Evening star., 1923-08-28
many STOCKS HIT .
NEW TOPS ON MOVE
Baldwin and Studebaker
; Among leaders-Fisher
! Body in Wild Jump. .
By STUART y. WEST.

Special Dispatch to The Star.
NEW YORK, August 2S.-The main
distinction between the market today
and that of other days was that the
advance was more general. New high
prices for the present upward move
ment were made in many of the in
dustrial leaders, like Baldwin Locemo-
tive Studebaker, Chandler, Utah GeR-
per, the sugars and the motor ac-
eessories.
1t was quite evident that some
large speculators for the decline who
had stuck to their position during
the slow creeping rise of the first
three weeks of August had finally
MADE UP their minds that it was re
longer any use. 1t was hurried COW
sring that was responsible for the p
point jump seeH after the opening in
Baldwin Locomotive and fer the
abrupt uPturn in the sugars. The
situation had been made difficult for
these shorts to get in their contracts
by the absorption from substantial
buyers which had been going on all
through the depressing times of June
and July.
Fisher Body In Novel jump.
A rather extraordinary rise occur
red in Fisher Body 1t was not eN-
plaina BILE. on the ground of anything
Or business outlook for the company.
Rather the fact that the stock was up
more than forty points from its recent
low, regaiRins four -fifths of the en-
tire loss of the last three months,
showed that the decline from around
200 to i46 had not involved the dis
lodging OF the important holdings.
Other motors parts shares were bid
up aympat athetically-SteWaFt Warnef,
Stromberg and Bosch Magnetic.
lIl- Ne u n 20
1t was up 20 points from the low of
the late decline and within IL points
of its extreme high. Above 50 Mack
Trucks is. of course, altogether too
high for the present dividend of 81.
The company. according to the SEMI
annual statement. is earning II the
rate of nearly $25 share. and il
seems almost certain that good
sized extra dividend will be voted.
Sugar Stocks Keep Rising.
The rise in the sugar stocks con
tinued. largely because the selling
movement in these stocks has grossly
exaggerated the Importance of the
recent price cutting in the sugar
trade. Runta Allegro was up some l.
points. Cuba Cane preferred 10 points,
and American Sugar 10 from their
lows of the early summer. The fact
that American Sugar improved quite
as much a $ the rest was remaFka bic
In view OF the prevailing sentiment
we'll fixed as are the producers.
American Can today authorized the
regular distribution on the preferred
stock. 1t was said that the subject
of what would be done in the future
as regards payment on the junior
issue was net discussed. Still il is
conGidered likely that either the pres
ent SIS will be increased TO Sc or an
extra will he paid before the year
end. 1t is estimated in conservative
quarters that net profits are running
in excess of S20 per share.
Industrial Alcohol Strong.
Further buying of United States In
dustrial Alcohol reflected the idea
that, with current earnings at the rate
of approximately Si2 per share, and
perity in both the alcohol and cheni-
cal departments. there is fairly good
chance of the company doing some
thing toward putting the stock on
the dividend list late this year. A rate
of s. is generally mentioned.
Reports were current today that
many men who have been engaged In
maintenance work on tine raiiroahs
are going over TO the steer nuns fHo
other industries Those who look for
falling off in the charges for mainte-
nance and at the same time anticipate
larger net earnings for August and
Septe mber, therefore. see in thls
movement of labor = buiiish FACTOR
Great Northern ore active.
The buying which has. occurred
lately in Great Northern Ore, the dis=
idends on which are irregular in date
and in amount. is understood to have
been based upon expectations OF an
increase in the net quick asset posi-
ton. This, it is thought will make
II possible for the company to pay a
larger dividend at the next meeting.
1t has been reported that United
States Steel is to absorb Great North
Grn Ore. but there appears to be no
warrant for thesetrumors.
! Another notable incident of the
DAY was the reversal of the specula-
tive attitude toward the oil stocks.
This was not due to anything imme-
tiatnIy now in the oil trade position.
It was simply a suddenly awakened
Suspicion that the prolonged down
ward movement in this class of stocks
may have measured the worst pos
abilities of the present overprodue-
tion as it will affect earnings and
dividends.
Much attention. too. was paid TO
the speech of the chairman of the
New Jersey Standard Oil, which sup
Borted the view taken while ago
Ny the present of the same company,
Iamoly that the wholet history of the
oil industry is one of recurring
periods OF overproduction and under
production and that in the light of
this experience the present unproft-
able conditions must be regarded as
only temporary -. - 30
'-- Harvester Turns. Meak.
Special weakness developed in In
ternational Harvester fitting in init
nations that this is one industry
been unsatisfactory. In the balance
sheet of December 81. eash holdings
of the Harvester COMPANY were
shown to be a little under s11 900 600
against $39,Sf0,000, the peak of the
prosperous tsa tiwe &f isls the
dealers amounted to s4s.791,0o0. dou-
Bile what they We're three years pre-,
viously. II was admitted last Janu-
sry. that ip order, 70 maintain cash
draw on surplus, and Wall street has
telt ever since that the dividend was
mons too safe.
MARKET CLOSES STRONG.
By the Associated Press. /;
NEW YORK. August 2S.r-SpeeuIa
tors for the advance brought another
sharp rise in prices in today's stock
market. Buying embraced a wide
list, but sugars, oils and chemical,
gave the best Demonstrations !. e
group strength. Sales approximaset
$4,000 shares
The closing was strong. Fresh buy
ing was Supplied to balance profit
taking sales in the late dealings ans
prices generally closed around thu
High levels Of the day.
'WOOLW0RTH PLANS OUT.
No Extra Cash or Stock Dividend.
=, Coming for Two Years.