Evening star., 1922-11-24
WALL STREET LIST
IS MUCH Stronger
Shares Turn Upward When
Heavy Buying HaIts-Se-
we're Reaction.
BY STUART p. WEST,

Ky Special Leased Wire to The Star.
NEW YORK. November 24.-There
were good many more points of
strength than of weakness displayed
in today's stock market, but there
were traces of forced liquidation
here and there among special stocks,
which kept the movement of prices
more or less uncertain up to early
afternoon.
Professional traders who were busy
on the selling side on previous days
were equally anxious to take in the
short contracts in sections of the list
where it was seen that liquidation
had ceased. In word, such advance
as occurred in the market of the day
was not due to developments on the
outside. any more than was the de-
cline of the previous days.
Active Short Covering.
At one stage in the forenoon short
covering was quite lively. Some of
the motor equipment and Oil stocks
were selling 2 to 3 points above their
lows of Wednesday and Thursday.
of the rails. Relief from the severe
pressure against the railway list was
the most helpful feature of the day.
That improved trade conditions were
counting in at least one direction was
shown by the strength in the sugar
stocks.
The sugar producers. it is well TO
remember. had their sugar marked
down below cents a pound. They
arc now facing Accent market. with
the possibility. if consumption Keeps
on at the present rate. of something
summer.
Better Copper Reports.
The most interesting contribution
in the way of trade news was the
quarterly statements of the four
leading porphyry copper companies
These showed that decided turn
for the better came in the copper
trade during the three months period
| ending September 80. Utah Copper
more than doubled its income as
compared with the quarter preceding
| Ray Consolidated turned deficit into
! a moderate surplus and Nevada Con-
| solidated would have done the same
| had it not been for the extraordinary
expenses incurred by fire in its plant
early in July.
! Consolidated Textile was the bust
/! est stock in the market today. 1t:
rise was the sequel to hints that hat
been thrown out for some time thai
| leading banking interest was pick
| ing up big line. The main reason
for this was the large profit which
the company has made on its raw
cotton bought at low prices some
time ago. This profit. SO it is declared
amounts to an average of 6 cents
in the pound.
Associated Dry Goods Strong.
In connection with the continued
strength today in Associated Dry
goods attention was drawn to the
declaration of J: per cent first
preferred dividend by Lord 4 Tay-
lor Company. of whose three classes
OF stock Drygoods has large holdings
Furthermore. it. is expected that Lore
& Taylor now earning a very sub
stantial net amount, will wipe out the
bulk of its accrued dividends on the
first preferred. involving about s345.-
900, or 81 per cent, by the end of De-
cember
Baldwin Locomotives profits in 1922
are not expected to be as large as
they have been for several years, but
this will not prevent the company
! from carrying something to surplus
! after the payment of dividends. The
company had a pretty hard time of i,
; during the first half of the year, due
| to low rate of operations. advancing
wages, increase in costs OF material Is
| and railway congestion. Despite theSe
setbacks the officials are said to be
satisfied with the years returns and
look for better business next year
During the last six months the loco
motive business has changed from a
buyers to a sellers market.
Standard Oil on 90 Points.
The afternoon stock market was
the dulIest Wall street has seen IN
some time Standard Oil of New Jer-
sew completed a decline which car
ried it back over the entire 90 points
OF the rise preceding the big stock
dividend. 1t was a disastrous aWak
ening on the part of spectators, VINO
were carried away by the melon
cutting" excitement of a month and a
half ago, to the fact that the Standard
Oil distribution in effect meant noth-
ing more than exchanging two pieces
OF paper for one.
For its bearing upon the grain trade
outlook n particular and the business
future in general the weekly figures
on wheat exports were extremely IN
teresting Expansion of the outward
movement is, of course. quite the
usual thing at this time of the year
But the jump from a weekly average
of 100000 to 10.00O,OO0 bushels
through the summer to over 14.O0O.OOO
both this week and last is far more
than the normal increase. Still more
striking is the comparison with a
wear ago, when wheat shipments dur
ing the third week of November were
little more than half what they were
this year.