Evening star., 1924-02-05
new HIGH LEVELS
! |NST0CK MARKET
u. S. Steel, Oils and Motors
Do Better-Heavy Selling
in Some Sections.
by STUART p. WEST.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. February o.-Ne"
high prices were quite the RUE
among the industrial shares TO-DAY
This was true Of most of the sugars
of the steel, of many Of the oils AND
a number of the motors. Railway
stocks were not as prominent az
they had been on other days-
Steel common got across 1OS ioI
the first time since last spring. "ail
street is almost unanimous IN re.
garding this stock as per cent
dividend payer. Crucible Steel also
made a new high above II, and Re-
public Steel, Gulf States and Nana-
dium were all in demand.
Price Advances in Oils.
The advance of Is to SO cents bar
rel in the price of California Crude
Oil was construed as a very buliish
development for the OIL stocks.
almost to its high, and California re
troleum made new high when II
touched 90. Market letters going out
from Wall street carried the aovice
10 hold on to pure oil on account or
the advance In prices in MeXia crude
Houston Oil had another jump on top
Of its 5-point rise Monday.
General Asphalt common and pre-
ferred were actively bought and the
advance. continued in White Eagle
of Mexican Seaboard was inspired by
tho new contract which the company
has closed with the Standard OIL OF
New Jersey, calling for the delivery
Of Panuco crude oil throughout 1924.
Phillips Petroleum, Marland and IA :
cific Oil all sold at or above their
best prices Of the current move, and
the pressure was lifted from the Pan
Americans and Sinclair.
Sugar Stocks Active.
The advance in raw sugar to 5a
movement in the sugar stocks. Every
body was discussing what high prices
for sugar this year would mean for
the producing companies, which are
now entirely out of debt and have ac-
cumulated large cash surpluses. Cuba
Cane preferred crossed 20 for the
first time, and Punta Allegro was
equally strong. New high prices were
made for Cuban American and for
American Beet Sugar.
The rise In Studebaker was COM
monty set down as drive against a
short interest built up on the mis-
taken ddea that. the company was
about to reduce prices. Chandler went
along sympathetically, and so did
Pierce Arrow preferred and Moon
Motors. The buying extended to some
of the motor accessories, especially
American Bosch Magnetic. but the
rally in the rubber and tire shares
was short lived.
American Hide and Leather pre-
ferred reached a new high Of go fol-
lowing the publication of the report
for the December quarter.
Foreign Exchange Lower.
The advance in wheat, which now
has become one Of the most interest
ing features of the situation, con-
tinued. On the other hand, the re-
further reaction occurred In sterling
and francs.
The argument of low money rates
continued more powerful than any
in the bond market. One thing Is
quite plain, and that is that so far
there has been. no imitation. The
latest federal reserve statement
and in circulation, as compared with the
week before.
Rediscounted paper with government
security as collateral. representing more
down $233, 900. and note circulation
was down s1S1, 100000 from the corre-
spending period last year. This showed
that the current movement on the STOCK l
an equally active trade demand, with
less appeal to the resources Of the fed
eral reserve banks than was made
twelve months ago.
Wall Street Features.
Mack Trucks and White Motors at
tracted fresh buying today In antic-
ipation Of highly favorable earnings
statements for 1923. Mack in the
first nine months last year showed
profits Of $17.72 a share on the COM
mon after all charges and allowance
for dividends on preferred. 1t is ex-
pected that for the full twelve
months the income account win show
around s22 earned.
The advance in Narland Oil-the
first of any consequence since an
nouncement Of the sale of 100000
shares at $50 a share to a banking
sponse to the continuedSimprcvem
an midcontinent crude Oil prices. Also
it was an expression Of confidence
over the outlook for Marland, espe-
cially in view of the recent develop
,nents. The bulk OF nidcontinent
crude Is selling around $3.50 a barrel,
and Marland has large stocks OF
high-grade Oil in storage.
New favor,tes came to the front in
the afternoon. Gas stocks were TAX
en- up under the lead Of Consolidated
Gas and Columbia Gas. Paper issues
international and Union Bag-rose
sharply for a time. Missouri Pa
Gific preferred and Wabash preferred
thing particular, the latter getting
across Al for the. first time.
While interest was shifting into
these new quarters, realizing sales
made themselves felt in the steels,
the motors the equipments and other