Evening star., 1928-12-31
NEW CURB MARKS SET
In DEALS DURING YEAR
Growth and Scope of Market Provide
New Standards-Bulls Dominate
Enormous Transactions.

speciality favorites which had been bid
up to heights where their technical
market positions were weakened. Heavy
liquidation of accounts followed until
those which had been amply margined
as a result Of accumulated paper profits
became impaired to such an extent that
forced liquidation was essential.
The corrective process finally carried
prices to a level where the rank and
file of the trading element were again
willing to venture on the long side, and
the main body of stocks then went up
ward until the average was carried to a
height never before reached.
The element of uncertainty usually
prevalent in national prediction
market was not in evidence In 1923.
The possibility of disturbances in the
political and business situation was
ignored.
Radio Stocks Attract Many.
Then came the final and most drastic
break, in December. Radio had held
the speculative spotlight on the Stock
Exchange The favor in which this
stock had been held caused attention
to be directed to wireless, telegraph and
related issues, a number of which had
their market on the Curb. Canadian
Marconi was selected as speculative
medium which held the prospect Of SUBJ
stantial price. appreciation. Alliances
through consultations and working
agreements with leading American
consideration, and the public rushed
into the market with little or no regard
for earnings, present and prospective.
From low of So a share, the price
of Canadian Marconi stock was bid up
to 2812 Once more officials of the
company concerned criticized severely
the wild speculation in the stock. When
high official of the company reiter-
ated his statement made earlier in the
year that at So share the stock in his
opinion was selling too high, the price
broke violently until it was back over
pretty much the entire ground gained
from the low of the year.
Thousands of small investors were
caught in the smash. This debacle had
SOLDERING effect upon the general mar
ket, but not until the entire list, both
on the Curb and on the Stock EX-
change, had suffered the most drastic
reaction of the year. Declines on the
Curb extended 10, 90 and in some in
stances as much as SO points.
Oils Fail to Flare Up.
Nevertheless, at the close of the year
Curb stocks have total market valu-
alton of approximately S25,000 900 900,
with par values in the neighborhood of
$4,000, 100000. This does not take into
consideration some 300,000,000 shares
that are listed without par value.
The one group which did not share
to the extent Of others In the upward
movement was the oils. During the
period Of more than two years in which
the industry was faced with the serious
problem of overproduction the oils had
been thoroughly ltquidated. Efforts on
the part Of prominent interests to
remedy this unhealthy state of affairs
made further headway during 1928 than
they had previously. It Is reasonable to
assume that current prices for oil stocks
represent more nearly actual values
than those Of most other groups. With
the unhealthy statistical position grad
ually corrected. the better-grade COM
panies have been able to report in
creased earnings per share, with the re-
suit that distributions Of the Standard
Oil companies will be the largest of any
year in their history.
1t is estimated that dividend dis
bursementS of Standard companies
alone for 1928 will total approximately
1921, ,567, ,410 in cash, as against $2l3.-
617,940 in 1927. Dividend payments in