Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-19
OILS ARE Stronger
|NSTOCK MARKET
Industrial Shares Hold Up
Better Than Railroad Is
sues on Exchange.

BY STUART p. WEST.
Special Dispatch to The Star
NEW YORK, February 10 The
market today was again considerably
unsettled, but operations for the de.
cline met with more resistance.
When the rise started last October
the industrial shares were the pio'
neers. and it was not until some time
later that the rails commenced to fal
into line. Naturally the same order
of events has applied in the down
ward turn of the last fortnight. Rail
way shares held up much better than
the industrials in the break of last
Friday and the secondary decline OF
Monday. But today.a number OF the
rails underwent their delayed read
justment.
Erie Shares Heavily Sold.
Among them were the Fries, which
were heavily sold, and Chesapeake
end Ohio, which dropped very sharply
Atchison was off nearly five points
from the top. This was regarded as
the atonement for the rise across 10.
the head of the company that no in
crease in dividends was contempla ted
Seaboard Air Line issues, on the other
hand, continued to hold, up remark
ably we'll, and there was no further
selling of Northern Pacific because OF
the dispute which has arisen with the
government regarding the right OF
the railroad to large section of its
land grants
Baldwin In Fine shape.
Baldwin Locomotive was not appar-
emily influenced by the excellent report
he 81 11r n with
the rest of the market: Earnings OF
s25.5S a share against $19.03 the year
before were in line with the highest ex-
rent assets of $50. s63. 900 and current
liabilities of 50, 462. 900 was very striking
The street was also impressed with the
disclosure that Baldwin Locomotive
republic bonds and only sl.443.000 re-
manning Treasury notes. 1t was the
originally large holding of these securi-
ties which made Baldwins finances the
object of criticism three years ago.
On the other hand. setting aside OF
q years dividends al the rate of
per cent bears out the recent state
rnent attributed to the President that
no increased distribution is likely yet
awhile, and even at 100 down IL
points from it's recent top, Baldwin
Locomotive returns less than 6 per
cent.
OIL Shares Stronger.
Among the oils the strength of the
PAN orleans was the feature. The
short interest in these stocks has
been reputed larger than in anything
else on the list, and doubtless short
covering was mainly responsible for
the advance today. But with the
pan-Americans going up, which have
more at stake than anything else In
the oil-lease scandal, this could no
longer be logically used as an argu-
ment against the oil group.
The stocks all seem to be receiving
better support around their low
levels. the contention being that the
statistical position of the oil industry
is just as good. if not better. than
1t was when speculative excitement
was running high in the oil shares
market a month ago.
The rapid development of the franc
financial crisis was the event Of most
significance in the situation today.
The decline in the franc to new low
levels nd the panic on the Paris
bourSe, where everybody seemed to
be selling French securities at once
in order to put their money into
sational enough to overshadow any
thing else that happened.
However. much interest also was
taken in the unfolding of the situa-
ton on the New York Stock Ex-
change. How far the recent violent
decline was due to the Senate inves-
tigation into the oil scandal and how
far to conditions within the market
itself was question which continued
to be keenly debated.
Associated Dry Goods.
The 1923 income account of Asso-
ciated Dry Goods, showing net earn
inGs of S17.S5 share on the common
after all charges and after allowing
for dividends on the two classes of
preferred, bore out predictions that
the year would prove the largest in
the company's history.
increased its investment in Lord &
Taylor, from which it receives first
and second preferred dividends regu-
larly, to point where Associated
outstanding capital stock. In the
twelve months it acquired approx
mately $50 shares of the first prefer
red, 1872 shares of second preferred
and AL shares of common stock of
the latter.
COngOleum In Sharp Break.
Because 'Congoleum was a con-
days crumbling price list. it's sharp
break today was almost equally as
noticeable. Its advance of IL points
to a new high Monday while other
pool favorities were slipping away
led to the assumption that the inter-
eSts behind Congoleum had no inten-
ton of getting out. The stock broke
about points soon after the OPEN
ing today then encountered sup
port. Earnings are understood to be
sufficient to cover the per cent divi-
dends, but with only a moderate bal
ance to spare. With the floating sup
ply appreciably reduced. it has been
simply case of speculative interests
being easily able to influence the
movement of the stock.
Late Trading Improves.
There was no suggestion in the aft
ernoon stock market of resumption
of the speculative campaign which
eliminated two weeks ago. What &C.
CURED was moderate recovery in
recognition of the fact that the bust
ness outlook and the money position
had not changed, and WERE in fact,
quite as favorable as they had been
when speculative Wall street was at
the height of its enthusiasm last
month From the January highs to
the February lows the decline ran
from to 10 points among the lead
ers of the list. or about a third of the
entire gain since October This seem
ed to have appealed to many as a
very substantial recompensation fol
recent speculative extravagances.