Evening star., 1924-01-25
STEELS AND OILS
MARKET LEADERS
SUGAR Shares Also Higher
Again Today-Railroad
Stocks Inactive.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, January .o.-Ihe steer
shares and the oils provided the two
main points of interest in the STOCK
market today.
With the time drawing near when
the quarterly dividend is to be acted
upon, the advance in United States
Steel common was particularly sig
nificant. 1t attested the confluence
felt that there will be another sub
stantial extra dividend. the guess
being that 1t will be IS cents, thus
bringing the total distribution for the
twelve months up to per cent. Beth
lehem Steel was prompt to respond to
the 1923 figures, which were more fa-
vorable than had been expected.
In the blue times of last summer
the street was sure that the Bethle-
hem dividend would either be cut or
passed. AS it turned out, the surplus
available for distribution On the com
mon amounted to S6.46, against S5
distributed to stockholders. other
steel shares followed along, Republic
Iron and Steel. Gulf States and Sloss-
Sheffield all showing considerable
strength.
Oil Shares Go Forward.
The immediate influence in the oil
shares was the further 25-cent ad-
vance in Pennsylvania Crude OIL
This led to heavy buying at sharply
advancing prices in stocks like Cos
den, California Petroleum, Phillips
Petroleum and Skelly.
Texas Company got across ~ ant
there was a sharp rise on small
transactions in Houston Oil. Thu
news given exclusively in these dis
patches Thursday that the Morgan
interests were the bankers Wht
would attend to the new financing
which there was unusually active
buying.
Sugar stocks were prominen
again, with Cuba Cane preferred
Allegro above 60. More notice wa:
taken of the position in the marke
fer sugar futures. The prices a
which the new Cuban crop option:
ere selling indicate the belief in the
sugar trade that the producers will
get as much for their sugar as they
did a. year ago.
What this will mean in the way OF
dividends. now that the Cuban pro-
ducers have liQuidated their bank
loans and accumulated large cash ball
ances. is what the market has it's
mind upon.
Lehish Valley Higher.
rails to do anything At 70 it was up
point and a half. Some buying
came into Great Northern preferred
on the preliminary statement Tor 1923
showing net income available for
dividends of s7.2l, compared with
S4.35 4 year ago. This was a better
result than had been anticipated.
The latest railway car-loading fig
nres were interesting. even If they
had no immediate effect upon the
railway shares: The increase of 16s.-
S96 cars over the week ended January
II was not surprising. in view of the
comparison being made with the
week including New Year day. AS
compared with year ago there was
still a slight decrease-643 cars. This
vas no reflection, however, upon the
general business movement. for load
ings of merchandise still showed an
increase as compared with the same
Interest died down perceptibly in
the exchanges. The sterling marke,
is evidently awaiting the further
elaboration Of the labor party pro-
gram. The market for the franc is
equally inclined to inaction until
there is more light upon the outcome
OF the tax increase proposals. AT
length the decline in Danish cur
rency, which has been going or
steadily for the last week or more
was halted.
Mnrlnnd Oil n Feature.
Dealings in Marland Oil continued
stocks changing hands between SO
and just above 40. The incentive for
the advance was disclosed quite fully
on Tuesday. The rumor persisted ir
certain quarters that eventually Mar.
land would absorb other independent
producers. That was the construc-
ton placed on the news that Mar.
land. with the support of strong
banking interests and with assured
outlet for its products to the Stan
dard Oil of New Jersey. would ac-
qulre other oil producing properties
United States Industrial Alcohol
was bid up to it's highest for the pres,
ent movement under the influence oi
several favorable factors Among
them Is the knowledge of exception
ming at the rate of at least SIT pei
share. 1t is predicted that the stock
will go on the dividend list in the
near future: Some look for a quar-
terly distribution at the rate of sc
annually, and perhaps an extra
May Department Stores ran ,Ir
rather sharply, and it's advance was
set down to expectations of an in
SledSe III the QlVldenQ from SIS to S.
The main consideration behind the
advance has undoubtedly been the
sustained earning power of the com
pany and its ability to increase profits
as the result of acquisition of new
properties, usually financed out ot
current income.
Group Moves at Close.
The afternoon stock market saw q
continuance of the. various grour
movements and few particularly
sharp runups in the high priced in.
dustrials. Some were inclined to Sc,
these latte. down to investment buy.
ing attracted by the soundness of the
companies concerned. Others looked
upon the demonstration as mere spec.
ulative marking up of class O,
stocks In which the floating supply is
small.
Railway shares, with only one O,
two exceptions, still Jagged behind
This can no longer be explained or
might happen at Washington No.
body seriously believes that at this
session of Congress. at least, any.
thing will be done to hurt the rail.
ways.
The leaders in the late Afternoon
we're Industrial Alcohol. American
Car and Foundry, Phillips Petroleum
and other of the oil and steel shares
Pool operations in Industrial Alcoho
were conducted with unusual con.
tidence.
MARKET CLOSES STRONG.