Evening star., 1923-07-23
STOCKS DO WELL
! IN FINAL TRADING
Selling Oils Fails to Halt Up
ward Trend Noted in
Many Leading Issues.
By STUART p. WEST.
al nispa tch tn The Star

Special blsphtcn u ihe otaN
NEW YORK, July 23.-The market
started in today with further selling
of the oil shares, following the an
nouncement that gasoline prices hAd
= been cut a cent a gallon. This re-
vived discussion of the unfavorable
status of the oil industry and led to
predictions of another reduction in
crude oil. Phillips Petroleum made
a new low of 90, Marland sold off
l ia points. Cosden and Producers and
Refiners lost nearly point.
Vile selling of the oils was in prog
ress the rest of the market was some
what unsettled. 1t showed. however.
the same resistance, the same i'm
provement in buying power as 1t had
under similar circumstances on Satur
day. After the first half hour prices
hardened and the leading speculative
tavoriteS soon regained what they had
lost. Special strength appeared in
American Locomotive, which, above
10. was selling close to the highest
since the capital was doubled. 1t is
claimed that earnings on this new
stock are running at the rate of S25
Il share, although this estimate seems
too high and does not allow enough
for the reserve appropriations ana
write offs However, talk of an in
crease in the dividend from s. to Sc
is not unreasonable. Baldwin Loco
motive. Pullman and the other equip
mentS moved forward also.
Many stocks show Strength.
The way stocks like Studebake
and American Can turned around
after having lost piont or SO was
very impressive. 1t showed how the
active speculative elements We're
working on the bull side.
hnr hot fnr
support. Phillips Petroleum more
than getting back its early loss.
Mack Trucks was one of the fea-
lures among the specialties in an
ticipation of a considerably larger
dividend distribution before the end
of the year
In the public utility group quiet
absorption was noticeable again In
North American and American Tel
ephone and Telegraph at 123 was
within 2l2 points of its best of the
year.
RaiI shares Do Well.
, Railway shares were generally
strong. with Baltimore and Ohio at
the highest touched on the present
recovery, with New York Central
above par, and with Reading above IS.
Buying of the latter was inspired by
the rise in Reading Coal rights on the
curb. Selling reappeared. however, in
Great Northern preferred and North
ern Pacific. Considerable switching
appears to have been going on from
stocks on the idea that the north
western roads will be hit hardest by
any reduction in freight rates on
grain.
According to private advices a cut
in Mid Continent crude oil prices Is
expected later this week. 1t is re-
ported that representative producers
in the field will meet Thursday to
take action,
Associated Dry Goods Active.
Associated Dry Goods stock was
bought again today by people who
have information on the first half
years operations. Gross business in
same period of 1922, while there was
a much greater Improvement in net
earnings. 1t is estimated that Dry
Goods earned about $3.50 on the COM
+, mon stock after dividends on the two
classes OF preferred and that net in
come on the common for the full
twelve months will amount to SIS a
share.
There was further buying of Erie
first preferred because of the favor
able rate of earnings which the COM
pany has been showing. For the first
five months the net amounted to So
n share on the first preferred stock
and some believe that for the full
dDDTOXlmdIGlY
SIS a share.
Baltimore and Ohio stock displayed
further strength today because of this
carriers holdings of Reading coal
rights. These holdings were valued
at close to sl5.000.000 at the current
selling prices of the latter today. The
advance in the price of the rights
was reflected in Baltimore and Ohio
stock.
Advance in Afternoon.
American Locomotive and Baldwin
Locomotive continued the leaders in
the afternoon, but more attention was
paid to the motor and motor accessory
stocks. Studebaker, which had gone
below 106 early In the day, rallied
above 107. There was more of a
demand for Chandler and for Pierce
Arrow, while Stromberg Carbureter
ran up sharply.
European exchanges were generally
higher. with francs around the 6-cent
level for the first time in month
Possibly this might have been con-
that something will come out of Great
Britain's efforts at a settlement of
German reparations. But more likely
it was due to the covering in of an
operextended short interest.
The reason German marks have
not shared in the general recovery
in the exchanges is cleverly brought
out by the latest Reichsbank state
ment. This shows an increase of
over five trillion marks in note cir
oulation.
why Living Costs Double.
The largest previous increase was
that of four and a quarter trillion
in the week of June 80. 1t is easy
10 understand how the German cost
of living doubles in a few days time.
If this goes on as 1t is now without
commensurate rise in wages. food
riots such as occurred at Breslau
Saturday are likely to he frequent.
Germany still has large credits in
London and. through recent gold
shipments, has been building up a
credit in New York. These funds
can be utilized to purchase American
foodstuffs. But they must also be
made to do for purchases of coal
needed to make uD for the shut
down in the Ruhr.