Evening star., 1915-11-22
WALL STREET TRADING =.
ON LIMITED SCALE
Only Activity Shown in Spurts in the
Industrials-Neglect of the
Rails Feature.
Motor, Oil and Equipment Shares
Leaders-Morning Gains Partial
ly Lost, With Dull Closing.

NEW YORK. November 22.-During
the early morning hours there was
but little interest in the stock market
other than in specialties in the in
dustrial list. The market itself looked
as if it would jump either way with
the slightest assistance from specula-
tors
A little strength at the opening soon
turned to weakness and then revival
of trade and action about midway in
the second hour of the session gave the
impetus for a general strengthening
of values in the industrials.
The rails were just as slow as usual.
it seeming next to impossible for brok-
ers to create a genuine movement in
this group other than semi occasional :
ly. and then the rally is short-lived.,
While specula ation in the industrials
is but fraction of the movement of a
month ago, there are spurts that show
that spectators believe the profits are
to be made in these shares coppers.
motor shares, oils and minor indus
trials.
every advance. although the brokerage
houses continue to advocate trading in
rails and bankers to discriminate
against industrials.
Real Truth of Earnings.
The real truth of the earnings OF mo-
tor corporations would be valuable in
formation for the street. one large
company. advertising in the daily press.
announces a large increase in business
without one dollar of war orders.
With the installnent plan becoming
more and more in vogue in the motor
TO Il 70
question some of the stories of great
profits in sight. just as they have
questioned the enormous profits made
in the manufacture of munitions.
There is talk of ZOE per cent stock
dividend on General Motors and there
after regular cash payments. Good
business dictates would suggest the
commencement of regular cash divi-
dends on basis that could be main
tanned, ra ather than skyrocketing dis
tributions and no regular dividends.
This despite the statement that the net
profits of the corporation have increas-
ed to 264 per cent on it's capital.
Studebaker's declarat ton of big prof
its did not sound well when the an
1ouncement was made some time ago
to the effect that big block of treas
ury stock would be sold to furnish cash
to take UP maturing notes.
SO 1t is with the entire motor indus
try. Facts and figures are very badly
just what is truth and what fiction in
the gossip of the day.
Squirt of Activity.
In the rise that attended the spurt of
activity midway in the second hour of
the session. gains of Il. points were
made in Industrial Alcohol . in Stude-
baker. Locomotive, Mexican Petroleum.
and a few other stocks, 8 points on
Baldwin Locomotive. Texas Oil, 4
points on General Motors and about a
point on Colorado Fuel, Goodrich, West
inghouse and one or two other issues
Crucible Steel. on the story of the
construction of one plant from earn
ings, rose from 73 to 75A Colorado
Fuel was IL better and small frac-
tional improvements scored elsewhere
The rails were barely steady to
slightly lower.
With the middle of the noon hour
about one half point of the early gains
was lost, profit taking having checked
the advancing trend. and the market
showed less trading activity