Evening star., 1924-01-11
SPECIALITY STOCKS
HIT HIGHER LEVELS
Railroad Shares Heavily Sold Dur
ing Today's Trading in
Wall Street.
OILS ARE MORE ACTIVE
Steels, Equipments and Motors
Move Very Little.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, January 1f.-Opera-
tions for the rise in selected stocks
in the stock market showed no signs
of let-up today Speculative profits
were taken in the rails and put back
into the industrial section. The regu-
lar leaders among the steels. equip
rnents and motors were for the most
part steady, without, however. doip
anything noteworthy. In fact, the mo-
tors have been a disappointment in
view of the general expectation that
something would happen In them
during show week.
More Interest in Oils.
For the first time in over a week
there was some revival of interest In
the oil shares. Pacific oil ran up
above SO again, and there were small
er advances in Producers and Re-
finers, California Petroleum. Cosden,
Texas Company, Pure Oil. Maracaibo
and the Standard Oils. Ostensibly
this was belated response to the re-
cent price increases. But more prac-
tically 1t was an indication that the
traders who had been busy in other
quarters of the list were coming
back to the oils on the theory that
they might have digested Sufficiently
the December rise.
The sugar stocks were taken up
although the latest statistics on
world production and consumption OF
sugar have not been encouraging to
the idea Of higher prices. Sears
Roebuck, above 80 was at it's highest
since last spring, and Montgomery
Ward was well up to its best. Earn
ings and sales records OF all these
companies engaged in the dtstribu'
tive trade continue highly favorable
The pool in Hayes Wheel put Its
special issues which stood out
strongly at one time or other were
United States Realty. American
woolen, Texas Gulf Sulphur and
Stewart Warner.
Fifth Avenue Bus Jumps.
Fifth Avenue Bus. which had
closed Thursday at Tx. ran up to
announcement regarding the long
projected deal with the Yellow Car
Company. The stock reacted later
when it was announced that nego.
tiations for a merger had not yet
been concluded.
American Woolen's recent advance
which was generally attributed to COW
ering by shorts, halted, at least tenn
porarily, today. At the same time
while opinions regarding the business
en- still differed. there was an evident
lack of any conclusive information con-
cerning the 1928 income. The late re-
covery in the stock and the prediction
that the Forthcoming statement will be
better than market quotations have IN
dicated, have failed to reassure many
who have felt concern over the earn
ings and the cafety Of the common
dividend.
General Cigar felt the effect of
profit taking following the announce
ment that the stock had been placed
on an sS annual dividend basis, as
against S6 paid formerly. This ac-
tion had been anticipated.
The expectation of a favorabl
earnings statement and an equally
favorable balance sheet for 1923 has
been behind the recent buying In Air
Reduction. Moreover, an extra dis
bursement of SO per share in addi-
tion to the regular 81 dividends on
the common is looked for this year
1t Is estimated that In 1928 Air Re-
duction earned approximately SIS per
share and that the working capital
INCREASED substantially.
In face of bullish predictions re-
garding Pullman the stock today lay
quiet around 125. 1t is said that
current earnings have been running
around S14 a share and that under
the new management the financial
position of the company has been
considerably improved. Little has
been said about incoming orders re-
Gently.