Evening star., 1924-01-15
MOVES ARE MIXED
! IN STOCK MARKET
Confused Price Changes Show Cau-
!. ton and Doubt Over Prob
: able Trend.
LOW.PRICED RAILS BOUGHT
Several Prominent Shares Also
Heavily Sold.
BY STUART p. WEST.

special Dispatch to The Star.
NEW YORK, January 15.-Today
fluctuations on the stock exchange
represented nothing more than con
tiict of opinion as to whether the re-
action Monday had or had not been
sufficient There were periods when
The tendency to rally was uppermoSt
and there were other periods when
parts of the list appeared weak again
Much interest was taken in the ac
tion Of the Readings, selling eA
the rights to subscribe to the new
coal Company stock. The rights
themselves opened just above 20 and
advanced across 81. Reading common
started at 56A and ran up over
point. At the highs of the DAY LOT
atock and rights the gain over mon :
Say,s close was over points. This
iustified the many predictions that
Reading, with the rights deoucteo
from the selling price. would appear
moro attractive than II hao previous
ly.
Lov-priced Rails Favored.
There was quite a demand at times
for low-priced rails The 81; fauss
both common and preferred, mao tne
sharpest run-up, with New Raven
and the Eries close followers some
buving came into Wheeling and Lake
Erie preferred from persons VINO hao
not realized that more than vi
share was being earned on lne .ieS S."eS
The rise in Maracaibo Oil contnusu,
the stock running up easily as tne
result of the comparatively smai,
floating supply. AS was pointeo on.
Monday. the company on, az ' mas ,srsev Sonxfad and
Gulf Coast Oil for development worh
on its Venezuela properties, getting
royalties and extra cash peymentss
besides. The latest reports are tna.
these development operations are
heinp considerably extended, so that
they will bring in quite an increase
In Maracaibos revenue
Iron Pipe Again Weak.
WHY'S Overland issues stood out
prominently at stages on the ouylhs
side. Pool support was apparentls
accorded Hayes Wheel. bringing aoou'
a partial rally. On the other nanu
states Cast Iron Pipe had been com
pleted was indicated by the con
tinued weakness in the stock. balu
win Locomotive also was heavy mos
of the day as the result OF the at-
tention directed to the difference pc
tween the equipment business this
wear and last, the comparison pelns
decidedly in favor of last year.
The report Of H. r. Mallinson q 60,
Inc, for the fiscal year ended octooes
sf, 1928, is expected a. 10 sooIs De }or earn
inzs of approximately 81 per snare on
ths common stock. In the hrst SIX
months to June. 1928. the net income
anplica BILE to the common was S4.oo.
In 1e2I-ls22 Mallinson'S earnings on
the common amounted to S2io per
share
Utah Securities Stronger.
The recent strength in Utah Secu-
rites Corporation stock has been
hased upon the improvement in SUB
Salaries earnings and the informa-
ZION that the net income or Ctah Sc
curities itself-a holding company
has been running at the rate OF be-
curities holds" the entire common
stock Of Utah Power and Light and
over s3.OOO,OO0 of the latter's second
nreferred The subsidiary's earnings
st wear were Is to rs per cent aneao
OF the corresponding month in 1929.
In connection with the situation IN
the oil industry. one significant phase
has received little attention IN the
street. That is the policy of the large
oil concerns in accepting orders for
future delivery. 1t is reported that
these companies will book orders, not
at fixed prices. but at prices to be DE :
fermined at the time of delivery. This
testimony to the confidence felt in
oil trade circles fits in with recent
price advances.
The squirt in the low-priced rails
ket. In the afternoon selling broke out
again in the industrial section. steer
common dropped below, SO again, ana
Bald win Locomotive below 1913. The can
stocks more than lost the ground gain
ed early in the day.