Evening star., 1923-12-24
STOCKS GO HIGHER
IN TRAD|NGI0DAy
Industrial Section Advances
Most in Closing larket
Before Christmas. !,
BY STUART p. WEST.

o1 SIl AMI r. =" EST
Special Dispatch to The Star
NEW YORK, Decerihez c4.-Today s
market continued in the main the for
ward movement which had been inter-
rupted briefly a week ago. 1t was
pretty much confined again. TO the in
dustriai section. Union Pacific did bet
ter for a while and so did one or two
of the other rails. But as a rule this
class of stocks either was, neglected, or
where dealt in. to, any extent, were
heavy.
There was nothing new abouts the
oii.trade situation to account for the
sharp rise in Marland and the
strength of the oil group as a whole.
Further advances in OH prices are an
ticipated in the next month or two as
production and consumption draw
closer TO an equation. 1t is this. along
with relief because there has not had
to be the financing looked for month
ago, which is showing In the market
Tor the oil stocks.
Special Stocks Higher.
1t was quite appropriate that ac-
counts of record breaking Christmas
by new high prices for stocks like
May Department, Associated Dry
Goods and others representing the
dry goods and distributive trade.
Wilson & Co. was another spc-
ctalty which came in for an unusual
amount of attention. The rise was
due to better earnings growing out
Cf the Improvement during the last
few months in the greater part of
the packing industry.
With United States Cast Iron Pipe
at new high. reports persisted that
short interest was in serious
scarcity of the floating supply. The
story is that when the litigation be-
gan. intended to establish the right
TO repay preferred shareholders for
pa1t sacrifices at the expense of the
Went heavily short Of the common
stock and have not since been able
TO cover.
As earnings and dividend prospects
for the shares, this market condition
would seem to be the more plausible
explanation for the rise.
National Lead Gossip.
1t is about time. If there is nothing
IN the extra dividend 'alk on Ma
tional Lead. for official denials to be
forthcoming The National Lead
management in the past has always
been rather prompt in repudiating
such gossip where there has not been
any basis for it. But with the stock
up violently again today, on top of
last weeks 11-point advance, the
street thought 1t significant that
nothing should have been said to dis
courage the report that a stock divi-
dend. involving perhaps a capital
spltt-up, was in prospect.
Chicago and Northwestern continued
10 seek what would be considered a
more suitable level for per cent
stock. But in its case, aSw we'll as in
that OF Great Northern preferred and
Northern Pacific, which have had a
establish tax losses has probably
played an important part in the re-
cent market.
Wheat Prices Lower.
Continued sagging Of wheat prices
was the one depressing incident Of
the day. The accompanying decline
IN corn may or may not be lasting
readjustment in accordance with the
big crop yield OF 1898, but, at all
events, it comes too tate to affect the
position in the corn-growing states.
TIM bK an tbs fact that
marketed before the price reaction
set in and was sold on highly satis-
factory terms.
That the fall in wheat toward the
dollar bushel level will add to the
agitation In Congress for-.some form
of government relief may be taken
for granted. But the whole matter
VIII probably be settled when repre-
sentatives from the wheat-growing
regions have made good with their
constituents by giving a few
speeches and introducing few bills
which stand no chance of. seeing the
light of day. ---
As anticipated. powerful efforts
We're put forth to support the French
franc when IT threatened to break
the 5-cent level. The result of this
support was shown today in the first
substantial rally which has occurred
in over a week.
Wall street Features. ).
Computing Tabulating - Recording
compartment of reports of an early
Increase in the dividend. At present
the payment is Sc. but the annual
statement will show twice this
amount earned.
Marland was the leader of the oil
group, reaching a new high for the
present movement when 1t got above
"S. None of the other oils has felt
so keenly the relief from the post
poaement and possible avoidance al
together of new financing.
AS late as the last week of No
Fember the reported intention was
20 issue s1O.e0o.900 first mortgage
bonds, and later a $1,000 600 issue of
dehentures. The last figures on Mar
lands financial position showed that
after absorbing most of the big de-
cline in oil prices, current assets were
nearly S20,000,00o as against llabil-
tiles of less than $1o,00o.000.
Overland Preferred
Crossing s11s. WHY'S Overland pre-
ferred surpassed its best figure so
far. The cCmpany's earnings are am
pie to, warrant the beginning of pay
ments on the 21 per cent of accumu-
lated dividends. But as the terms of
fhe sl0,000,000 bond offering last au-
fumn provided that no cash dividends
were TO be paid except out OF earnings
acCruing subsequent to September
1923, it is thought unlikely that any
thing will be done about dividends