Evening star., 1924-01-16
OIL SHARES JUMP
|NSTOCK MARKET.
SincIair's Shortage Talk
Used as Means of Forcing
Prices Forward.
By STUART p. WEST.
Special Dispatch to The Star.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW. YORK, January 16.-Oil
shares came to the front again in
roday's stock market They had done
nothing for the first hour or so,
when an interview with the head OF
the Sinclair Corporation appeared,
which was quite the most bullish
statement yet made regarding oil
conditions.
Mr.. Sinclair said that the oil out
look had never been better. that do
mestic production had fallen below
consumption, that he expected prices
10 continue going up and that IL con-
sumption abroad proves anything
like what he expects to find the oil
trade would be in for a serious
shortage"
This statement was followed by ac-
pecially Pacific Oil, Sinclair, Simms
Petroleum, Cosden. Producers and Re-
hners and Pure Oil. On top of Tues
days sudden jump Pierce Oil pre-
ferred had a further sharp advance
Low-Piced Rails Active.
Low-priced rails again came in for
attention. The advance in Wheeling
and Lake Erie preferred continued
and there was unusual activity at ris-
ing prices in the Wabash common and
preferred. The latest rumors are that
Wheeling and Lake Erie is to be
taken over into the Van Schweringer
system. With Wabash 1t is simply a
case of good earnings and promis-
ing outlook for the beginning of divi-
dends on the preferred "A" at the rate
of per cent.
The Eries were strong for time
and so was Southern Railway, but
these stocks were not as prominent
as they have been in other periods
recently where speculation has
turned into the rails. Reading sold
higher. and Lehigh Valley was active
ly bought on the idea that it stood to
benefit in the same way as Reading
by the working out of its segregation
plan.
Pools Hunt Strong Spots.
Pool managers were proceeding e
cautiously in view of Mondays sharp
check, but here and there evidences
E of renewed activity appeared. Indus.
trial Alcohol was bid up across "a
again on reports of exceptionally
good business and high-profit mar.
gin.
The Pierce Arrows were the strong
feature among the motors, anticipat.
half year will be encouraging. Cen
eral Electric, as has been the case
right along. appeared to stop at the
200 level. The inference drawn from
capitalization or stock dividend which
may be on, has this fgure In mind as
basis.
Pierce Oil More Active.
Pierce Oil stocks. both common ano
preferred, became increasingly active
at the highest prices reached for the
present movement. AS the preferred
greater demand than at any time in
the past several weeks.
For the twelve months ended De-
cember 81, 1922, Pierce Oil reported
a net loss of s4.0s7,5o7, and for the
amounted to s1,26s,321 But it is
understood that developments which
have been projected for months past
are about to occur The street heard
that a meeting of interested parties
was held Tuesday, but no informa-
tion was given out.
More interest has attached tc
Transcontinental Oil, and the move
ment In this stock has been con-
nected with recent reports from the
Pacific coast to the effect that the
Standard Oil of California has taken
larger interest in its oil opera
tions in Colombia. carried on jointly
with TranSconttnental Oil.
Trade Reviews Favorable.
The sudden turn for the better in
the outlook for French finances was
uation today. Following the very
sharp recovery in the franc, there
was active buying of French govern
ment and municipal bonds in all the
markets.
Steel shares were evidently helped
r,,r v,,tI yaol- rnx,ia ay1 fpc ~
continued increase in activity. both
in new business and in production
The Iron Age made a statement that
construction work appeared to be the
dominant factor. with indications
that the pace set in structural steel
in 1928 will be maintained for
months to come"
Again today the rumors which have
circulated regarding the dividend
prospects of American Can were met
formed persons that the company is
not considering stock dividend, a
split of any kind, a cash extra or an
increase in the regular rate. If earn
inss are maintained at the current
rate throughout the first half of 1924
there is a likelihood that directors
will do something additional with
respect to the dividend.
Call Money Rates Lower.
Call money. after having loaned
Tuesday at 5 per cent, was Az
charged this morning for stand
ing loans, was quoted in the after
noon at 4 per cent again. This was
reminder of the present over
supply of money and the powerful
support it meant for bond and stock
markets.
Doubtless this consideration had
something to do with the strength of
the afternoon stock market