Evening star., 1923-11-02
TRAD|NGCONFUSED
INSE0Ck MARKET
New Shares Pushed Forward
d as Usual Leaders Are
81 !&lS -: ~ j
/. Heavily Sold.
BY STUART r. WEST.

SPECIAL Dispatch to The Star.
NEW YORK, November 2.-The
stock market today went through
series ~of confused fluctuations. Ger
tain stocks which had not been so
prominent in the recovery of the two
preceding days were taken up; while
profit-taking continued in other di-
rections.
Weakness in some of the oil shares
had a restraining effect, especially
the break in Texas Company. The
street continued to credit tile recent
report that the company was in need
of more working capacity, and II 1t
does not put through ) some, new
financing may cut the dividend rate.
Some of the. other oil shares were
affected by tlleS weakIiess : in Texas.
Pacific Oil and Standard of Califor-
mia did well under the test and Mar
land was better supported than 1t
has been. for a long time.
Days Most Active Stocks.
On the theory that they had not had
their share in the rally, General As
phalt and Computing. Tabulating and
Recording were bid up sharply Gen
erai Electric was taken in hand, md
there was some activity at rising
prices in Westinghou The busi-
ness development of the electric COM
panies continues very satisfactory. q;
From April l to" October l new
orders received by the Westinghouse
were estimated at close to $4,000. 900.
against $69.000.000 in the same period
of 1892. and indications are that earn
tngs per share wilr run as high as
they did last year. Estimates are that
the dividend of 81 is being covered
about twice over. : - =
Gas Stocks More Active.
A diversion was attempted in some
of the public utility stocks. particu-
/. 1arly Consolidated Gas. There is moth
ing new in the situation of these COM
panies. The attractions are the high
return which they promise the buyer
and their well sustained earnings.
All through the recent period of de-
preston Consolidated Gas found a
ready market, and tbdays rise above
SO was the sequel to this absorption.
Columbia Gas and Electric was more
active. -"~
The third quarter earnings state
ments of the porphyry copper COM
panies-Utah, Nevada, Ray and Chino
are expected to be published about
November 10. and they Will be of
especial interest. All save Chino, 1t
is anticipated. will show net income
and Chino, too, may report a slight
amount earned on it's stock. Utah
undoubtedly will make the best re-
port. The average price of copper
hlSsoi III VIC eiiiu MA tci was diouhu
13 cents, and inasmuch as copper. pro-
duction costs depend directly upon
the selling prices of the metal. poor
showing by these porphyry concerns
is expected. However. the situation
has been helped blythe ability of the
pOrphyry producers Ito fall back
upon resources whichs they had built
up during the suspension of opera
tionS after the war.
Industrial Alcohol has been selling
around the 37-cent level for some
time, and 1t is believed the company
can raise it's quotations at any time It
wishes to do so. Earnings have been
unusually satisfactory. The upward
movement of Industrial Alcohol has
been influenced largely by these
facts, and, in addition. it is under
stood that a, strong speculative clique
has been operating in the stock
The weakness in the exchanges was
ton dispatches indicating that the
United States government might
withdraw from participation in the
European economic conference, ow-
ing to the restrictions imposed by the
French premier These intimations
fitted in rather poorly with previous
statements that the administra a ton
was sanguine about what the repara-
ions investigation was accomplishing.
The markets, fortunately, did not take
the same view. They: have been un-
able to see how an international COM
mittee could do anything with France
announcing that whatever the truth
, was about Germany's paying capac-
ity, 1t would insist upon its maximum
claims.