Evening star., 1924-10-31
PRICES co HIGHER
] IN STOCK MARKET
Election Called Factor-NeW
Earnings Reports Help In
dividuaI Issues.
BY STUART p. WEST.
Snecial Disnat tch to The Star.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, October 31.-Prices
went higher on the stock exchange
today, largely in response to the lat
est political developments. Much was
made of the lengthening of the bet
ting odds, which were quoted 10 to l
in favor of the Republican candidate
This provided the principal incentive
in the market of the day.
On no day for some time has there
been so many special movements
Pools and speculative syndicates were
operating with an air OF easy conn
dence and marking up their favorltes
all around. Responding to estimates
that earnings are running between
three and four times dividend re-
ouirements International Combustion
Engineering rose another point to a
new high for the year.
General Baking Rises.
General Baking Joined in the rise OF
the other baking stocks on the STOCK
anticipa ting within the next few days
an announcement regarding the much
discussed merger of these companies
There were sharp run-upS in Dawson
Chemical, in international BUSINESS
Machine, in North American and in
international Telephone and Tele-
graph. Inasmuch as the Internal tional
Telephone and Telegraph Company
has large prospects in Sp3in, the news
of the morning regarding the sup
preston of the radical element, PROP
ably had some influence upon the buy
ing of the stocks.
Sears Roebuck made a new high
above 123, and Montgomery Ward
drew up around 40. Stocks of other
companies representing the Eenerai
retail trade were also in demand. AS
sociated Dry Goods was one of these
registering Il new high as it crossed
1928 WoolWorth, May Department
Stores Hartman Corporation and
Gimbel Brothers stocks were all
strong.
steel Crosses 100.
IN connection with the Use in United
States Steel across 100 the Street was
more interested in confidential reports
regarding the character of the recent
buying than in the immediate situation
In the steel trade. American Can readily
made up the dividend which came off
the price at the opening. Nothing in the
list has been receiving more powerful
and more consistent support. Other lead
erS like Baldwin Locomotive and Cen
eral Electric. bore their proper share in
the upward drift. Allis Chalmers was
notably strong. paying more attention 10
the statement that the company earned
in September at the rate of over IS a
share.
Cuban Cane Sugar preferred was the
one member of the sugar group to join
in the advance, because it represented
which
good prices for its sugar early in the
year, and which was not left with q
large remnant to dispose of.
The weakness in Punta Allegro in
the midst of a strong general market
supplemented the indications in the
recent annual report that the s5 divi-
dend was far from secure. American
Sugar was freely supplied as it raj
lied to SO.
Railroad Shares Do Well.
Unusually heavy buying at rising
prices in Missouri. Kansas and Texas
issues was accompanied by reports OF
another consolidation. Missouri Pa
cific preferred was strong and so was
New York Central. Southern Rail
way rose a point, and Baltimore and
Ohio did better than it had in some
time.
The Improvement in the sterling
position during the last month is the
more striking in view of the fact
that it has been accomplished despite
no change in the unfavorable trade
balance The detailed figures for
September given out by the Depart
ment of Commerce show that our ex-
port surplus In trade with the United
Kingdom amounted to nearly S64,
100000, which was practically the
same as in September. 1928, but
which compared with 39,216,000 in
September, 1922.
Mexican Seaboard Weak.
The weakness in Mexican Seaboard
was attributed mainly to the liquida-
tion of syndicate holdings, but the
selling may have been Influenced by
the postponement of preferred Givi-
dend action by Mexican Eagle Oil
After Mexican Seaboard stock had
fallen sharply, reports came out of
salt water in two of the company S
wells.
Buying of Hartman Corporation
stock reflected anticipations of de-
cidedly improved business as the re-
suit of the increased earning power
Of the farmers. Hartman is a furni-
ture mail order company, and, like
other members of the mail order
and distributive trade group, expects
to benefit directly from the higher
prices for farm products. Hartman n
directors will meet next Wednesday
for dividends. The regular 81 quar-
terly disbursement will be voted.
Professionals in Control
With the rising level on the stock
exchange, the business volume ex-
panded This did not indicate in
crease in public interest. The in
spiration for the days movement was
derived wholly from professional
sources. Stocks which rose the most
were those in which either there had
been short interest to work upon or
in which pools were most able to
show their power. Outside of these
two classes the gains were COM
paratively small. In the last hour
realizing sales reduced the early gains
in some instances, but the main body
of the list continued to stand up
strong.
MARKET CLOSES STRONG