Evening star., 1924-02-08
OIL SHARES AGAIN
ARE HEAVILY SOLD
Alcohol and American Can
Pushed Higher-Weak
Spots in List.
BY STUART p. WEST.

Special Dispatch to The star
NEW YORK, February S.-Today's S
fluctuations on the stock exchange
reflected quite a mixture of profess
sional sentiment over the present po-
sition.
The check to the speculation in the
oil shares. apparent on the preceding
days, was still q feature. There was
heavy selling, particularly in Pacific
Oil and in Phillips Petroleum. IN the
"ase of Pure Oil the immediate Oh,
jactivc seemed to have been attained q
with the offering this morning or
s15.000,000 new first mortgage 51a
per cent bonds.
The prospectus accompanying this
offering, which is designed to help
finance the purchase of Humphreys
Oil. was very flattering, both as re-
5arding the value of the Humphreys S
properties and the status OF Pure OIL
itself.
Special Stocks Pushed.
Operations for the rise were re-
newed in Industrial Alcohol and In
more moderate way in American Can.
There was nothing new, however, to
be said about either of these stocks.
In both cases the campaign Is long
range one and the promoters are sat
i:jfied TO have frequent reactions and
Two stocks classed In the motor
accessory group were particularly
strong and active. One was United
Alloy Steel. the other Stewart War
ner. The argument in favor of Stew
art-Warner is that it is returning
over 10 per cent at present prices and
that, judging by the current volume
of business. the dividend is safe, at
least for some time to come.
Union Pacific was bid up to its
o. hr,f WI yhny yIyac ~
that this failed to elicit any interest
in the rest of the rails the demon
stration was abandoned. New York
Central was noticeably heavy, feel
ing the effect of sales of the stock
against purcha SeS of the rights. Low
priced rails as rule were neglected
despite the bullish references to this
class Of stocks in most Of the bro
kerage literature.
American woolen Weak.
American Woolen showed the ef-
feet of special selling again in con-
sequence Of the uncertain trade out
look and the doubt about the mainte-
nance of the full per cent dividend
United States Cast Iron Pipe, after an
interval of inactivity. was bid up
sharply. Hide and Leather preferred
showed some strength again. But
taking the group of so-called special.
ties as a whole. there were quite as
many losses as CneTe were gains.
The foreign exchanges went lower
again. with special weakness in
francs. These were selling only q
quarter of a cent above the record
low of last month. before the pro-
posals for fiscal reform had calmed
the panic among French holders OF
the paper currency. This renewed de-
cline in the franc coincided with re-
ports OF rioting in Paris.
The fact that the entire plant IA
cilitieS of the United Alloy Steel Cor
poration have been taxed because OF
the unusually large demand by auto.
motive makers for alloy steel prod
lets has been taken into account ir
the recent buying of the stock. Oper-
attng schedules of the principal au.
tomobile manufacturers call for in.
creased production of cars, at leas,
early in 1924, and this means ca.
pacity business for United Alloy
Steel. Bookings have been so large
over the past few weeks that there
is likelihood that the 1923 earning.
Will be exceeded.
Last year net profits not only GOV.
cred the SO dividend requirements
but an appreciable amount was lef,
over. even. although plants were moi
fully occupied at various stages dur.
ing the twelve months.
Directors of fCuban-American Sugar
are scheduled to meet for dividend
action on February 20. No change ir
the current 50 annual rate on the
common stock is anticipated. The
common was put on the dividend list
last fall. and earnings last year justi-
fled the step.
nrADvrn rr ncEc rrrAxyu