Evening star., 1923-12-07
FURTHER ADVANCES.
/ |NSTOCK MARKET.
Presidents Message Still
Factor in Trading-Motor
!. ! Shares Are Active.
By STUART p. WEST.

BY STUART p. WEST.
SpsGal Dispatch 10 the Star.
NEW YORK, December mo check
UPON the rising movement appeared
in the stock market today. Public
participation after the President 5
message appeared on the increase.
and this showed inithe eager follow
ing attracted whenever individual
stocks started up.
Motor Shares Active.
Motor shares. during the greater
part of the time, dominated the pro-
csedings. The sensational rise of the
previous day in Chandler was the i'm
mediate incentive. There was no sig
nifcance to the Chandler episode be-
ycund the fact that the stock has a
record for first selling way out Of line
as Sc payer and then all of sud-
den having a violent upward adjust
mert. at dividend time.
But 1t was natural that spectators
who had made quick profits in the
Chandler move and those. too, VINO
had looked enviously on. should have
been very ready to swing into the
other motors as they began to go up.
This was all there was back of to-
DAVIS advance in Studebaker, General
Motors, du Pont. Hudson. Pierce
Arrow, the Maxwells and the WHY'S
Overlands. The buying was altogether
speculative.
OIL Shares Again Drag.
Oil shares were again slow to re-
spond TO the latest and highly favor
able figures bearing upon, crude oil out
put. Early in the day the Pan-Amer-
lean developed conspicuous weakness.
Every time these stocks have d sink
ing spell the dependability of the
dividend comes up for discussion.
This point is reasonably made that
stocks paying IS would not be SELL
ing below sixty if the IS were safe.
The new financing present and pros
pective has not helped the dividend
outlook any. 1t means q further
large obligation ahead OF the stocks.
Tobacco Products continued its re
rlarkabie advance, reaching 70. Al
this figure it was up nearly seven
points from where 1t was selling
Thursday morning. The stubborn
short interest in this stock has been
given very bad beating. People
close to the company say that there
Is no extraordinary explanation nee
eSsary for the rise, that as 6 per
cent stock earning something like
10. it was undervaiued when it was
In the low COS.
Message Again Factor.
Today's further advance on the
stock exchange undoubtedly could be
set down 20 IA more general recogni-
tion of the Importance OF the presi-
Dental message 20 the investment
outlook.
There had hardly been time Thurs
day afternoon for the contents OF the
message TO become widely known and
appreciated. The public came TO real
lie better overnight that radical
legislation stood no show in the pres
cpt session of Congress
The defeat Of the British Conserva-
tives, with their protectioniSt policy.
was a contributing factor as il bore
upon our foreign trade future. But
the main effect was not in the stock
market-it was in the foreign eX-
change.
Mellin's Report Gives Cheer.
The cheerful atmosphere of the day
was increased by the optimistic note
of the Secretary of the Treasury in
his annual report He dwelt upon
the favorable features of the 1928
situation the full employment Of
labor. the record breaking railway
traffic and building operations, the
unparalleled production in the prin-
cipal manufacturing industries, the
abundance of credit.
He accompanied this summary with
the statement that the forces which
vival were likely to continue next
year, lat least in considerable de-
gree"
Wall Street Features.
If any holders of Mathieson Alkali
common had been expecting dividends
on this issue. they were disappointed
today, for only the regular preferred
mulated preferred dividends were
authorized.
Dividends will not be paid on the
common until all the arrears on the
u. L, l str nh
at per cent-have been wiped out.
Earnings on the common for the
first nine months amounted to S1;67
per share, as against $4.67 for the
corresponding period OF lS1a.
Utah secui-ities.
Current earnings of Utah Securi-
ties are understood to be running
been moderate advance in the
stock recently on the increasing at
tention paid to the earnings position
OF the company.
Late Trading Features.
The features of the late afternoon
were the electric shares and the to-
baccoS
General Electric had a remarkable
upward rush to considerably the
highest of the year. and Westing-
house got we'll above so on large
transactions. There was nothing.
however, to be said about these ad-
vances except what is perfectly we'll
known about the prosperity in the
electrical manufacturing business.
These companies were entirely unaf
fected by the showdown and partial
slump which others went through last
summer. Their situation as regards
orders on hand and prospective orders
has never before been SO bright.
MARKET CLOSES STRONG.