Evening star., 1924-01-07
a. - ~
!, ,sIlI0lttciks / I GosHIeIHER
I'M LIVELY TRADING
Oil Shares Again Come to Front.
Steel Commons Rise u :,
!. Explained.
SOUTHERN RAILWAY STRONG
--------
Again: Leads Rail Transactions
and Crosses Al. ..-.,,.
-.
SOUTHERN RAILWAY STRONG
BY STUART p. WEST.


! NEW YORK. January 7.-Today's
/. market was "a mixture of new and
somewhat enthusiastic buying with
profit, taking on very large scale.
During the greater part of the time
the advancing tendency rredominated.
I There were frequent gains of point
to two points and a number of new
!. high prices were, .reaehsd - :; ;js%J
The rise in steel common above par
was explained by the announcement
later In the day -thatIhe usual sub
scription offer to employees would
be made this year at S100. a year
ago the offer price was $l07, and over
100000 shares were taken.
OIL Shares Again Pushed.
After nearly a week during which
heavy realizing sales were being alb
. sorbed, the oil shares were taken up
again. An advance of 10 cents a
barrel in crude -oirin the Bradford.
gallon in export gasoline were of no
/ great Importance in themselves. but
they added to the impression that the
/ oil trade was not through with Its
recovery. The leaders In, the oil
group were Pacific Oil. above 90:
General Asphalt, Phillips Petroleum,
: WHICH was up over a point, and Stan
dard Oil of California.
,wSoathefn : Railway, retained the
leadership it had held last week In
the movement of the rails.
The buying OF the stock was very
: persistent. as it pushed through IL.
The idea is that it Is discountinS
4sper cent dividend. Other members
of the southern group were at times
In demand, especially Atlantic Coast
Line and St, Louis Southwestern.
Wabash preferred "a which. is also
In line for dividends, was eonspic-
uously strong, New Maven was ac-
tive at advancing prices. the street
recalling that the president OF the
company has been quoted more than
oRce in recent months to the effect
that the road has turned the corner.
The buying finally spread to higher
priced dividend payers. Baltimore
Rad Ohio reached 60 and New York
Central, Atchisou, Union -Facific aud
the Northw estern shares were higher.
[ Pool Pushes N0rth- American. =
North Americans advance was de-
sSribed as a pool nper a ton -based' on
the tact that paying 81. the stock. has
been returning;: at .srecsnt selling
being earned mare than 4sSo and "a
half times over.
Recent weakness in the Pan-Amer-
loan Petroleum issues has increased
the doubt in the mind of the street
whether the present annual IS divi-
dsnds are secure The Pans sAmericans
tdday were selling decidedly out Of
line, and a reductia,ns. r. in the dividend
disbursement would ~ hot come asa
surprise.
1t requires approximately $4,000
600 a year to maintain the full 50
atvidend on the common stock. The
decline which has occurred in this
quarter. with occasional tnterruP-
ttons, has been attributed to reports
OF dwindling oil Jsappiles iR the COM
pany'S fields In Mexico.
American suE1r Prospects.s
The publication.of of the. 1929 report
Of the American an~r-Sugar Refining
Company Is expected within the next
several weeks and from best infor-
nation available it is likely to make
agpoor showing. There will be heavy
write offs for depreciation in connec-
tfon with the big losses of 1920-21. :
Nothing at all is likely to be shown
for the common stock. Dividends
more than two years, and in that
period the company has TAKEN the
opportunity to strengthen its finan-
cia1 position. The outlook for 1924
seems to afford interested persons
fresh hope. TheH!prediot resumption
of dividends on the common within
the next two kearSs -.
International Paper at New TOP.
International Paper got 40 the, hi9h- :.
est it has touched in 'the upward
movement, and Its rise was accom-
panied by reiteration of estimates
that 1928 earnings will show net
amounting to around SIS per share.
The afternoon market took its cue
oHl-the-continued-s -stre nsth of steel
common above par and from the tax
ether leaders 4 itfse- ia 4eWan n
Loeerhettyees Studebakar sAnd. +yAIReri.
can Can. which had been hanging be-
hind The rise in American Can was
quite remark able because of. the. case
with which it was accomplished. The
relative scarcity of offerings was
made much of by those who have been
comparing all along the move with,
that in Corn Products.
Accompanying Studebaker, other
motor shares fell into line. Goodyear
preferTsd rose over two points fol.
lowing the jump i'll U. SsEubeer ;airst
preferred,