Evening star., 1924-01-23
WALL STREET LIST
IN MIXED MOVES
Corn Products Most Active
Stock on Board-CopperS
and Sugars Advance.
BY STU ART T.. WEST.


Special Dispatch to The Star
NEW YORK, January 23.-Today 5
stock market during the greater part
of the time was to be described as
strong, because most of the individual
movements were upward. On the other
hand. large part of the list did moth
ing, and in other sections. when prices
were bid up, realizing sales We're at,
tracted in sufficient volume to discour-
age further efforts on the long side
Copper shares did better for a time
As result of the slight advance in
copper metal announced Tuesday
Anaconda at IS was UP nearly a poiut
and Inspiration at its high was up 1 !.
points. There also was conSidera bic
buying in Chile copper. TIE Statisti-
cal position i'll the copper industry is
debatable subject. but it cannot yet
be set down as bullish.
Sugar stocks were taken up hut
Tor no fresh reasons so fer as trade
developments We're concerned. Cuba
Cane preferred, Cuban-American con-
mon and Punta Allegro all sold at the
best prices i'll some time. There, was
also increased actually in low priced
issues of the type of Guantanamo
sugar and Santa Cecilia.
Corn Products stocks Soar.
Corn Products stocks made new
highs. still en- the talk of a $3 divi-
dend for the new shares. which would
mean siJ for the old Buying ap-
l'caled in ReI.logle after long period
Of quieS, en"e. Royal Dutch seems to
b" one Of the stocks in which foreiSn
capital has Lately been taking refuge.
1t was strong again today. Industrial
NlcphGl was one of the leaders. al
though there was nothing more tn be
added to what has been said before.
namely. that the company is Ea ~.
more money now than il was Whe II
the stock was payiug IS dividcuds
and selling in the market 20 points
higher.
The only moiiv. back of the jump
Railway Steel Springs was tina.
on account OF scarcity Of supply il
was orc OF the things easy to bid up
National Lead and United Fr1lit We're
among the higter-priced iuduStria.s
to come IN for attention.
Consolidated Gas in Run-up.
Consolidated G;tS ran up violently
Following the announcement that the
So-caIled 'dolla" gas" law passed by
the New York legislature had been de
ctared unconstitutional by The special
master appointed to try the case. The
other gas and electric shares. rebrr-
senting the greater New York territory.
were drawn along.
Neither in the stock nor bond mar
kets was there evidence today of the
lively interest exhibited during the
first fortnight of January. The re-
Investment demand has spent its
force. while the speculative COM
munity is taking more thought of the
magnitude of the rise in the last
three months and the extent in which
II has measured Improvement in out
side business.
That the previous days rally in the
foreign exchanges represented moth
ing more than the covering in of
part Of an extended short interest
was made clear Sterling and francs
both went lower. losing practically
all of Tuesdays gain. Sterling sold
within A cent Of its eAtrem" low
of Monday, which was the lowest
since January. 1929. This probably
reflected uneasineSs over what the
now labor ministry will announce as
its Legislative program. bur il is still a
question whether the political situation
has not been overrated as an influence
In the recent decline.
Wall Street Features.
Selling OF Pullman, which has been
attributed to the account Of promi
nent Chicago interests for some time
past. has been completed. according
to information recently received in
the street. But this story has been
heard from time to time. and yet
Pullman stock, which has been said
10 have had nothing else 10 hold it in
check. has failed to do anything note
worthy. The report of completed
liquidation seems to be offset by
statements that operations have de-
clined to a point considerably below
normal capacity.
However. Pullman's financial posi-
tion is strong, the combined balance
sheet for the fiscal year ended July
u. 1928, having showed cash and
other marketable securities valued
At s5S,000,000.
Buying of Associated Dry Goods
was resumed as the result Of the at
iention attracted again to the stock
by the declaration of Is per cent of
accrued dividends on Lord d Tay-
lor second preferred. Dividends in
arrears for the two years ended
February l, 1921, We're thus cleared
up. Lord e Taylor is the largest
subsidiary of Associated Dry Goods.
steel Orders on Increase.
The midweek steel reviews re-
ported new orders on the increase,
with the industry on an 50 per cent
OF capacity basis. whereas a month
ago it was down to 30 per cent. This
statement. however. was too well ex-
pected to have much effect upon the
steel shares. On the other hand. the
Iron Age confirmed something which
Wall street has been discussing with
much interest, namely. that the rail-
way program calls for smaller eXpen-
ciitures for locomotives and cars in
the early part of 1924 than for the
same period a year ago.
Marland Oil came into prominence
in the late afternoon. getting up
around its highest prices of the re-
cent movement. The street was prin-
eipally interested in reports that Mar
land is to figure in big combination
of oil properties
Steel common appeared to run into
a considera Bile supply of stock when
it neared f01, and the same was true
Of Studebaker. Copper shares contin-
used to gain in the late trading. with
Anaconda across IS and kennecott
we'll above 90.