Evening star., 1923-11-08
NEW HIGH LEVELS
IN ACTIVE STOCKS
Stromberg Up Over Seven
Points-American Can
] Above Par.
ny STUART T.. WEST.

special Dispatch to The star
NEW YORK, November s.-Ne"
high prices for the present move
ment were made all through inc III
dustrial list on the stock eNcha"9e
TODAY. There were no new considei-
ations at work. The market Was
simply proceeding under the momeh-
tum acquired after more than week
of advance.
pivotal stocks Active.
American Can advanced par, BALDWIN
LOCOMOTIVES and Studebaker betteri'g
their previous highs and a Vioient
iump in Stromberg Carburetor We're
some of the outstanding lhciueh.s
Other motor shares We're c.srflea a!ohs
with Studebaker, notably MaN"eii Mo
tors A .So
The reason frs the strength OF the
motor group is that Wall street mas
had to re Use its IDEAS q F'e Az
mobile trade situation and admit that
its apprehenSions regarding oNerpro-
duftion leading to price-cuttlng
war and eventual curtallment Oh
manufacture, has been Wholly uh .
warranted so far. a great uedl VI
short stock was put out on thiS nus
sellers have been slow to abandon the
field But today it was belateu Shor
covering which was responsible ioI
the strength in the motor ana motor
accessory shares.
stromberg's Position.
The simple explanation for the rise
In Stromberg was that there had been
nothinp in the business conditions or
the company to warrant I per cent
stock selling as low as it was montl
ago According to all truStWoT tny
accounts the demand for carDufe'ofs y
h 4 n
parts has been remarkably we'll sus-
tained at the season whcn more vi
less of a slump is expected. - =.
When Stromberg broke below 80. II
was due solely to market CONDITIONS
compelIing liquidation regardless OF
values. At no time was the dividend
in Jeopardy. and today the stock was
being hurried back into line, parity
under short covering and parity un-
der new buying by people VINO We're
of the very high yield. Stewart w ar
ner and American Bosch Magnetic
went along with StromberE.
Rcars Routed Elsewhere.
The demonstration in the ranks of
thc hear party was shown in other
directions Even stocks IKE the
feathers, representing an lhduS
that has been doing badly. joined IN
the upswing. Less than tortnisht
ago Central Leather and American
EIide and Leather made their dlsmai
.howing for the third qnartar. set
\ lie shorts, taking fright In the ieatheI N
stocks. bid up both Central Leather
preferred and Hide and Leather pre-
ferred from to 3 points.
Among the rails the main feature Was
the continued strength of the va
bashes. This was due in part TO th-
fact that the expectation OF dlVldends
on the preferred A appears not uhrea-
sonable. .oao,,
Mack Trucks was bid up again To-Day
and it's advance caused many 10 won
der whether the directors would declare
an extra dividend at their next quar-
terly meeting In September the resu-
lar rate was increased to So, and now
there is talk of an additional dlsburse-
ment. Mack earned SITE per share on
the common in the first nine months
and s22 is the figure estimated for the
full twelve months.
Copper Stocks Helped.
The copper stocks were helped mod
erately by the announcement that the
American Brass Company had advanced
prices Il cent per pound on practically
q. all its brass and copper products. How
ever the effect was not so pronounced
In connection with coppers as 1t was IN
contributing to the decidedly improved
sentiment toward business and the Sc
curitieS markets.