Evening star., 1923-11-05
/ MOVES ARE MIXED
!: (: /. IN STOCK MARKET
nj strs
,ReaIizing Sales and New Buy
4 :. ing About Even-More
.da Activity Near Close.
BY STUART II. WEST.

Special Dispa trh to The Star
,,, NEW YORK, November 5.-During
the greater part of today's session 'on
the stock exchange realizing sales
Just about ran even with new buy
ing. and it was hard to discover any
general tendency one way or the
other.
10 Steel common came down point
from its high, and other industrial
leaders were off similarly. The cleo
trio stocks were strong. General
Electric at 1S5 was within points
of its extreme top. This stock pays
sS in cash and per cent in the new
General Electric special" selling in
the market around 10k This makes
General Electric A 13 per cent stock,
ceiling on a basis to yield per cent.
NO susgestion of any increased dis
trlbution has yet been made. The
current buying simply represents in
festment purchases based on the idea
that a stock in General Electric's po-
sition is not too hfgh where the yield
Is I per cent .
Rail Shares Go Higher.
Strength developed in some of the
ralls. Great Northern preferred and
Northern Pacific were bid up, SEEM
fngly by short sellers. who until the
publication of the September figures
were governed by the fact that the
former was barely earning it's divi-
dend, while the latter was falling
considerably behind. But the heavy
cutting down of expense accounts, as
shown in September returns. has
brought change in sentiment. and
there is no longer so much talk that
the dividends OF these companies are
in danger.
Delaware, Lackawanna and Western
was a feature, with sharp rise
accompanied by much more active
trading. A jump in this stock always
brings out rumors of a special dis
tribution, having in mind the 100
per cent stock dividend in August.
1921, and the extras paid in cash and
In stock in 1912, and before that in
1909. The street saw some connec-
tions between the rise in D.. l.. &
w. and the recent advance to new
high prices in Glen Alden Coal. of
which the former is a large holder.
Other Strong Spots.
The Wabash issues were in demand.
with the preferred stock well above
.33. The latest estimates place the
rate of earnings on this stock at
something over $40 a share.
Mack Trucks was quick to re-
spond to the earnings statement for
the third quarter, which Indicated
considerably over $40 share for the
full year. Western Union continued
the advance, which started with the
statement of the president that COM
petition with the radio had not hurt
earnings. Cast Iron Pipe had brisk
run-up on the theory that with the
full payment for the year authorized
on the preferred stock, and with no
back dividends to look after. the way
was clear for a distribution on the
common.
General Motors.
Tn S-r,it ne he a
to a member of the finance committee
and director of the General Motors
Corporation. that an extra dividend
on this company's stock had not been
discussed. General Motors shares
were actively dealt in again today at
higher prices. The report would not
down that General Motors would
either increase it's dividend rate or
pay an extra. Dupont, whose hold
ings OF General Motors stock amounts |
to eight shares of the latter for every
share of Dupont outstanding, was in !
demand at substantially higher prices.
Another bit of gossip was that the
par value of General Motors stock
would be Increased from $40 to some
higher figure.
Stewart Warner Gossip.
Considerable interest has attached
to the market situation which has
arisen in Stewart Warner during the
last week. 1t is said that when the
upward swing IN the industrial list
got under way, a pool, which had been
working on the long side in the stock
encouraged by the size of the oppos-
ing short interest. became busy again.
1t was aided by the reports of earn
ings which are said to be at the rate
of SIS a share and by the fact that
the company owes nothing and has
over $4,000, 900 in cash and government
securities.
Buying has been going on quietly
in American Chicle stocks. and the
preferred particularly has been Civ
ing good account of itself. Late last |
week, on a few hundred shares it |
jumped several points. The company's
earnings and financial position are
improving steadily and the net in
come on the common is at the rate of |
at least 81 per share.
Late Trading More Active.
New favoriteS came to the front !
In the late afternoon, while stocks
which had been in active demand
earlier in the week felt the effect
of profit taking. Studebaker got
across 102 and the Pierce Arrows
!. were stronger than for some time
past. Chandler did not go along
with the rest despite recent reas-
I suring statements regarding the
ability to continue the Sc dividend |
Stewart Warner was the leader of
the motor accessories, ON reports Of
. large business coming in,
The buying in Industrial Alcohol, a
feature in the last hour, had the
earmarks OF coming from sources
CLOSELY in touch with the company's
AFFAIRS. The upward movement in
Davidson Chemical was continued.