Evening star., 1924-01-24
STOCKS TAKE ON
MUCH MORE LIFE
Busiest Market in Two
Weeks, With Many Ad-
vances Over Wide Range.
ny STUART p. WEST.

Special Dispatch to The star.
NEW YORK, January 24.-The buy
ing movement became more nVely
,nce more In the stock market today
and spread out over much wider
range In fact there were rev
groups which did not receive atten-
tion at one stage or another.
Sugar stocks were extremely strong
at prices well above the high of the
recent movement. Cuba Cane pre-
ferred. Punta Allegro, Cuban Amer
lean Sugar, South Porto Rican Sugar
and American Beet Sugar were all in
active demand.
II these companies get anything
like the prices received for sugar
last year, dividend assumptions and
dividend increases will be the rule.
and from present Indications. as af-
forded by the course of sugar fu
lures, the chances for repetition OF
1929 prices appear pretty good.
Features In oil shares.
The features In the oils We're Mara
raibo. California Petroleum and
Standard of New Jersey. As stated
before. the Maracaibo rise appears to
bo 4 pool operation based upon the
increase in development work in the
Venezuela properties.
The street was impressed with the
way Standard of New Jersey went
through Al on large translc tions. 1t
was taken to indicate the attitude of
Standard Oil interests toward the
market This Interpretation was
strengthened by the continued rise
in Industrial Alcohol. which got
across 75.
The upward movement in copDers
was moderately sustained. with ad-
vances of half ,roint or SO in Ana
conda, Cerro de Pasco. Kennecott.
Chino and Inspiration.
Traction shares Come T." Front.
New York City fractions came in
for much attention. Brooklyn Man
haitian Tiai;S't StocTs io;:G' new !.gh
records. responding to the latest
earnings statement, which showed
that net revenue after taxes and bond
interest is running at the rate ot
about S14 on the preferred. Inter
boro Rapid Transit also was In de-
~mand, although in It's case there is
10 the gr"urn thcr" = n"htnd the
l5rooklyn- Manhattan preferred move.
When American Car WAS hid up
aggreSsively above 100 it was the
signal for active short covering in
other of the regulation leaders. The
jump In Studebaker made it appear
lnAt tHe recent uUucT WHICH
the stock sold below par came large
ly from short sellers. Baldwin Lo-
comotive, which also has been a lag
gard recently. developed conSidera BILE
strength, and United States Steel
common went across 101 on a large
volume of trading.
Oil Merger Gossip.
The facts now disclosed in the Mar
land situation have further interest
to people who have predicted a COM
bination Of Marland with other COM
panies such as Cosden. Skelly. Phil
lips and Sinclair. II is evidend that
Marland will not be a party to any
such combination. Marland is one Of
pendent producer of high grade oil
in the world. and 1t now has the as
surance Of financial support and an
outlet for it's product. 1t will not
need to join other independents.
Actual sales Of Cuban raws occurred
today at As cents and 1t was reported
that offerings were made at cents.
The market for futures also has been
strong recently. Those who were pre-
dieting slightly lower prices now are
inclined toward the view that the Gu
ban producers will be able to sell
sugar this winter and early spring at
better prices than had been antici-
pated at the close Of 1928.
Revival in Pool Operations.
In the speculative list the assur-
ance OF plentiful credit was a factor.
rs 1t has been all along. The more
important question here, however is
the relation OF market values, not to
money rates. but to business condi-
ttons and prospects. From this
standpoint. which takes account of
the very large rise Of the last three
months, revival of pool operations In
the manner in which they were con-
Quoted today seemed a bit precarious.
But what was more interesting to
the average dealer. who looks at the
immediate position chiefly, was the
practical demonstration that the forces
working for higher prices were
still in the ascendant. This was par
ticularly brought out by the sharp
runup in some of the motor and
equipment shares, where there has
been more or less pressure for a
week or so
Among December traffic statements
appearing, that Of Union Pacific
showed quite falling off in both
gross and net from the month last
year, while Southern Pacific, with a
moderate gross decrease. showed a
small gain in net. These results
have been pretty well forecast by the
weekly figures on car loadings. which
have reflected the seasonal decline in
grain traffic and the smaller coal
movement due to the mild winter.
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