Evening star., 1923-11-04
STOCK VALUES GAIN
OVER AOo,0(Oj,0D.
$25, 900, 900 Advance in Steel
Common Alone in Two-Day
Sensational lump.
BY HARDEN COLFAx.
Special Dispa tch to The Star.

Special Dispatch to The Star.
NEW YORK. November S.--Ad.
vance in Wall street stocks during
the two days Immediately following
the declaration Of the extra steel div
idend amounted to between 100000
600 and $50o.000.0o Subsequent re-
actions due to the foreign situation
reduced this total, but the net result
of the spectacular upturn In prices
the like Of which has not been seen
in recent years-has been a general
heartening of American industry.
which cannot be measured In dollars
and cents.
The cause of the $500, 100000 ad-
vance in security prices was almost
Insignificant when compared with the
enect. The one-Quarter of / per cent
extra dividend on United States Steel
common amounted to $1,250,000. The
harvest was 400 times the volume OF
the planting! United States S,eef COM
more than Ave points. rose approxi-
mately $25.00o.000 on the basis Of
its 100000 outstanding shares. The
rise in this stock was twenty times
the amount of the extra dividend.
100 Stocks Carefully Studied.
ALI of which has demonstrated In a
new way Just what q single big out
standing and unexpected development
in single big Industrial concern
can do to the market value Of stocks.
In this instance, 1t seems definitely to
have checked, at least for a time.
and turned the entire market about
face abruptly toward a rise in values.
In reaching the estimate OF $780,
100000 to $5oo.0o0.000 as the measure
of the total two-day advance In
stocks, your correspondent used as a
basis 100 Of the chief stocks actively
dealt in Immediately after the good
news concerning the steel dividend
was announced. There are about 450
issues-possibly a few more-shown
on the Wall street tickers on days
when the trading IL fairly active.
The 100 shares whose advances were
totaled have outstanding issues
amounting to $s,476.so0.o 900 par value
vance the number Of shares outstand-
ing In each company has been multi
piled by the increase In the selling
price of each share.
Figures Reach BIG Totals. 49,
Take. for instance. the Standard
Oils Of New Jersey and California.
These two companies appreciated in
ing the first day of trading after the
declaration of the dividend. The lat
ter company has outstanding almost
10. 10000 shares Of a par value Of $25
each. The total issue is measured at
about $243.000000. Those 100000
shares advanced. during the hrst day.
81 a share. or for q total of 10000
600. The Standard Oil Company of
New Jersey has outstanding almost
q, 900 900 shares of $25 par value.
the total issue running to about $780,
000, 900. Shares Of that company ad-
vanced 75 cents each, or for q total
Of $15.000.o00.
cred the total advance in prices. mea-
sured by the above process, was
s149.965,750 on the first day Of trad
ing after announcement of the extra
dividend. The advance continued
during the next day to an extent
sufficient to carry the 100 issues for
ward almost another 100000 900,
$3.50, 900. 900 for the two days.
Scores of issues rose $1.000.D00 or
more apiece on the first days trad
ing. Among them were American
Can. which later receded, whose
marked-up price aggregated about
So, 100000; Anaconda Copper. about
IS, 900; Santa Fe. about $4,000. 900.
Baldwin Locomotive, about $1.lo0,000;
Chicago and Northwestern. about $2,-
500. 900: Crucible Steel. about $780,
900; Cuban-American Sugar, about
SLIPS, 900; Great Northern preferred.
about $2500,000; International Har-
vester. about $4.6oo.e00; National Bis
cult Company. about s2,2 250, 600; New
ing. about $2.S0o,000; Reynolds To-
bacco, about ,$3250.000; Studebaker,
about $3.800.00o; Union Pacific. about
81. $4,000; United States Rubber.
about S2,100.000, and Utah Copper.
about $3.400.000.