Evening star., 1923-05-24
FURTHER ADVANCES
| IN STOCK MARKET.
Sharp Upturn Continues,
/ With Best Prices for Day
, in Final Trading.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK. May 24.-As on
Wednesday, the oils led the stock
market upward today.
There was very little in the way
of outside news today and none was
needed The truth was that bear
the list appear much weaker than il
actually was, and in doing so had
greatly overeXtended themselves.
When the overcrowded short inter-
est realized that Wednesdays late
demonstration against the steel stock
had failed to restart the general
downward movement, Ii began Wig
orously to bid for stocks. This, with
the renewal of operations for the
rise by speculative interests which
had reaccumulated holdings distrib-
uted two months ago, made up the
two main features of todayS stock
market operations.
Oil Shares Very Active.
All that has been said on the sub
fornia Petroleum shares was amply
borne out by their further rapid up
rush. well above any previous high.
The big short account butt up in
Phillips Petroleum on the suggestion
made quite inadvisedly that the COM
pany's cash position was not as
strong as it might be. had a hard
time of 1t.
The movements in other oils, like
Marland, Producers and Reflners and
Cosden. there was good reason to
believe were under the same spon-
sorship as the previous moves dur
ing the winter campaign.
Talk of a substantial increase in
the New York Central dividend at the
June meeting was back of the i'm
pressive buying in that stock. Other
rails gave a good account of them
selves, getting UP to points on
the average from their lows early in
the week.
Leaders Rise Rapidly.
1t took an hour or so to convince
the shorts in stocks like Studebaker,
Steel common and Baldwin Locomo-
tive that their position was precari-
GUS, but once the rush of covering
purchases began. the rise was rapid.
Todays further upward turn in
stocks meant belated recognition on
cline that the Importance of the busi-
ness slow down during the last
month and a half had been exag
Eerated in the movement of Wall
The definite check to the decline
on the stock exchange has bee1 ac-
companied by corresponding halt
In the downward tendency Of COM
4loullS
This is true of the cotton market
where 1t is beginning to be discover
ed that fears of curtailment at the
mills have been overdone.
Central Dividend Talk.
There is only one way to regard
New York Central and that is as a
z per cent stock. The dividend is now
per cent, but it is only a question
of time before it will probably pay
z per cent. The rate may be in
creased at the next meeting or the
action may be postponed until the
following meeting. The buying of
New York Central in the market of
the past few days which has carried
the stock steadily forward has been
done almost wholly by certain
banking group.
Prices Best Near Close.
The high prices were made in the
Anal dealings. The bear party. thor
oughly beaten, attempted no further
resistance.
There was some profit-taking in
the early leaders of the oil group.
but operations for the rise in Amer
lean Can and in the railway stocks
were most conspicuous in the last
hour of business.
Among the rails, next to New York
at rising prices in the southern
issues was the noteworthy incident
Steel common crossed 81 in the late
afternoon and American Can got
above SO.