Evening star., 1923-11-15
BALDWIN STRONG,
| U. S. STEEL HEAVY
Stocks as Whole Fail to Get
Ahead Much-Erie Shares
~. Less Active.
BY STUART p. WEST.

Epecial Dispatc tch to The Star.
NEW YORK November 1o.-Ther'
were occasional outbursts In the stocf
market today on the buying side o.
particular stocks, but these faileo u
influence the market as whole
Baldwin Locomotive was bid up above
126 to new high for the recen'
movement without drawing the otnei
leaders along to any extent. Stee
common was distinctly heavy, anc
while Studebaker and American Car
went up for a while, the gain was
only temporary.
Erie Excitement PASSES.
The excitement in the Eries SUB.
sided despite the talk that recen'
buying has been for banking interests
which have figured prominently in big
railway deals. The Erie stocks an
came down 112 to points from theil
highs. The ease with which otnei
low-priced rails like New Haven
Wabash A and ST. Paul preferred re-
ceded showed how largely their rise
had heen due to demonstration
against the short interest.
Shares of companies engaged IN the
distributive trade were again IN oe
mand, Sears Roebuck making ne"
ery-Ward across 26 was above It's pest
of the year. There was report tha'
banking interests connected with
MONTGOMERY Ward had taken over
the remaining stock owned by the
Tobacco Products Corporation al
prices above the present market.
virginia Chemical Jumps.
The improved buying power in the
agricultural states-always excepting
,bo ,ubaat country of the northwest
was again emphasized in connection
with the strength of this group OF
stocks. 1t also was the argument
back of the sharp rise in virginia
Carolina Chemical preferred.
Tobacco Products stocks were DID UP
on the ratification of the deal with
the American Tobacco Company at TO-
days meeting.
The oils were strong for time. but
they could not make much headway
in view of the weekly production hg
ures which again showed only tri-
fling reduction in the output OF crude.
Although Beechnut Packing went
higher on the announcement OF AT
extra dividend of so cents a share. ii
was not very impressive action
Even if this extra were to become
regular the stock would be paying
only So in dividends.
Maxwell Motors Gossip.
After the denial by the Studebakel
president of the report that his com.
pany was negotiating for Max"ell
Motors, the street turned to other ru-
mors to explain the recent strength III
Maxwell shares. 1t was said that the
A stock would go on substantlal
dividend basis, but this view was not
generally accepted. 1t was a matter
of some interest, however, that at the
prevailing prices for Maxwell Motors
a the original underwriting syndi-
cate, which is understood to have helt
an unsold portion for some time, mas
begun to ''see daylight"
II is predicted by people who are
usually well informed regarding Ma
tional Cloak and Suit that soon aftel
the turn of the new year the stock
will go on either a S6 or So annua
dividend basis Earnings on the com
mon are reported to be running a
approximately $50 per share.
Mallfnson Pushed Up.
Mallinson was bid up again and tall
was revived regarding the earning
position of the company. There
seems to be a difference of opinion
Tesarding the present status of the
silk business. The market for Nal.
linson shares is another matter, ano
n would be no surprise to some II II
were Influenced by certain develop
ments involved in the difficulties OF
pool.
record low. 1t was a question in tht
minds of some persons how the com
many would be able to go through the
troubIes which have beset the small
az oil concerns So far as can be
learned Middle States has been able te
show income from operations, Dut lts
showing has not been impressive.