Evening star., 1924-02-07
US. STEEL STOCK
MAKES NEW HIGH
Common Touches 109-Mo'
tors Also Strong-Wool-
worth Goes Above 800.
ny STUART p. WEST.

BY STUART p. WEST.
srecial Dispatch to The Star.
NEW YORK, February 7.-steel
shares and motor issues dominated
the market today.
Il. S. Steel common made 4 new
high at 109. Bethlehem Steel was not
affected in the least by the SUIT LOT
the dissolution of last years COM
bination in which Bethlehem was 10
center Republic Iron and Steel was
actively bought on the annual report,
showing SIS a share earned on the
common after preferred dividends.
This was better than expected ana
tended to lend more credence 10 re-
cent reports that common divl-
dend is not unreasonable to expect
within the course of the year.
Sloss Sheffield, being particularly
interested in the pig iron situation,
the stock had brisk run up on tne
figures published Wednesday,, which
showed an increase in production
during January for the first time
since last June. Gulf States Steel
sold at it's high of the year.
Motor Stocks In Demand.
Motor stocks were bought on un-
official figures of production during
January. which disclosed a much
larger increase over 1873 than the
street had been looking for. Stude,
baker was the leader. The General
Motors preliminary report was I'M
pressive, especially in the fact that
dividends on all three classes or pre-
ferred and debenture stock were
earned ten times over:
The balance for the common was
xryf oh Ia
dividend is increased. it would not be
as high a rate as 50, such as Wall
street has recently been talking about.
Had General Motors share in the un-
divided profits of Fisher Body been
added in. earnings for the common
would have been $3.12.
White Motors in Demand.
The White Motors figures for 1923
also made a very good impression.
They showed $3.50 earned on the
stock as against S7.54 the previous
year. The report was followed by
further buying of White Motors ana
also of Mack Trucks on the ground
that the high estimates of Mack earn
ings were strengthened by the show
ing of the White Company. Good
year Rubber shares were not mucn
affected by the annual report
although, considering the severe com
petition in the tire trade, the results
were certainly favorable.
After paying dividends on the prior
preference, surplus was increased p9
S37OOUOO while the comparison pc
tween current assets of S56,5S5,ooO
and current liabilities OF Si,ol1,ooo
was quite striking.
woolworth Crosses 300.
woolworth stock crossed 800 for
the first time. Dawson Chemical raj
lied on a better understanding OF the
outlook for Silica-Gel. which was set
forth at length in statement &C.
companying the annual report, but
received very little publicity at the
time American Hide and Leather
preferred was bought again on lntl-
nations that if the improvement
shown in the last quarter statement
is maintained s9meselng sf haeK gdi%dends Ds '0he
Both the preferred and common
stocks of Cuban Dominican Sugar re,
fiected further buying. AS pofnte,1i
out Wednesday, earnings after All
charges and after allowing for 8 per
cent on the non-cumulative preferred
equal approximately 72 cents in 1923.
This year that figure is expected TO
he doubled. Dividends have never
been paid on either class of stock,
it's business is on a profitable Dasis
and the inauguration of dividends on
the preferred is looked for.
Lori,lard Stock Very Active.
More Lorillard has changed hands in
the past few days at higher prices than
during the preceding two months. III
is understood that "a block of approx
mately 10 600 shares has been llqul-
dated During that operation Lor1llard,
which had had considerable advance,
naturally reacted rather sharply. How
ever, it's rebound this week has re-
suited in the rscovery of good part
of the ground lost. The company is
earninp over $50 a share. Lately it
was announced that the deal with Con-
Solidated Cigar had been abandoned,
and it is believed that the failure of
negotiations in that direction had
something to do with the unloading OF
Lorillard shares.
The report that Marland Oil will
absorb Pennock Oil evidently is well
founded. Marland. with 100000 re-
stock to banking syndicate. has
paid off bank loans and has about
s3,000000 left. With this it is in a
position to secure more oil producing
territory Immediately and Pennock's s
company lies in the same mid-conti-
nent region.
Transcontinental Oil sold down
around its lowest for the year on the
report that a new issue of preferred
stock was to be floated. The new pre-
ferred. if issued would take care of
bank loans and strengthen the finan-
cial position of the company, interests
close to transcontinenta. point out.
Washington News Shakes Market.
A few members of the steel group
made their high prices in the late
afternoon trading, but .ney were ex-
ceptions. Selling increased all around
in the last hour and a half, and
brought about fairly general re-
action. An additional reason for the
weakness in the oil stocks was ex-
noSpd nv the announcements from
Washington that the President had
directed the Federal Trade Commits
sion and the Department of Justice
to make thorough investigation of
the recent advance in gasoline prices.
1t will be interesting to see whether
an inquiry of this sort will reach
the conclusion which many in Wall
street drew six months ago, that the
very low prices were the result of
manipulation exaggerating the ex-