Evening star., 1923-11-09
NEW HIGH LEVELS
| IN MANY STOCKS
Profits Also Taken in Some
IsSues-Equipment Shares
j.; Turn Active.
BY STUART Il. WEST.

Special Dispatch TO The Star.
NEW YORK. November 9.-The
stock market today continued to take
little notice of unfavorable OUTSIDE
news. 1t was interested merely IN
the unfolding of it's own position
OpcrationS for the rise were stun IN
the ascendant, and there were many
new highs made for the current ad-
vance.
Baldwin Locomotive, during the
greater part of the time, was helo
back by profittaXing. but Lima Loco
motive came to the front, and Amerl-
can Locomotive was more active ano
higher. This group was favored by
reason of the increased inquiries by
the railroads for new equipment, al
though it is not expected that tnis
incoming business Will approach the
high totals of 4 year ago.
California 'Pete" Strong.
California Petroleum made a quite
remarkable report for the nine
months ended September 80 in view
of the depression during most of that
period in the oil trade. 1t was ab!e
To show earnings of $6.S2 on the new
$25 par stock, as against 1913 on the
old S10O par-this after interest, de-
of stock which has recently been
selling below 30 earning nearly 81 q
share in the first three quarters or
the year led to rush of buying
which influenced the other oils. Cos
den got above % and Pacific Oil above
80
Utility Issues Taken Up.
Public utility issues came in for
more attention under the lead OF
Consolidated Gas and Brooklyn Edi
son. The recent declaration of a div
idend on I4aclede Gas has made a
favorable impression upon the mar
ket for that stock. Buyers of Con-
continued to maintain that they are
out of line with other groups paying
similar dividends and with similar
earning power. The same thing is
said with regard to Co!umpla Gas
and Public Service of New Jersey
The latter is expected to show $40
share this year
There was nothing more to be said
regarding the further rise in Strom
berg, Stewart-Warner and Bosch
were pressed down without any ade-
quatc reason during the recent de-
cline. and have been rapidly getting
back to prices more in keeping with
their earnings.
Copper Holders Encouraged.
The advance in quotations on cleo
trolytic copper and the announcement
that October corner shipments from
the western hemisphere approximate d
210.000,000 pounds against 160.O0O,OOO
pounds in September, were encouraS-
ing holders of copper stocks.
Opinions vary regarding the situa-
tion in the Pan-AmeriCanS. The re-
cent payment by the Texas Company
of it's dividends and also the pay
ment by CoSden Y Co. OF Its pre-
ferred dividend have made many
less skeptical about the ability of the
oil companies to pull through recent
difficulties without drastic action. 1t
was said today by well informed per-
sons that Pan-American would main
tain current dividends but this was
not the view of the street generally.
1t is reported that Delaware. Lacka :
wanna and Western will distribute
an extra dividend. The money for
the purpose. it is said, will be Sc
cured from the Glen Alden Coal Com
pany, which is expected to pay OIL
some of its bonds which D., L. & w.
holds
A new high for the current move
ment was rSade by Chicago and Rock
Island common around 23. This ad-
vance fitkd in with the information
recently given that the company
would do much better for the full
twelve months than was indicated.
Earnings of at least 50 a share on
the common are predicted for the
year.
Lima Locomotive joined in the ad-
vance of the industrials today and
there was talk of either an increased
dividend or an extra disbursement in
the near future. Earnings in the
first half year amountE 20 over $40
per share on the common, and it is
estimated that for the year Lima will
show So per share or over.