Evening star., 1924-01-21
ADVANCESSC0RED
IN SPECIAL ISSUES
Wall Street Sentiment Very
Much Divided - Selling
:, Heavy in Some Stocks.
BY STUART II. WEST.
Special Dispsteh to The Star.

Special Dispatch 10 The Star.
NEW YORK. January 2l.--Senti-
ment around Wall street today was
very much mixed. 1t was pretty well
agreed that the main upward swing
had been checked. at least temporari-
", and that the speculative movement
taken as Whole had slowed up con-
7itierably. On the other hand, 1t was
recognized that operations for the
rise Wsre likely to be continued in
selected stocks, oven while realizing
and profit taking were going on else
where. 1t was this sort OF a price
movement that was seen TODAY.
Oil shares More Active.
Oil shares came in for more atten-
ton than any other group, but here.
sofrn. Phillips Petroleum continued
20 feel the depre ssing effect of the
new stock Offering, and Sinclair, Pure
Off,- Cosden and Marland were not
was the further advance in Associated
Oil.. accompanied by active buying In
Pacific Oil at the highest prices yet
s'esehed on the present move. ;,
'Lehigh Valley was the only rail-
stock which did anything in partic-
u
MED further rise in rights to sub
scribe to the coal shares. Seldom has
II happened that the market has gone
90 far. astray in preliminary fore
case of these Lehigh rights. Before
.rading began on Friday the highest
estimate was IS and the lowest 10.
Today actual sales were occurring
at 35. Ill.,,
Corn Products Higher.
In connection with the rise in Corn
Products, a $S dividend on the stock
was discussed. ThIs would mean 10
per cent on the old stock, which to-
day went we'll above its high for
all time. ,
The advance in New York city trac-
tions, Brooklyn and Manhattan COM
non, Interborough Rapid Transit and
Third Avenue, could not have been
set down as anything else than a
piece of bold speculation. B. NJ T.
preferred could pay Il dividend the
wey earnings are now, but there Is
little or no intrinsic value to the
common. The only excuse for an ad-
vance in marlborough Rapid Transit
and Third Avenue is that their earn
!ngs have been helped by the ex-
mas kept down operating expendi-
tTeS.
Consolidated Gas. continued the ac-
tive of the public utilities. Much Of
the buying in this stock was due TO
tho desire of persons. who had made
profits in the recent advance in the
general share list to- switch into
stocks of the investment type, such
as Consolidated Gas. 1t Is expected
that the 1928 report will show earn
ings of approximately 50 per share.
and estimates of current net income
are at the rate of s12 per share.
Westinghouse Electric Gossip.
oil oil
that around the end of Westing-
houses fiscal year-Narch 3l--there
was a likelihood of shareholders re-
ce!ving more in dividends are az con-
Adent as ever that such action will
De taken. Stock has paid 81 per
share annually, and II is calculated
that earnings so far this fiscal year
have been running around IS or So
An extra dividend would not come
As a surprise Westin ghouse'S book
II, 1923, totaled $36, 6,435.50O, as against
S37.017.660 in the same quarter OF
1922 and as compared with S4l,S4O,-
900 for the September. 1929, quarter
Pierce Oil issues. notably the pre-
ferred, are still in demand The pre-
ferred' stock opened up at 36. as
against Saturdays close around 80
and its continued strength In face of
slGggiShness elsewhere indicated
something more than the current ex-
Pierce Oirs affairs. The street hears
that other oil interests have been
seeking control of the company.
Stockholders of Ray Consolidated
will be called upon, according to the
original merger plans, to ratify on
February Is the increase in the CAPT
al stock of their company from s16,-
400 900 to $31 100000, SO that Ray
may absorb Chino. The combination
S for the purpose, officials said, to
effect economies.
Two Years Improvement Lost.
Sterling exchange, under st.2o, was
lower than az any time either this
year or last. 1t was within less than
: cents in. the pound of the bottom
figure of January. 1922, which meant
the undoing of nearly the entire i'm
.provement of the last two years.
around $4.70, 1t was predicted on both
sides of the water that the rate
would soon get back to Its pre-war
par of SASSY.
The upset of these calculations has
come about partly as the result OF
the swing from a relatively favor
able to a distinctly unfavorable bal
ance in British foreign trade and
partly because of the unsettled po-
litical and labor conditions
Late Trading Confused.
Further marking up of oil quota
tions made a favorable setting for
ope rattOns in the oil shares But the
oils did not advance as a group:
rather they went UP individually for
particular reasons With one or two
exceptions, interest in the rails sub
Sd.d entirely. The advance was OBJ
viously checked in the SteelS and
equipment stocks. while some of the
motors were at times definitely weak.
CLOSE rs IRREGULAR.