Evening star., 1923-12-13
GENERAL ADVANCE
IN STOCK MARKET
Many Leading Issues Score
New Highs for Year-Corn
Products Scars.
BY STUART Il. WEST.
Special Dispatch 10 The Star.

Special Dispatch TO The Star.
NEW YORK, December l3.-1he
upward movement continued rigor-
ously on the stock exchange today.
il was limited principally 10 the in
dustrial list, and here the advance as
sumed "A very general character, 1t
took up even the copper shares. which
have been notorious lasgards.
The South American coppers were
particularly favored on account Of
their new production costs. Chile.
above IS. and Cerro de Tasco, above
A. were selling at the best prices in
some time.
Tel. and Tel. at New High.
There was no reason why the in
crease from So to $S in the dividend
on Pacific Gas and Electric should
have stimulated interest in other
public utility issues. 1t was purely
special case of compan wishing
TO finance in the future with stock
instead of bonds. taking measures to
make the stock more attractive But
sentimentally the ensuing jump in
Pacific Gas stock had its effect upon
other utility shares. American Tele-
phone and Telegraph made new
less than two points of the highest
il has sold since il went on a per
cent basis.
Motor stocks were prominent again.
with Studeoaker and P:erce-AI-ow
preferred at new high prices Tor the
present movement. The Pierce Ar
row has been quick to respond to the
proof of much improved position
afforded by the paying off of
10000 900 bank loans. Hupp Motors
I,N ,f,,N.- E,EnT tnn
breaking over , points Oh reports OF
an impending new issue of stock.
Du Pont. which moves with the mo-
Tor shares on account C. its holdings
Cf General Motors, also reached new
high prices.
Pivotal stocks Advance.
Other regulation leaders besides
Studebaker took their proper places
in the upward swing. Steel common
sold at it's best since the turn came
six weeks age. Baldwin Locomotive.
which had done nothing Tor some
days fell into line. Oil shares paid
more attention to the price advances
In Texas and the further decrease
in crude production thar they did
TO tine unexpectedly large increase
in the weekly figures ". imports.
American Wooden. another backward
International Paper had further
rise on intimations that earnings
would amount to something like So
share for 1928.
The remarkable rise iii Corn Prod
ucts. based upon expectations OF
capital SplIt-up. continued Dawson
Chemical made a new high above SO
without the help of any further dis
closure regarding "silicia- jel.'
Wall street Features.
An uprush in Dawson Chemical.
carrying the stock across so TO Il
new high. was in direct response to
the official denial Of the report that
the company was planning to do new
financing. The rumors were evil
IDENTIFY circulated with a view to de-
pressing the market for Dawson
stock Those who are best informed
about the situation have been offer
ing little of the stock for sale.
Pacific Gas and Electric common
stock had a brisk run-up following
increase in the dividend from the
previous s6 annually to SIS. 1t Is
estimated that the 1923 net income
will amount to close to $40 per share
on the common. The street had the
report that Pacific Gas in future
would conduct new financing in COM
mon stock.
The copper stocks especially Cerro
de Pasco and Chile, We're bid up for
d time, with nothing new to account
for their advance. The advance in
the South American producers was
the result of calculations that, with
their low cost of output, these COM
panies would be able to make Ia
vorable showing for 1923.