Evening star., 1923-10-29
MOVES ARE MIXED
IN STOCK MARKET
Pressure Lighter at Opening
of Week-ShortS Cover
on Further Dips.
BY STUART p. WEST.

BN
Special Dispa tch TO The Star.
NEW YORK, October 29-Today'
market followed along essentially
the same lines as the market most o.
last week. Weakness in speclaitles
combined with vigorous pressure p9
hear interests. unsettled the list a.
times. but did not bring about mucf
fresh liquidation. On the one hah'
there was little inclination TO rally
ON the other hand advantage was
evidently taken of such further dlpS
as occurred to buy in short contracts
in as large a quantity as could pt
done without bidding up prices.
Prairie Oil Break Explained.
= With the announcement of the deal
between Prairie Oil and Producers
and Refiners. the full reason for the
weakness in the common shares Oh
the latter became apparent. On
basis OF one for ten-Pralrle oil lol
Producers and Retiners - quotations
work out about as they were To-Day
namely around and just below ~
for the latter stock. Producers ana
Refiners preferred, which VIII be ben
efitted by the deal rose quite snarP-
". There was some selling in Mar
land and several of the other oils
on the ground that the comparatively
unfavorable terms secured by fro.
ducers and Retiners was a practlcal
hit of evidence as to the chahse III
the position OF the smaller oil con-
Germs within the last six, months.
General Motors Puzzle.
IF was difficult to work out the new
General Motors plan, involving the
formation of new company for M tne
purpose of admitting the executives
of the company to form or partner
ship in the enterprise. 1t was tne
most complicated problem put peiol
Wall street in some time. with zen
eral Motors common selling around
IA, the offer to purchase at 10 AT leaS
10 per cent of present holdlnSS "ouiu
look bulliSh, were 1t not Tor lhe lac
that over four-fifths of the payment
will be made in the new per cent
preferred stock, and the question IS al
to whether this new issue would nnd
ready market at par.
Northwestern railway shares made
very disappointing response TO the
September traffic statements out To-
dav. These showed for both Northern
Pacific and Great Northern remark
able change for the better in net IN
come, evidently due TO the cutting
down of extraordinary appropriations
for maintenance.
sugars Go Lower.
1t was very irregular market Tor
special issues. Sugars We're So!d De-
cause of the further reduction IN re-
fined sugar, this time to 3 cents
pound. The International Mercan Il
tile Marines gave further evidence
that their situation has turned Tor
the better Vivaudou ran UP on the
declaration of the regular dividend
Royal Dutch continued its advance.
Chesapeake and Ohio again Stood out
strongly among the rails
Following tie drop OF over point
last week>in the shares OF the Cuban
American Sugar Company, further
weakness occurred today. Cuban
American sold around 2I, and at that
figure was yielding over lO per cent
Several weeks ago DIVIDENDS at tne
annual rate of SO were resumed.
Cuban-American's net profits for the
fiscal year 1929 are believed to
have run at rate which allowed a
substantial margin over the 50 dlvl-
dend.
Allis Chalmers Gets Orders.
The significant thing about the re-
port of the AllIs Chalmers Manufac-
turing Company for the third quarter
and the first nine months is the I'M
provement which has occurred in new
business. as indicated by the amount
of untitled orders on hand as of Sep
tember 80. Untilled orders at the END
OF the third quarter amounted TO Sl2,-
tember 80, 1922.
Earnings in the third three months
were equal to $1.S2 a share, or at the
rate of over 81 annually. Net profits
for the first nine months totaled 1888
a share after charges and preferred
dividends, as against the 81 dividend
requirements for the full twelve
months.
An opinion regarding the Market
street railways situation has been
received from the San Francisco cor
respondent of a prominent New York
stock exchange house. 1t says, in
substance, that there is no apparent
reason for the weakness in the Mar
ket street railway securities: that
earnings are better than expected
and that the city of San Francisco
will probably have no trouble in car
rying through whatever plans it has
for financing the purchase OF the
properties.
Exchange Rates Slip OF.
Foreign exchange rates, with moth
ing further to intimidate the short
account. slipped away quickly; ster-
ling getting down over Il cent. But
IN other directions the Poincare
speech was not Il factor. The de-
cline in cotton was merely a natural
reaction after q rise which had gone
far enough to accelerate offerings of
the real staple, while making spin
uers more reluctant on the buying
side.
Sharp Run-Up in Dupont.
A sharp run up in Dupont to al
most 130 was an incident of the aft
ernoon. The buying was stimulated
by a report that the Dupont Company
would turn in its quota of General
Motors common and receive enough
cash to allow of a fair-sized extra
dividend, If not a permanent increase
in the rate.
Steel shares, while not weak, were
held in check by the expectation that
the United States Steel report for the
third quarter, due Tuesday, would
make relatively poor showing. AS
the record stands now, of the steel
companies which have reported. Re-
public Iron and Steel did well, Beth
lehem Steel earned slightly more thar,
dividend requirements and Colorado
Fuel and Iron and Raplogle had
deficits. .-......