Evening star., 1922-11-29
LEADERS ADVANCE
! TO HIGHER LEVELS
Best Stock Market Gains tor
DAY Recorded in After
noon Trading.
BY STUART r. WEST.


Special Dispatch to The Star
NEW YORK, November 29-outside
Ct the wheat market. where there
WAS L further and at one time quite
lively demand. today was rather
rcaturcIess day in the various mar
l;ets
In stocks trading quieted down COZ, =
si,Ierab!v. i'll fact there were PERIODS
during the day when the market was
,n,Sit.vcly dull But the dfnt was
toward quietly increasing conhdence;
ri'hc forced liquidation which had nau :,
such destructive eHects S n.sseG
was evidently over. Stocks hao passeu
into stronger hands. Still tho mar
l.t had not recovered suHiclenti!
from the violent blows recei'eu ~
1r.I very Keen over immediate opera
tons for the rise.
Copper stocks Stronger.
There were several noteworthy IN ,
Ci,lents in the movement OF lnalViouai
stocks. one of these was the strength n
,f the coppers, especially in stocks
uf companies like Chile and hehne-
,ott. which have their properties
either wholly or in part In sou,i,
America and are producing at SUE.
low cost that they are anie 10 nsr mranr
good profits even with the copper
metal at II cents {. pound
Another incident was an increase {
from 1 to > per cent in the diNioehu
on Strombere carburetor-the its'
recognition SO far given OF the I'M
proved condition in most OF the Ii".oi o,
,.trts companies. TN the other hah".
The marke: had to face the test oi
y rather violent selling movement IN
IN, Erie stocks aud honds. i'At'' '''
,he dav the Fries rallied, Whth tne
president came out with red Ssui :
-irotr hat
Sd, ,oov.e cash in the treasury
against less than S3,0"p.oOo OF piliS
,,avable On January !, and that 1ne!e
was nothing in the receiNership
runlors.
California Pete Scars.
California Petroleum common add
ID another ~. points TO It's advance
begun OH Monday. making gam OF
about Is points since the closing on
SATURDAY, The nine months report
.,f the company. which was made poo-
liz. today. is one reason Tor tne 81.
l.l,ound in the stock. while the tdih
.r dividends is another
IT., r.nnrt ,hat ,'crro de PaSco Cop
,,,-r CORPORATION. operating at Il 10"
I,r,,Iuctiuu cost in Peru. Soutn Amer :
ia will resume dividends Wltnih W.
months on its 100000 outstanding no
par stock. has been largely Iespons
ill. recently for the strength IN tne
,.npany's shares. 1t is thought tndt
,,.rrn de PaSco will pay at the rate
OF 81 annually. which is as much d ,
1ne company ever distributed reg u
Iarly in dividends
Hint. Of Extra Dividend.
Rurnors We're circulating auiet.
in the street today TO the ehett lnd M
Within thirty days Mexican re
rr,,1,um company would join the
ranks Of companies which have beeh
t.istributing something extra on
their outstanding stock IN oluer ~
1ak. up large surpluSrS. 1t was shlu
that an additional supstan'iai "a go
nayment would he made on its COM
,nnn stock. Such action would eN-
nlain the buying of Pan American.
which owns about 100000 OF the
100000 shares.
little sympathetic seiihs IN" of the
Haven and one or two other OF ,ne
,ails which, like Erie. Will probaoiv
NOT cover charges for the year. owing
To- the losses in the coai anu shop
mems strikes. New Haven 1or t.e
September quarter recoroeu d, d 'i.S
nf 81 Ii1uoO which was Sioc.ooo more
rh,n tn. system ran behind during
Tho same three months Of 1921. These
results are IL melancholy sequel 10
TN. Sangtine expectations Whlch
Wall street entertained III tne sum
,nrr market, when these stocks We're
are at present
Rails Hold Up Well.
sill it was significant of the i'm.
,,r,yement in the market position OF
1h., rails as a body that even Wnlle
the selling of the Fries was heaFier'
other of the non n-divldend-paFlns
railway stocks held steady. and some
uf them later in the day moved 1or-
ward.
As the afternoon went on the adj
>,ncinr tendency became more dis
riuct all through the llst Specuia-
tive leaders like Baldwin Locomotive
and Studebaker. which had hesltat."
and gone lower at the start. pesa.
10 pick up again. Apparently short
sellers of United States Steel COM
mon were Influenced to abandon their
position by the news that the cor
poration was in the market TO ouy
up its annual quota of stock to be
offered to employees
Steel Common Takes Lead.
That there is still no change for
4ht, better in the German situation Is
shown bv the latest Reichsbank state
meut which discloses a further ex-
mansion of 6I 644. 100000 marks. Ster-
ling exchange was off a cent from lts
top. and French francs were down
over a half cent from their extreme
nigh of week ago. This reaction.
however. might have represented
merely the natural settling back Of
speculative market after the reduc-
tion of an overeXtended short account:
With liquidation of compulsory
character at an end, the stock market
was able to pay more attention 10
outside trade news steel common
showed strength and was a feature in
the last hour. Buying of the motor
shares and motor accessories proba-
bly, found Inspiration in reports that
automobile and parts makers were
planning for a big year in 1928 and
were the principal source OF current
I.,1, it,f h.. steel market