Evening star., 1924-01-22
INTEREST IN oils
ISMARKETFEATURE
Washington Probe Starts
Sharp Drop in Sinclair.
Usual Leaders Weak.
By STUART p. WEST.
pispatch to The Star.

Special Dispatch TO The Star.
NEW YORK, January 22.-ln to-
days stock market it was another
case of stocks moving for special
reasons, with advances and declines
about evenly distributed. -..
Although the threstened scandal
over Teapot Dome affairs has moth
ing to do with the actual value of
Consolidated stock there was heavy
selling of it following the sensa-
tionaI testimony at Washington. The
price fell Immediately almost two
points and continued in the later
trading to sag. Other oil shares
were not affected by the break in
Sinclair.
The Pan-Americans went down
again, but this was because of the
political troubles in Mexico and the
doubts as TO the maintenance OF diVl-
dends. The "B" stock broke so for
the first time. Producers and Ref1n-
vance of points since Monday morn
ing. The move in Associated Oil and
Pacific Oil was abruptly checked
when il was officially denied that
there was to be merger of the two
companies.
LltCtN.C hcCps ohs
The remarkable. rise in General
formation was obtainable regarding
the recapitalization plan which
rybody now is looking for.
Westinghouse at 81 was at a new
high for the present move. The jump
in National Department Stores looked
TO be the result of pool operation
rather crudely conducted. Air Re-
duction was another speciality which
developed individual strength.
New high prices for Brooklyn Man :
haitian Transit common and preferred
followed the issuance of an earnings
statement showing gross for the six
months ended December 81. 1928, OF
$1,460, 900 in excess of last year, and
IL net S430.G0O larger.
Studebakcr Again Weak.
Among the regular leaders there
was no sustained feature. American
Can had a brief run-up and United
States Steel common for a time was
rather conspicuous around 101. On
The other hand heavy selling contin :
Ged in Studehaker. in the course of
which the stock broke par and Bald
win Locomotive was obviously in sup
ply whenever it showed any inclina-
zion to rise.
Standard Oil OF California sold at
tts highest for. the year so far in
response 10 the announcement that
iuel oil prices 2J cents Il barrel and
gasoline cents: gallon. The in
ereaSes in OIL prices on the coast
were Regarded as one of the most
important contributions to the oil
trade news that has come in recent
weeks.
Earnings of II. L. Mattinson x
Co for the fiscal year ended on
october. 81 equivalent to s5.27 on the
common stock were less than en-
pected in the streets which had been
cooking for earnings near 81 a share.
American Hide and Leather.
Affairs of. American Hide and
Leather are evidently unfolding, as
the street expected. Provision is
likely to be made Tor the payment
of at least a part of the l30 per cent
accumulated preferred dividends, and
q portion of the company's properties
may be Seld.
Reynolds Spring had a rather sharp
break in response to the publication
of the income. account for the year
ended December 81. 1923. Net ap-
plcabfe to the common was only s1.57
d share, as against 81. II for 1922.
Sterling rallied rather sharply and
the security markets abroad were
Steadier
Apparently the recent decline in
raw cotton has goSe far enough to
stimulate some what the demand for
the finished product.
The French franc Joined in the re-
covery in sterling, although this was
probably nothing more than the COW
cring in of a part of the very much
extended short interest.
Sinclair Oil as, which had been
heavy all day broke sharply in the
late afternoon, selling down more
than points, while the 6!aS were off
about 2i2 points. These bonds sold
at new lows for the year. The weak
ness was in sympathy to that in the
stock following upon the develop
ments at Washington.
Final Trading Confus~d.
Conflicting price changes were still
the rule in the late afternoon trading
Some of the motor and steel stocks
were coming, down, while electric
shares were mounting to new high
4inued strong. while other members of
the group were heavy. -.
Further light was thrown upon the
decline in the foreign exchanges by
the figures on cotton exports for De-
Cember and for the twelve calendar
months CT 1923. The statistics for
quantity were published a week ago.
but those today were for total values,
which is much the more significant
thing. Foreign purchases of Ameri-
can cotton last month were nearly
double those of a year ago-s14S,701,-
500, against S79,720,000. For the
twelve months the increase over the
year before was S134,000,00o, or 20 per
cent.