The Birmingham age-herald., 1924-01-29
SINCLAIR ISSUES
 MATTERED AGAIN Broad Reaction In Afternoon
 > Trading Carries Prices Down
By WILL JOHNSON (leased Wirs tn The Age. N erald)


 NEW YORK, Jan. 2S.-The stock market allowed itself the privilege of changing it's mind Monday. Hence a buoyant forenoon in the general list was converted into a broad reaction in the afternoon and prices were carried pretty well down. Then in the closing dealings sentiment reversed itself again and a hampered rally was in progress at the close of the. day.
 Just what caused the sudden reversal was not clear. The primary considera- tion, undoubtedly. was the hardening of the call money rate. 1t jumped from 4 to 4la per cent and closed at ,. This served to curtail speculative energy and combined with heavy profit taking. shifting into new lines and the over hanging apprehension concerning the naval oil lands investigation in Wash ington, worked for timidty in somc quarters.
 The days net result was one of cor rection in the markets internal struc- ture and this may explais the late pickup. Traders. however. may have been preparing themmselves for the meeting of the United States Steel cor poration Tuesday for action on the divi- dends and earnings reports. It IS With in probability that Chairman Gary and his colleagues may have another sur prise package for the street. That the board may put the stock on q straight 6 per cent dividend basis was one theory. while among the more optimistic was heard the inlimation-or hope that in addition an extra of three quar- ters of 1 per cent also might be forth coming This in effect would he con sidered equivalent to an extra of 1 per cent at this time from 1923 earnings. .
 Oil Issues Battered Again
 Pan-Americans and the Sinclair is sues were battered down again as the extent of the Teapot Dome probe broad ened. In some Wall street quarters misgivings are being expressed as to what the political consequences ulti- mately might be. Bankers pointed out that the whole matter came to Presi- dent Coolidge as legacy and his firm stand in the matter was applauded Commentator was also heard on his re- ported determination to invite John w. Davis to act as counsel for the govern ment. By this one stroke. it was felt, the inquiry would be lifted above par tisan lines. Let's keep Coolidge was the dominant thought.
 As for the other oils. they paid little attention to the weakness in the issues directly affected. There were sharp ad- vances in highpriced issues and virtu- ally all of the California oil shares reached new high levels. California pc troleum selling at the highest price in its history. Private wire adviceS from San Francisco and Los Angeles were that another increase in the price of California crude oil was imminent. Ru- mors were current that some of the large California companies would start merging and acquiring. new properties in anticipation of the withdrawal of the naval reserve oil from the market. There was some talk that the quotations on California crude would reach S2 bar rel.
 The rails acted well. with Atchison the leader. advancing over 3 points, the highest price in months, on. an unusually large turnover. while other stocks, such as Chesapeake & Ohio. Southern Pacific, Canadian Pacific and Louisville and Nashville, all offering attractive returns to investors, responded with rises of point or more. Dividend prospects are . factor in the strength in both Atchson and New York Central.