Evening star., 1923-12-12
CENTRAL |SFEATURE
IN STOCK MARKET
North Western Also Gets At
tention Among RaiIs-SteeI
Common Is Active.
BY STUART r. WEST.

Special Dispatch to The Star
NEW YORK, December 12.-Among
the individual moves in todays stock
market three were particularly note
worthy. The first was an overnight
jump of two points in New York
Central, which sold at 107 right at the
opening as against 105 at the close
Tuesday. The second was "a period
of active buying i'll United States
common, which carried the stock up
to 90, a gain of over a point. The
third was a partial recovery in Chi
cago and North Western following
the ten-point break of the previous
day.
Early Gains Lost.
New York Central promptly lost its
early gain on the announcement of
the new financial plan. The street
had been expecting distribution
of the Centrals holdings of Reading
rights and was not disappointed in
the offer to let these go at the
nominal figure of So per right in
proportion to the amount of New
York Central held. This. with Read
ings ri4htS we'll above $50, Is obVl-
ously a valuable privilege. The ac-
Companying proposition of a 10 per
cent increase in New York Central
stock itself-to be offered to share
holders at par-had been reached In
the middle of November.
This low selling price is not to be
accounted for, like the decline in
sterling. by unusually large purchases
of American merchandise ana remit
tanceS on the war debt. Mainly, 1t
is due to the conversion of francs
into dollars on the ground that until
the reDarations outlook becomes
much brighter than it is now this
Is wise operation.
Foreign Exchange steady.
The exchange market paid no at
tention to the Washington reports
that the administration was having
America represented on the two in
vestigating committees which the
reparations commission proposes to
send into Germany.
Further light was thrown upon the
recent decline jn sterling by the No
vember figures of the British board
of trade. These showed an increase
in imports of 1.167.000 pounds over
October, which. in turn. increased
l6644.00O pounds over September
This rapid and progressive expansion
of imports is chiefly a reelection of
England's costly purchases of Ameri-
can cotton. But what is equally
striking is the decline in exports,
which were 6.450,O00 pounds less in
November than they were the month
before. The net result is an unfavora-
BILE balance in the merchandise trade
of 25,645,000 pounds. considerably the
largest of the year.
Data on Special Stocks.
The present earnings of Timken
Roller Bearing and the outlook for
next year are the basis for the pre-
diction in well informed quarters
that the current 81 dividend may be
made "A regular rate soon, instead
OF So disbursement. with an extra
81. Net income this year is expected
to equal approximately twice the 81
paid in dividends.
The income statement of the Cuban
American Sugar Company for the
another contribution to the favore BILE
news regarding the sugar trade. Fer
the fiscal year the company showed
net profits. after charges and pre-
ferred dividends, equivalent to sI.45
a share on the SO par value stock.
International Nickel had one of it's
iufTe4uent but characteristic moves
today, with apparently no, news to
account for its advance. This is
the only nickel company stock listed
on the exchange. and this is regarded
parties are able to bid it up OcCa-
Sionaliy without any special incent-
i've.
Among the motor parts stocks the
features were Hayes Wheel, which
got above Al on pool operations, and
Think en- Roller Bearing, which gained
q point.
There was some further Dnying for
a time in the sugar stocks Induced by
the remarkable annual report of the
Cuban American Company.