Evening star., 1924-01-17
j. s. STEEL PROVES.
MARKET FEATURE
Stock Highest Since Spring.
But Break in Studebaker
HaIts Price Gains.
by STUART II. WEST.

SPECIAL Dispatch to The Star.
NEW YORK, January 17.-United
States Steel common took the lead in
the stock market today, getting up
TO the highest since last spring. The
case with which it went up bore out
all that has been said on the sub
ject of the diminishing floating sup
ply and the comparatively small
amount held speculatively around the
street.
The dividend meeting is scheduled
for January 20, and it is expected
that an extra of "a of l per cent
will be declared so as to make a full
per cent for the year. Steel is now
regarded definitely as a 6 per cent
stock, with very good chances of
more being paid in the shape of eN-
tras during 1924.
Independent steel shares followed
along with notable strength in Re
public and Gulf States, the former
move. With back dividends on the
preferred entirely wiped out, Repub-
lie common now is in line to receive
something.
Studebaker Starts Break.
The market continued strong until
just before midday, when heavy SELL
ing appeared in Studebaker, causing
thetic decline in Chandler Motors,
and checking the buying movement In
Pierce Arrow preferred, which had
been a feature at the outset. Despite
Studebaker earnings for 1928 will
run we'll above $40 a share.
But the street was thinking more
today about the future and was say
ing that Studebaker could not very
well hope to maintain in 1924 the
extraordinary scale OF operations OF
last year
Oil shares were not affected by the
continued pressure against the PAN
Americans. There were short-llved
outbursts of buying in stocks of the
specially class, like Dawson Chemical, ],
Savage Arms, May Department Stores,
Famous Players, New York Air Brake,
Industrial Alcohol and international
Combustion Engineering.
Lchigh Valley Leads Rails.
Among the rails. Lehigh Valley was
the leader. At 68 it was up nearly 3
points within week. This move has
mad in view the Reading experience
because trading will shortly begin in
the Lehigh Valley rights, issued un-
der the segregation plan. Estimates
OF what these rights will sell for run
from SIS to SIS Il share.
The publication of last weeks fig
ures Cn oil production and imports
at this n-between" season, shed
further light upon the statistical po-
sition of the industry today. There
was an increase of 1880 barrels in
the average daily domestic output
mostly in California. Wyoming and
Montana-while imports dropped off
$4,000 barrels daily. At present pro-
of an additional Mexican output, are
100000 barrels u day. Consumption
in this country is now l.950,000 to
100000 barrels daily.
Pan-American Shares Weak.
The weakness in the Pan-American
Petroleum issues was conspicuous
again today, both the "A" and "B"
stocks breaking to their lowest in
more than a year. 1t has been pre-
dicted that the sS dividend would be
either cut or passed. Now the con-
tinued decline is come cted with re-
ported heavy decreases in panAmer-
leans production and with the in
fluence of the recent Mexican rebel
lions. The Pan-American shares are
selling decidedly out of line as IS
dividend payers. In fact, where they
were quoted today close to so, they
appeared to suggest at the most 81
dividend
The recent order OF the Interstate
Commerce Commission requiring in
stallation of automatic train-control de-
vices on most railroad divisions was
regarded as largely the reason for the
buying in Westinghouse Air Brake and
New York Air Brake.
Other Wall Street Features.
The expectation of earnings of ap-
proXimately s5 per share on Marlin
Rockwell in 1924 has been behind the
recent buying. The company is con-
centrating on the manufacture of ball
bearings, in which it does a large busi-
ness.
The report of the Reynolds Tobacco
Company for the year ended December
81 showed net income on the combined
common and common "B'' stocks of
s23.039,S76, or s6.76 a share, as against
S20,479, ,234. or s5.96 a share, in the pre-
vious year. The balance sheet is ex-
pected to show a favorable financial po-
sition.