Evening star., 1925-01-23
STEEL GOES HIGHER;
THEN SE[LSLOWER
Heavy Buying Noted in Oil
Shares-Rubber and Tire
Stocks Weak.
by STUART II. WEST.

special blSpatCn 10 ne star.
NEW YORK, January 23.--The up
ward movement on the stock cX-
change, which got under way again
on Thursday, was continued today,
although the advance was orderly in
contrast to the eXtravagant happen
ings of month ago. Numerous
stocks rose to their highest prices
for the season. including L. 5. Steel
common, but around the top levels
heavy profit taking made itself fell.
In one respect at least the day was
satisfactory to the trading element in
that it had an opportunity to dis
pose of it's offerings with com
paratively little trouble. few days
ago the opposite condition prevailed
and where stocks were sold at all. they
went at a sacrifice.
Cast Iron Pipe Scars.
United States Cast Iron Pipe show
cd that it had by no means discount
cd the brilliant report for 1924, DIS
closing q surplus equal to over S45
a saare on the common. Now that
preferSad dividend accumulations are
capital s3litup or some other form OF
capital splitup or some form OF melon
melon cutting which will amply reward
holders of the common for their wait
ing The stock had another spectdcu-
lar rise.
Columbia Gas. which is in posi-
tion to increase its distribution 10
stockholders, made new high above
80 Stocks connected with the farm-
ing industry were in demand, win
International Harvester at new hlga
above 10, and with a further gain in
American Agricultural Chemical pre-
ferred on top of Thursdays big rise.
Dawson Chemical might properly be
associated with this group as its acid
business is picking up. But, or course.
the main reason for the rise IN
Dawson was the final acceptance of
tho Silica Gel process by the Royal
Dutch.
Rubber and Tire shares Weak.
Rubber and tire shares were one of
the few weak spots There was par
ticularly heavy selling in Fisk Rubber
common. United States Rubber, after
dipping below AZ, rallied. Sloss-S Shet-
field had the sharpest rise among the
independent steels. Although the
Street was impressed with the fact
that Bethlehem Steel had made such
a considerable gain in the fourth
quarter of last year, there was no
rush to buy common stock. The same
powerful hands were back of the
market for General Motors. 1t was
pointed out that Dupont was out of
line, some thought too low by com
parison.
Thursdays series of price advances
in crude oil and in gasoline were met
today in all parts of the country, and
this gave fresh incentive to the
market for the oil shares. 1t looked
as if steady buying was going on at
gradual advance.
Pacific Oil was a leader, selling
well above its high for 1924. Houston
oil was very strong, and the buying
movement took in Royal Dutch, At
lantic Refining, Phillips Petroleum,
Sinclair and Barnsdall "A Pool
operations continued energetically in
Marland with apparent success. The
usual activity with rise of over
point in Texas Pacific Coal and Oil
was due to the report that new oil
hearing sands had been discovered in
one of the fields owned by the COM
pauy.
The Seaboard Air Lines were the
features among the rails, with the
preferred above 40 and the common
heavily dealt in at an advance of
nearly 2 points. Kansas City South
ern continued to respond to the ia
vorable December report, and there
was an abrupt revival of interest in
NJ. K. and T. issues. Missouri Pacific
Rock Island, Wabash "a" and other
low priced rails