Evening star., 1922-11-28
MARKED UPSW|NG
|NSTOCK MARKET
Violent Rise in Many of Lead
ers Carries Whole List
H.. Higher.
BY STUART r. WEST.

Special Dispatci, to The Star.
NEW YORK. November sS.-The
stock market. which was the center
of interest in the financial situation
today, gave an exhibition of what 1t
meant for market pressed down
100 far by speculation for the de-
cline to finally reach the turn.
When a stage is reached where the
transfer from weak to strong hold
ings has gone far enough to remove
the greater part of the available sup
ply and leave the short interests
without means of getting in their
contracts around the low prices.
there is Just such a recoil as occurred
today.
There was nothing in the outside
news to account for the recovery any
more than there had been anything
in the outside news to explain the
previous decline. But as usually hap
pens the speculative community was
disposed to pay more attention TO
favorable features in the financial sit
uation which it had ignored while
prices were going down.
Trade Reviews Encouraging.
Among these were the statements
repeated in the weekly reviews of the
iron and steel trade that production
was back practically to where 1t stood
before the collapse in the ,iu autumn xann G' in
sterling exchange, the strength OF
the commodity markets. with all that
this means for the purchasing ca,
petty in the agricultural states. ana
foreign trade returns that despite de-
preciated currencies. foreign coun-
tries bought sl00.O0O.OO0 more in
American markets last month thar
they did on the average in the hrst
two months of the year -
ments. either stock or cash. had
much effect. In the case of Amer
lean Can putting the shares on a go
basis appeared to have been fully
discounted. the stock feeling the
weight of the traditional selling on
the good news" In the same way
the entrance of American Woolen
representatives on the board of con-
solidated Textile was the important
development which the market had
being. at least. the rise in Console
dated Textile stock was checked
sugar stocks Prominent.
Naturally the rebound was more
rapid in stocks that had been driven
down the most severly, and in which
the short interest was presumably
the largest-stocks like the steels.
the equipments. the InotoIS anu sumo
of the rails.
So much empha sis has been laid re-
Gently upon the rise in sugar prices.
the dwindling of unsold stocks and
the altogether favorable outlook for
next year that it was not surprisins
that sugar securities. both stocks and
bonds. should have been prominent
in the rise.
The opinion expressed around the
street regarding the sudden jump in
California Petroleum Monday and
again today was that it looked more
ike a dividend this year than ever be-
fore The next meeting at which
dividend action might he taken is
callable in December. Just what part
of the month is not known.
Disappoistment In Can.
The fact that American Can COM
mon sold off today on the declara :
ton of dividend at the rate of s.
the street in the action OF the direc-
tors. Something more than putting
the stock on a cash dividend basis
was expected. The American Can
it would be possible for the directors
to capitalize this surplus by the
declaration of a stock dividend of at
least 40 per cent. The fact that the
initial s1.25 dividend is not payable
until February Is and that the books
explained by the head of the company
in a special statement
Selling ex-dividend today S1.25 the
regular quarterly dividend United
States Steel common practically made
up the dividend in the first hour Of
trading. With steel common selling
around par it was reported that the
company was again in the market
purchasing stock for the employees.
Big Gains In Days Trading.
At the high prices reached In the
final hour of the stock market, the
share list was up 2. 8 and points
on the average. from the lows of the
previous day. Standard Oil shares
were prominent in the advance and
so was Burns Brothers a, which went
through its previous high of the year.
The american. Stud ,baker. Bald
win Locomotive and American Loco
motive were the leaders in the trad
ing toward the end. while United
States Steel common more then maie
up the dividend which was deducted