Evening star., 1924-12-02
Narrower PRICE
!. MOVES IN STOCKS
Bull Movement Keeps On in
Spite of Heavy Sales in
Many Issues.
BY STUART p. WEST.

the greater part of the time on th
stock exchange today, as well as II
Mondays late trading. the marke
demonstrated its ability to resis
heavy selling pressure.
In spite of all the profit-taking ant
short-selling which occurred the gen
eral body of stocks maintained q firm
front, and in several quarters opera
tions for the rise were conducted
with considerable success. In man,
Instances where prices fell off sharp
" fresh buying came In at the lower
levels \ few of the speculative rail
way shares were taken up, gettint
we'll above the previous days close
Special moves went on among indus
trials. carrying numerous stocks Il
their best prices. Greater New Yorl
Traction shares were the outstanding
group.
Traction Shares Strong.
In the traction shares the inspira
ton continued to come from the in
tervention of the Albany administra
ton in the Greater New York transit
situation. The feeling was that thu
tiresone squabbles were now In {
fair way to be done away with, anc
the whole matter of new subway con
struction handled in a reasonable anc
impartial manner. The agitation fo'
the destruction of the elevated road!
and for tho tearing up of the sur
face tracks, 1t was now thought
would have TO be abandoned.
On this assumption the strength O
Interborough Rapid Transit ant
Third Avenue shares was understand
able.
Junior Rails Active.
The upward movement in the SO
\ 4
vigorously for q, time but later en-
countered increasing opposition from
realizing sales. While the adNanc,
was on, Wabash A rose three points
ST Louis-San Francisco sold at III
top figures, NJ, X. and Tt. was heavil!
bought and Kansas City Southern
sold above SS for the first time. The
higher priced dividend paying rails dlC
not cut as much of d figure as on Other
dsvs. They ran into d great deal oi
profit taking.
Industrial List Mixed.
The Industrial list was very mucf
mixed. There was further strength
in the shipping stocks espcciall!
Mercantile Marine preferred, Atlantic
Gulf, and American Ship and Com
merce. Among the motors profit
taking appeared in General Motors
st the same time that fresh buying
came into the Pierce Arrows anC
Hudson. Cuba Cane Sugar preferred
was quite weak. The oils behaved
badly in the face OF the new In
creases announced in gasoline quota
tions The extraordinary advance
continued in the United States Realty
issues, anticipating q dividend in
crease, International Harvester was
A strong speciality, and another was
Reynolds Spring. Famous Players
continued to move forward.
wabash Preferred Taken Up.
Wabash preferred A was one of the
hrst of the railway shares to be
taken up today. 1t ran across the
65 level, attracting a ready follow
ing, and one after another of the
medium and low priced rails joined
in the advance. Reports persisted
of the likelihood of dividends on Wa
bash A early in the new year. A s.
annual rate was being counted upor
in todays renewal of buying of the
stock.
Motor Reports Favorable.
The Street was favorably impressed
by further reports of the fourth
quarter results of both Studebaker
and General Motors. An estimate Ci
General Motors earnings in the cur
rent three months indicated a balance
of we'll over 81 share. Inventories
have been largely reduced. cash has
been considerably strengthened, and
the company is following sound
producing program. Studebaker Cor
poration has made it known that its
October sales broke all records.