Evening star., 1923-11-23
TREND IS UPWARD
ON STOCK MARKET
Special Issues Gain, While
Others Hang Fire-BaId-
win Strong.
BY STUART T.. WEST.

Special Dispatch to The star.
NEW YORK. November 23.-The
main price movements in the stock
market today were once more up
ward. While a large number of in
dividual stocks We're going forward
other parts Of the list We're hanging
fire
Among the new fayoriteS taken up
was Allis Chalmers. The latest earn
ings figures showed that the four
dollar dividend was being covered.
hut not by any impressive margin.
The net for this period amounted to
S3.S3 on the common. Owing to the
nature of the company's business
certain credits cannot be reckoned in
until the close of the year. and it is
therefore reasonable to suppose that
the final results will be considerably
hctter than would be inferred from
the nnemonth return.
other members of the so-called
electric group were more i'll demand.
Westinghouse getting across 80 and
General Electric running up sharply.
Speciality Stocks Strong.
Speciality operations took in wide
range of stocks. Maxwell Motors a,
the fluctuations in which have been
Very myStifying. had another quite
violent jump to the accompaniment
of the familiar rumors regarding
deal with some other automobile
company. New York Air Brake was
bought on its earnings, which are
said to be running over 81 share
ON both classes of stock, as against
the Sd dividends.
There was a revival of interest In
the shares of Simmons Company,
which ran up briskly, and also in
-AmcriCar Linseed stocks.
The buying in Industrial Alcohol on
Thursday came from houses which
are credited with doing business for
interests close to the company's af-
fairs. The stock, however, after
reaching 65 early today ran into a
good deal of realizing. Earnings are
sufficient to warrant a return to divi-
dends, but the recent movement has
been based more upon the unusually
profitable conditions existing in the
alcohol industry.
baldwin OF, Then Rebounds.
What selling had followed the dec
1aratton of only the regular dividend
on Baldwin Locomotive quickly sub
sided. The stock ran up again today
and American Locomotive was sym
pathetically strong. Buying was in
Splred by reports of a larger acces-
sion recently in orders flowing into
the equipment companies.
Maxwell Motors stocks remained as
much of Il mystery as ever The
rumor that Studebaker was buying
control was denied recently, but the
report persists. However, persons
who have studied the Maxwell Situ-
alton consider the recent demonstra-
Jion, particularly a. based on more
than earnings or talk of deal.
When Maxwell Motors was reorgan-
lied d banking syndicate furnished
about Sl5.O00,O00 cash. taking over
substantial amount of the A and 3
stocks. So the street has leaned to-
ward the view that the advance has
been part of well planned cam
paign to permit distribution.
Tire Stocks in Demand.
More signs of a rising price trend
in the rubber and tire industry have
come TO hand in the shape of con-
tracts for equipment with automobile
manufacturers. The rubber and tire
shares themselves have been much
more in demand recently.
An extra dividend in cash on
the common stock of the American
Snuff Company is anticipated. This
heretofore. and earnings are running
high enough to warrant such action
at this time. Regular dividends of
ST. annually are being paid.
Trading Lively at Close.
AS the afternoon went on the great
strength in the industrial Specialties
had more effect upon the general
shar" list The advance was still not
al all uniform. and in some directions
was unimpOrtant.
But taken as a whole, the market
Was more consistent in its progress
upward than it had been on the pre-
ViOuS' day. The movement started at
the close of October with the declara-
ton of the extra dividend on United
States Steel. 1t is therefore in its
fourth week. and save for d day or
two when there was some uneasinesS
over the Anglo-F'rench relations, no
reaction to speak of has occurred.
But the rule of the modern market is
to move all one way or all the other.
French francs came down again
rather sharply. At 5.37 they compared
with the high Of 553 early in the
week. They were off almost exactly
half the amount of the recovery which
followed the reaching of the agree
ment on the German note.
The Inference clearly enough is that
there had been a greatly extended
short interest in French exchange
built up on the idea that the entente
would break up. These short sellers
took fright when the ambassadorial
conference at Paris effected a compro-
mise.