Evening star., 1924-11-03
MARKET IS DULL.
ON ELECTION EVE
Oid-Time Excitement Fails to
Develop, But Prices Re-
main Firm.
By STUART y. WEST.

Special Dispatch 10 The Star.
NEW YORK November 3.-People
who had expected some sort OF an
election eve excitement on the STOCK
Exchange were destined TO diSap-
pointment in what happened today.
The market was a very tame affair.
with everybody holding off and not
wishing to do anything rash. Busl-
ness was confined pretty much to the
clearing up of existing contracts. ana
this resulted in small and Nar!!ns
price changes.
Accumulation in Wabash.
Railway stocks for the most part
We're firm. Wabash preferred A was
quietly taken around i6. New tia-
ven was stronger and rather more ac-
tive, encouraging those who have
been saving for some time that the
situation in this stock has changed.
There is always. moreover, tn" pros
p.ct of the road being taken over
Jointly by several of the big systems
outside of New England.
TEXAS and Pacific was bid up across
-. Among the higher priced diVl-
dsnd payers Atlantic Coast Line was
noticeable equaling its previous high
OF 13S AtChison. after selling on
10 i07 rallied easily.
Oil shares some of them at least,
were inclined to make more response
to the increas" in gasoline prices. an
nounced saturday. Pacific on opened
up nearly a point. then lost part OF
the gain. Phillips Pete took the
lead later in the day with rather
sharp advance on larger transactions.
Harvester ut New Top.
American Woolen started in higher
Mt 56, but the rise was evidently due
to nothing more than short covering.
When this was over the stock fell
hack again quickly. international
Harvester. one of the strongest
things on the list. got well up to its
top figures Of 1924, and Advance
Rumcly. representing u company in
the same line of business. followed
along
cast Iron Pipe made its usual daily
new high, the upward movement in
crcaSing in rapidity as the l20-leyel
was crossed. American Sugar pre-
fcrred at e4 was up { points from last
weeks low. but this meant nothing
more than short covering. 1t did not
indicate any change in the American
sugar situation from what has been
pointed out for some time.
Post Election Boom Doubted.
The argune MT from all past eX-
p"rience is that. had there been any
great poSt-election boom, it would
have shown in the market much more
than it has during the last month.
Tho Wall Street price movement
very seldom waits for things to hap
non. Its function always has been to
anticipate, especially where the
signs have pointed overwhelmingly to
the side which Wall Street favored.
1t would be surprising if the an
"f Il sweeping Republican victory,
such as the financial district was
looking for today. were not followed
by some sort of il demonstration on
the buying side. But whether this
would be the ushering in of Il sus
tanned advance or whether it would
fizZle out the way such demonStra
tions have SO frequently in the past
is the Interesting point to consider.
Improves In Last Hour.
In the last hour, the market picked
up in sympathy with the strength in
the high grade rails. The buying of
Southern Pacific was particularly
noteworthy. Montgomery Ward
crossed 40 for the first time. The
pool in American Can which had
taken things easy during the early
part of the day suddenly got busy
again and the upbidding of this stock
had an effect upon United States
Steel, Baldwin Locomotive and the
other leaders.
On the other hand, the street was
disappointed that General Motors new
shares made so little response to the
showing for the September quarter,
which was exceptionally good in COM
narison with that Ola number of the
other motor companies. Net in
come increased S2,700.000 over the
previous quarter and nearly $780,
600 over the same quarter last year.
With ordinary allowance for the last
three mouths. the year end should
show surplus of between 81 and IS
on the present General Motors COM
mon.