Evening star., 1924-01-18
INTEREST CENTERS
IN LEH|GH VALLEY
Market Trend Is Greatly
confused-Baldwin F Freely
Sold During Year.
BY STUART p. WEST.

NEW YORK, January 1s.-Durihs
,ha greater part of today's session Oh
,he stock market the exact tehueH.'
Of the price movement was haio ~
determine. Certain stocks were GU"
,istently being sold, few o'nerS
showed the effect of fresh pusins'
uhile another large section OF 'he
list stood still
T,ehirh Valley was one of the OUT
standing features and the reason for
,ts advance was perfectly apparent.
The street had heard yesterday 'na'
the value of the rights TO supscrioe
TO the coal property shares "ouio
fpnre out somewhere between 10 anu
25.
EarIy today estimates were run
ming between 16 and 20. But "hen
trading actually began in the curo
market around noon sales were maze
at 3a. This practically increased at
a lump the market valuation oi
T,ehieh Valley stock very consider
ably. ana the rush of buying when
carried the price above I0 on this
basis was quite UNDERSTANDINGS.
Other Rails StrOnB.
Some of the other rails were strong
notably the Wabash shares ana fltIs-
hurgh and West Virginia. There was
however. no suggestion or any gen
eral resumption of the campaign III
the rails which was such feature
week ago. .,
In the same way the fiuctuations
in the oil group were very irregular
The Barnsdall stocks were pousnt
quite actively on intimations that I'M
portant news was impending regard
ing the company's negotiations IN ttlS
Russian oil fields. IransSon.ii,euaIa
Oil responded to reports that unoeI
its arrangement with the Standard Oli
of California development work IN
Colombia is increasing. Pure oll was
stronger than most of the otner oits,
apparently because the turn IN !ne
necessity of new financing. On the
ether hand. realizing sales were pre-,
ponderant in Phillips Petroleum ana
i'm California Petroleum.
baldwin Freely Sold.
Baldwin Locomotive was 1reely oi-
sered again on reports that the com,
pany is operating at less tnan d tbe
feeling that the program OF railway
expenditure will call for mucn srndii-
or orders for cars and locomotives
than it did last year.
|
ago that the Pure Oil Company would
not need to do new financing IN con
nection with further payments on ItS
purchase of Humphreys on, Pure Oii
shares have been consisteenWtly W SUP SUP
paying dividends on both its prefer
red and common stocks. but so 1ar
as can be determined this has been
done out of surplus.
In each Of the four years ended
tive income DeIOrG
certain charges. including "deple,
tion on producing properties and
abandonment of leases" has been
sufficient at times to cover dlvlaeno q
stock, but when the depletion item
has been deducted surplus has de-
creased. Pure Oil directors are
scheduled to meet for dividend ac-
ton January 25.
AIlis Chalmers Crosses so.
Crossing so, Allis Chalmers COM
mon today reached the highest for
the present movement. Recently 1t
was reported that earnings for 1923
share. The company's assets are
ample. with plenty of cash and a
generally strong working position.
The main point to be made about
the stock market was that 1t reflected
a more divided sentiment. This was
not due to any revision of opinion
regarding the business outlook. 1t
Is still pretty well agreed that, bar
ring certain lines where demand has
fallen off or where the per cent of
promises to be satisfactory one.
Where judgment differs. however, is
on the question of how far the stock
exchange advance since the close Of
October has discounted these favor
able trade prospects.
The market of the last hour or so
was firm, without displaying any in
clination to resume the main upward
swing which was checked so sharply
at the outset of the week.
The decline continued in cotton
when the January and other active
options sold off 3 cents in the pound
from their extreme high. The latest
figures on domestic consumption and
reports from the cotton manufactur-
ing centers are, of course, wholly re-
sponsible for this downward move
ment. After three months. during
which the demand for cotton goods
of the staple, the natural law has
begun to work. Cotton spinners are
not able to pass the increased cost
onto the ultimate consumer. Conse-
quently for lack of an adequate prof
IL margin they have curtailed opera
tions.
Sharp Advance Near Close.
A sharp advance in Mallinson was
a belated recognition of the state
ment made early in the week that the
1923 earnings would show around 81
a share. Julius Kayser shares were
bid up briskly in the late afternoon.
Pacific Oil got across so again.
Willys Overland preferred was
bought on somewhat more definite re-
ports regarding the proposed paying
off of accumulated dividends. 1t is
now said that there will be a declara-
tion of dividend in February, to be
paid in April.
Cast Iron Pipe stocks had another
run up in appreciation of the annual
report, out Thursday, which showed
nearly $22 on the common. Sears
Roebuck came in for special attention
in the last hour.