Evening star., 1923-11-14
MUCH SWITCHING
| IN STOCK MARKET
Heavy Selling Makes Trend
Very lrreguIar-Another
Advance in Stromberg.
BY STUART L. WEST.

NEW YORK, November lit was
4uother day of very mixed price
'hanges in the stock market TO-DAY.
Vt times the impression was given
hat important selling was going
n under cover of the strength II
pecial issues. But at all events
here was great deal OF swiich'nS
lbout from one st OF stocks 10 an
other, this producing business III
he stocks that were BEING sold ana
buoyaut appearances in those that
were being bought
Copper Reports Surprise.
One OF the surprises OF the day
,ame with the publication Of the first
IT the third quarter statements OF the
,orpl yry copper companies. On ac-
count Of the decline in copper metals
Turing the summer it had been eX-
pected that these companies would
make poor comparison with the tlrst
Ialf of the Year. As Il was Utah
-cpOrted Il total incom" after taxes
nd charges OF S4,O35. 600, as against
1851, 600 in Il { quarter ended June
%. Ray Consolidated had slight
oss-$12 20Uo-hut the total net OF
september quarter OF 1922. The eX-
blanatiou appears 10 lie in the reduc-
ion of overhead, especially wages.
Jump in MAXWELL Motors.
Opinions differed as to the cause OF
he Jump in Maxwell Motors \. Some
-hought il was .Scount-ng dividends
theirs that ii was merely the runnin&
n OF a stubborn short interest. IN"
after was the, prUdOmiuatlnS view.
nT a
.tely with Maxwell, and there was
N ther rapid advance a StrotnberS
,arburetor. in the case OF Strom-
Ders thsre is nothing beyond the
COMMONPLACE explanation OF the in
crest retVcu. Even at ~ the STOCK
-erurnS more than 81 per cent.
Bears on oil were taken by surprise
when the oil shares We're suddenly
id M The advance, however was
Imply a furry OF short covering ana
lid not last long.
Eries Provide Excitement.
The Eries provided an hour or so
e exciteme ent. when ALI three classes
7 stock. on uncommonly large trans
-ctionS, sold 3 points or more mp
rom where they We're Tuesday morn
ng. The rumor Of consolidation
With another large system found TO
rcoura cement, but II dld A"Lp the
tpecuiatiVe movement along. some or
he other low priced rails Went for a
ime with the Eries. but the buying
gaYe soon subsidized.
BY midday it was clear that the
general upward movement had heen
ng sales increased in volume al
through the list. Special weakness
'ropped out in America Wooden and
United States Rubber stocks. II
plain enough from the low selling
price of the per cent American
nents regarding the company's bust
less. earnings and dividend paying
apacity are nistrusted.
Weakness in the United States
eubbers was due to uneasineSs at the
lear approach of the time when the
preferred dividend will be acted upon.
Wall Street Features.
The recent buying in International
Telephone and Telegraph has been
iue TO impending developments in
his compauy's5 business. 1t is under
TODD that q director OF the COM
any has been in Europe. and that he
nay negotiate a concession for his
'ompany in either France, Spain or
tally for the operation Of its system
;imiIai 70 that In cuba and Porto
tico For the quarter ended Septem-
.er so. the company reported Il sur
llus of $393.S09 after charges and
referred dividends, or the equivalent
+ S2.2i a share on the capital stock
outstanding For the nine months
ne SURPLUS amounted to s6.59 a share,
IT SO cents in excess of the full year s
dividend.
There has been talk OF an extra
dividend of 81 or $3.50 in addition to
he regular 81 disbursement on Air
reduction at the Forthcoming direc-
.ors meeting. Ia the third quarter
Air Reduction earned $3.15 a share, as
gainst $l.1s in the same three
months last year.
Rails Active at Close.
The chief incident of the late aft
,.rnoon trading was the further bid
ing up of some of the low-priced
ails and continued advance in Max
veil Motors \. The leaders of the
Industrial list We're comparatively
Teglected at slightly lower levels.
declaration of a $50 extra cash divi-
.iend on IngSrsoll Rand and a 10 per
O. ent extra Stosk dividend was accom-
'anied by a highly favorable state
nent regarding the business position
If the company.