Evening star., 1923-11-27
RAILROAD SHARES
LEAD|N TRADING
October Earning Statements
Reason-WalI Street List
Very Unsettled.
By STUART p. WEST.


Special Dispatch TO The star.
NEW YORK. November 27.-In price
movement the stock exchange to-
day was more irregular. The selling
which occurred in the industrial Sec
ton represented speculative profit
taking, which was q natural enough
Interruption OF tho advance of the
past month.
While the active industrial Issues
were yielding on rather heavy realiz-
ing, the railway shares were in in
creasing domand. and the strength Of
ouch issues as New York Central.
Reading, Chesapeake and Ohio and
Baltimore and Ohio was noteworthy.
The buying in the rails WAS encour-
aged by further earnings statements
for October, practically all of which
made g good showing as compared
with the month last year. New Iork
Central rose 10 j new high for the
year, and Baltimore and Ohio was sc
tive around SO. Low-priced rails is
sues. such as Chicago and Alton. Pere
Marquette, the Grics and New Haven,
were active and strong.
Maxwell Motors q, Higher.
The continuance of the advance in
Maxwell Motors accompanied various
-eportsl regarding the projected deal
With the Stude baker corporation. 1t
was announced that the meeting of
Maxwell directors scheduled for this
morning had been postponed until
alter the close. \ canvas OF i,opor-
tant interests Of Maxwell and Stude-
maker resulted In a sbarp division of
opinion as to whether the combina-
zion would be effected, and il SO, on
what terms. 1t waS still rumorcd
that the exchange would be one and
=. half shares Of Maxwell for one
share of Studebakcr Maxwell Mo-
tors preferred advanced sharply. al
though falling lar short of the
proper selling price on any 1iS-to-1
proposition.
American Can SIumps.
American Can common. following the
announcement today of only the regu-
lar preferred dividends. was actively
sold down around 10l. The selling re-
fiected the appointment of many
holders at the failure of directors to
authorize an extra cash dividend.
There had been difference of opir-
ion regarding the company's dividend
policy. with some people iRning to-
ward the view that 1t would sec At to
give something additional t. share
holders because of the exceptionally
good earnings during 1923. Net in
come IS expected TO exceed $50 d
share.
General Cigar stocks response TO
.he offering of Sr.70O.00o per cent
sold notes today was a decline from
the final prices of Monday. Earnings
on the stock are reported to be at a
satisfactory rate, with substantial
balance over dividend requirements.
Slight Advance In Coppers.
The dcclarat ton of the regular
quarterly dividends on Anaconda Cop
Per caused q slight advance in the
stock of this company and encouraged
holders of tho copper and mining
and there was moderate buying for a
time in other members of the metal
group.
bonds, of Pierce Oil Corporation have
received increasing attention the past
few days, based, it is believed, upon
anticipations of important develop
mentS. A program of expansion has
been reported for the coming year
and not long ago It was stated that
the preferred stockholders had won
their court fight for control of the
company.
Rates on sterling and francs were
down again. but this was only d
was no reason to change the view
that the whole European situation,
SO far as It affects the financial
world. is hanging upon the British
have been decided that it will be
possible TO get an accurate line upon
the future of Anglo-French relations.
Iron Pipe Goes Higher.
The remarkable advance continued
sr United States Cast Iron Pipe Now
that the preferred stock may be re-
garded as back to full preferred diyi-
dends and payments have begun on
the common, 1t is only a question of
how MUCH the latter will pay in the
course of year. The impression is
that the common stock can look for
ward to 50 dividends, which would
explain the advance of nearly 20
points in less than two weeks.
a sudden revival of interest in copper
and related issues vas the features
CT the late afternoon. The position
in the copper trade has been halder
10 determine than that of any other
Gasic industry. with testimony as to
the relation between current output
and consumption conflicting. But it
ueems to be true that within the last
two months domestic buying of the
metal has picked up considerably and
shat stocks on hand are no longer in
creasing as they were in the summer
This has begun to show in prices"
MARKET CLOSES HEAVY.