Evening star., 1924-10-15
STRENGTHEN
NOTED IN MARKET
Other Shares Fail to Rally
Much After Yesterdays
Heavy Selling Wave.
BY STUART r. WEST.

Special Dispatch to The Star.
NEW YORK, October 15.-During
the greater part of the time today
the stock market was disposed to
rally.
Uneasiness over politics, however,
continued to keep away good deal
of buying which would ordinarily
have come in after such a break as
occurred Tuesday. At the outset,
short covering was effective to the
extent of putting up the regular
leaders of the list a point or more.
Then selling was renewed and stocks
like American Can and Baldwin Loco
motive dropped beneath their low
points of the previous day.
The tone, however, renamed nrmer
and it was evident that better sup
port was being encountered. in part
from the shorts and in part from pro-
tective purchases as prices reached
TUESDAYS minimuns. With the begin
ming OF the afternoon. the market
turned upward again.
Oil Stocks Stronger.
Oil stocks had been the one group
to resist the heavy selling movement
OF Tuesday. They took the lead When
the turn came today. Producers and
Refiners quickly shot forward over
troleum, the pan-Americans and
Marland were up a point to point
and a half Sinclair was helped by
the decla ration of the regular diVi-
ttend on the preferred. Unusual ac-
tivity at rising prices developed in
Mexican Seaboard. Pure Oil had its
share in the Improvement.
Another decrease in crude oil pro-
Guction, reported in the weekly hg-
~, h..
more important factor was the action
OF the Prairie Oil and Gas in re-
moving all restrictions upon the pur-
chase and handling of crude oil
storage.
General Electric Rallies.
General Electric rallied with the
rest of the list But light was
thrown upon the recent severe re-
action by the statistics for the Sep
Jcmher quarter. These showed tina:
incoming orders We're s5S,390.000. as
against $65, $4,000 in the same quar-
ter last year. a falling off of II per
cent National Biscuit had evidently
not been fully prepared for the dec
laration of an extra 81 dividend, made
known after the close Tuesday. The
stock jumped Immediately over 2
points this morning. American
SiutlllHS more OIL response
10 the excellent report for the first
half year. showing nearly $3.50
earned on the common. against s5.4S
in the same period of 1923.
Among the rails there was COM
paratively little feature. Shares of
roads which have gone into the Nick el
Plate merger did better than most of
the others. This was particularly
true of Erie common. at one time, up
nearly points.
Delaware and Hudson Gains.
1t was characteristic of Delaware
and Hudson stock that it should rally
upon the first opportunity afforded by
the market generally. Buying. al
though on only a moderate scale, re-
fected the persistent confidence of
those who know the true situation
in this company that the earnings
and possibility and segregation de-
Telopments would exert , favorable
influence.
Earnings from transportation alone
are running at the rate of about 50
year, but the rank and file do not take
fully into account the operations of
the Hudson Coal Property.
The stock market in admitting poll
tics to be more of a factor has done
no less than what the iron and steel
trade has done. The Cleveland Iron
Trade Review made the significant
statement today that in several cases
round tonnage of steel, placed to
be delivered after November 4, were
made subject to cancellations by that
time" The Iron Age referred to po-
litical uncertainties as an increasing
influence in retarding new business.