Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-21
OILS AGAIN ACTIVE
IN TRADING TODAY
Shipping Stocks Also Develop
Strength-HoIiday Puts
Curb on Business.
BY STUART =. WEST.

NEW YORK, February 21.-Today 5
stock market showed diminishing
activity, but it also showed a fairly
general drift toward recovery.
Oil shares were prominent again
for the reason that they had attracted
the largest amount of short selling
during tho period when professional
Wall street was trying to brighter
the public over the "oil scandals.
Pacific Oil continued to discount the
expected return to 50 dividends. The
turn fer the better in the Mexican
Seaboard situation, as declared by
those close to the inside, was once
more apparent in the market for the
stock.
The pool in Maracaibo got busy
again and Phillips Petroleum was
helped by the announcement that
nearly all of the recent Offering OF
ea6.1os shares had been taken by
stockholders. Standard Oil Of Cali
tornia stood out prominently and the
strength of Sinclair Consolidated al
what might be described as the
psychological moment was especially
significant.
Dry Goods Mt New High.
Associated Dry Goods, which has
been in demand ever since the annual
report disclosed earnings of nearly
SIS a share, was bid up to new
high. and other department store
was revival of interest in Gimbel
Brothers, which crossed so on fairly
large transactions.
Eastman Kodak was more active
and was conspicuously strong. The
next directors meeting. at which div
idend action will be taken, is sched-
uied for the second Wednesday OF
March. Today's buying was getting
ready for another extra distribution.
shipping stocks strong.
Shipping stocks developed consid-
cradle strength for time under the
tic. Gulf and West Indies. Buying
was Influenced by recent indicat atoms
that ocean freight traffic is on the
mend. Dawson Chemical was bid up
ing and stamping appeared to have
experienced the worst that was TO
happen to it as the result of the pass
ing of the dividend. american HOE
and Leather preferred crossed %
again and Central Leather preferred
gained over a D"i"t
In all the leading markets recovery
= was the rule today. This was tru
more PARTICULARS STOCKS VI SOt-
ton and of foreign exchanges.
Sterling Moves Forward.
The market for sterling exchange
continued To reflect the slowly in
creasing confidence in the labor gov
rrnment and what it is going to do
IN the way of practical legislation.
Also the settlement of the London
docllworkers' strike was A factor.
even though this involved wage
inh
10 he borne by the public. French
francs rose we'll above 4.20 cents,
against the extreme low, 4.o11s. Even
at that they were not nearly back
over half the ground lost since a
Week ago.
The street has had chance to re-
feet on the results of the porphyry
copper companies for the last quar-
ter II 1928. and. although the figures
i'll themselves We're disappointing.
feeking regarding the copper trade
situation. The question is not so
much what the first quarter of 1924
will show, for it is expected that lit
tie improvement over the previous
three months will result, but rather
the copper world and the market for
copper shares are hoping for res
toration of International credit and
the sequel-tthe improvement in the
copper industry and the quickenlng
Vi toilIpetilioii-
Market Street Railway.
Market Street Railway stocks were
higher today than at the close on
Wednesday. but the uncertainty as
to the dividend on the prior prefer
enCe shares remained. Yesterdays
violent break in Market street Rail-
way issues was explained by the fears
that az the dividend meeting on March
/ the regular disbursement to prior
prefprenrc stock holders might be
passed. 1t is intimated that Market
Street Railways cash position has
been somewhat weakened as the re-
suit of the recent financing.
The preferred and common stocks
of Atlantic. Gulf and West Indies we're
in demand for a while today. the
buying was ascribed to no new rea-
son, but rather to a better apprecia-
ton of the Improvement which has
occurred in the company's finances
and earnings, and also from an oper-
ating standpoint. Important inter-
ests in Atlantic, Gulf and West Indies
TODAY said that the market was SIM
ply beginning to measure the turn for
the better which has come about In
recent months in the company's bust
ness.
On the stock exchange the high
.rices were reached in the late after
coon. The distinctive features i'll the
rading Of the last hour or so were
he strength in some Of the low-prlced
tails. the sudden turn for the better
il, the rubber and tire shares and the
sharp rebound in the speculative lead
.rs among the equipments. steels and
the can stocks. The action of the
rubber and tire group suggested the
covering-in of q short interest which
felt that it had gone as far as 1t could
in exploiting the unfavorabte efforts
of last years severe competition upon
the earnings of these companies.