Evening star., 1924-11-10
WALL Street LIST
j.
in HUGE TURNOVER
Very Uneven Price Movement
as Many Traders Hasten
to Take Profits.
By STUART p. WEST.

By STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, November 10.-Thert
was another huge turnover on the
Stock Exchange today. By moor
transactions had passed the million
share mark and there was no letuI
in the later trading. This tremendous
business was accompanied by a very
uneven price movement. Wall Stree
pools and other professional inter,
ests were taking down profits on g
large scale and their offerings ir
parts of the list were sufficient tG
balance the rush of outside buyers
In other directions prices moved
forward.
Much Switching to Oils.
There was much switching from the
rails into the oils. The latter de-
Neloped increasing signs of Leadership
IS the session went on. Producers
and Refiners went up the easiest OF
any. but ii was closely followed b!
.Paciiici Oil, Marland, Houston and
General Asphalt. Texas Company
which had sold Saturday at 42h so
above 43. In the higher-priced mem
bers of the group, like Tidewater anC
Atlantic Refining. the upward jumI
was sharper Large blocks of Stand
ard OIL, New Jersey, were taken or
an advance of two points. Pure Oh
was unusually active, responding tt
favorable Wall Street reports regard
ing the affairs of the company. Skel
ley sold above 23. Sinclair was heav-
lily dealt in as 1t cross d is, and there
was a good deal more doing in SimmE
Petroleum, Invincible and Shell Inior
Transport.
Railway Moves Mixed.
The railway share movement was
very much mixed, but for the most
part it was to be said that these
stocks were for sale whenever they
drew around their high prices Earl!
in the day, ST. Louis-San Francisco
made a new top at 45, and Rock
Island at Al.
Later Lehigh Valley was taken VI
across 10 But in last weeks fa-
yorites like New York Central anC
Atchison realizing sales were heavy
enough to more than offset any new
buying New Haven, Wabash pre-
ferred "a" and Southern Railwa!
We're freely sold and Missouri Pa
cific preferred was off points. As
the afternoon went on the selling OF
the rails increased.
The Street professed disappoint-
ment at the very small increase
b1,490 tons-in untitled orders report
ed in the monthly figures of the
United States Steel Corporation. Pub
lication of the figures checked the
rise in United States Steel common
and accelerated the profit taking
movement in other leaders. like Bald
win Locomotive and American Can.
Tobacco Stocks Strong.
Tobacco stocks were strong for a
time, especially American Tobacco
Tobacco Products and General Cigars
Philadelphia and Reading came in
for more attention. General Motors
appeared to be taking more notice
of the latest of available earnings
figures. Weakness developed again
in American Sugar and in Anne rican
Woolen.
After Saturdays sensational trad
ing on the Stock Exchange and the
widespread advertising which it re-
ceived over Sunday nobody doubted
that another very large business
would be done again today. The
whole question was whether the out
side public, rushing in after months
Of absence, would bring about a run
away market, or whether it would
find professional Wall Street ready
to take the very substantial profits
which had accumulated after many
weeks of waiting.
Exchange Again Climbs.
The answer to this question was
apparently given by the willingness
shown at all stages to sell last week s
railway leaders whenever they were
quoted around their high prices. But
at the same time 1t was perfectly
clear that profits withdrawn from
the rails were being put into other
sections Of the market, notably the
oils.
This changing about of positions
from one group to another was quite
characteristic of big speculation of
the sort. 1t did not necessarily mean
that the incentive back of the buying
OF the railroad stocks had spent its
force, but simply that the chance for
speculative profits seemed for the
time being greater in other quarters
1t is a coincidence which will go
down in financial history that Wall
Street and Lombard Street should be
celebrating at the same time a con-
servatfve victory at the polls Quite
as striking as the extraordinary VOL
ume of transactions on our stock ex-
change was the further jump in ster-
ling. At 1858 Is was up nearly 3
cents on the day, 10 cents within the
week and was selling at the highest
since June, 1928.
Wall Street Features.
Pacific Oil is expected to be one of
the first oil companies to increase it's
dividend. The current rate of 50 an
nually will probably be raised to So.
Whether it will be done soon, is a
question, but 1T is on the cards, and
there appears to be a vAy good basis
Tor an increase. Pacific Oils earn
1ngs since July l have gained ap-
proximately so per cent
Texas Gulf Sulphur directors will
meet either November Is or 20 for
dividend action, and an extra of 81,
perhaps 50, a share will be author
lied. The favorable earnings and
financial position of Texas Gulf Sui
phur has been referred to repeatedly
here.
Directors of Foundation Company
will act on dividends Wednesday.
and in anticipation the stock TODAY
sold at its highest for 1924. In the
first nine months earnings amounted
to over 100000. or $50, 900 above ali
OF 1928. The total for the year will
be close to s1,O00,00O, or approxi-
1nately SIS a share on the common
stock. The company has been paw
ing Sc a share.