaders
Sinclair, Marland. Phillips Petroleum
and Pure Oil all made new highs
for the present upward swing. Moth
ing new developed in the oil situa-
ton. The buying of oil stock TOR
the last month has not been inspired
by the idea of any marked improve
ment Immediately in trade conditions.
but has rather been long range buy
ing. having in view the oil situation
several months from now. More
over. the oil company earnings re
ports covering the SeptemberS quar-
ter has made much better reading
than was anticipated.
Raw Sugar Boosts stocks.
The rise in the sugar stocks, also
into new high ground for the present
movement. had more direct lncen-
tive in the trade news Of the day
Raw sugar sold above cents pound
and quotations of refined sugar We're
advanced all along the line. Cuba
Cane preferred was up over eight
points from where il was selling less
than two weeks ago.
Timken Roller Bearing came in TOR
more attention with an adNanc"
across 3S. This appeared TO be a he
lated response to the extra dividend
declared In the first week of Novem-
ber If this extra is maintained the
and as such would return at present
prices over 10 per cent. Earnings are
running between 81 ana $S a share.
Leaders Drop sharply.
AS the day went on. realizing sales
Increased in the active industrial
leaders like Studebaker. Baldwin
Locomotive and American Can. Max
we'll Motor shares came down sharply
oStenSibly because there was no con
firmation of the story of j deal with
the Studebaker Corpora tion. which
had been responsible for last week $
abrupt advance. In cen tain quarters
however. this story was still credited.
and il was claimed that the terms
would he one share OF Studebaker for
one and half shares of Max
we'll "A 8"
In the afternoon realizing sales
were more in evidence among the in
dustl !;.ls and the professional trad
ing element turned into the rails.
Railroad situation.
There was little to he said about
the movement in this direction other
than what is now generally known,
namely. that the period Of eXtraor-
dinary approximation for maintenance
OF equilibrium are over. net revenues
are showing up much better than
they We're in the late spring and sum
mer. Railway mana gementS are in
no hurry. however. to give share
holders the advantage of these earn
ingS increases. They are waiting to
just what the anti-railroad agita-
tion in Congress is likely to amount
to and what will come in a practical
way from the Efforts of Interstate
Commerce Commission to bring about
the oonsolida projected under
the present transportation act.
Extra Talked on Mack Trucks.
Mack Trucks was bid up briskly to-
day on talk of an extra dividend at
this weeks meeting Mack will earn
about $22 per share on the common in
1928 as against the present regular
50 annual dividends, and ii is likely
that if the company does not declare
an extra it will do so in 1924.
In answer to formal inquiry adj
dressed to the Reading company as to
whether under the dissolution the re-
turns between the Reading second pre-
fcrred and common stocks would re-
main as at present. the reply has been
received that the present status of
these shares would remain unchanged.
This is apropos of the power of the
directors of the Reading to make the
second preferred exchangeable into 30
per cent Reading common and 80 per
cent first preferred.
1t was a matter of interest whether
the directors Of the American Can
Company Tuesday would increase the
present dividend or deciarrIan extra.
The stock pays So and earnings are
understood to be in excess of $50 a
share. At the last meeting no extra
was authorized, but the Street main
fained that in the last quarter the d.
rectors would do something.