, 1923-01-12
CLIMB TO
HIGHER GROUND
Many Stocks Advance to
Highest Prices in Two
Years.

NEW YORK. Jan. Low call
money rates and the absence OF my
serious trouble in connection with tho
French invasion of the Ruhr had a
stimulating effect on prices in today's
stock market, although week end
profit taking caused some shading of
values towards the close. Chief In
terest again conferred in h spec-alties
and aggressive pool operations result
Ing in another flock OF high records.
sales Appropriated 1885, 900 shares.
NEW YORK. Jan. 12.-Resump-
ton Of yesterdays late buying move
ment took place at the opening of to-
DAYS stock market. S~pecialties con-
tinued to attract the most attention
although such market leaders as
Baldwin and Studebaker. soon moved
to higher ground with American Lo-
connective, Republic and Crucible
Steeis and Pan-American and Hous-
ton Oils. California Petroleum ad-
vanced one point to 81, another new
top.
Delaware and Hudson. which was
in free supply yesterday on rumors
that the present dividend was In
danger, opened 7h points higher at
1l3 on overnight announcement by
President Loree that no change in
widen policy was contemplated.
steel and Tube preferred was pushed
IN S points to a new high and Hart
mann corporation established q new
peak price on a gain of two points.
other strong spots included Postum
Cereal, international Harvester.
United States Alcohol. international
Paper and Tidewater OIL. Famous
Playe opened a point lower. For
eIgn exchanges opened irregular and
then hardened. Demand sterling
gained Il of a cent at S4.67b and
French francs advanced IL points to
7.o6 cents.
The peaceful entry of the French
troops into the Ruhr partly
some of the restraint to which the
market has been subjected because
of the unsettled foreign situation and
prices continued their course to high
er ground. Relaxing tendencies of
money rates and a plethora Of
available for loaning purposes con-
tinued to prove conducive to pool OPP
erations, which were vigorously re-
sumed in a number OF special shares.
Many stocks were pushed up to their
highest prices in more thar two
years. Prices Of some of the leaders
shared a bit around the end of the
first hour when weakness developed
IN New Haven. which yielded IN
polnts to its lowest quotation of the
wear but the market stiffened again
round noon on heavy buying of the
oils n~artlcularly California Petroleum
and Pan-American issues. Some of
tho outstanding gains at that time
were Underwater OIL, Steel and Tube
preferred. California Petroleum. Hart
mann Corporation, Beechnut lacking.
MAY Department Stores. Punta AL
eyre Sugar and Nash Motors. all up
. TO S points. Call money opened at
4 per cent.
Tho market continued to give an
Impressive exhibition of strength u n
til well In the afternoon. Heavy &C
cumulatlon of the motor and acces-
sorry shares, independent steels' sui
phur and textile Issues featured the
dealings after midday. American
wooden moved IN az. Republic and
Gulf states Steels n Associated
Dry Goods 8. Texas Gulf Sulphur IN.
and Stu1ebaker, United States Rub
Der, stromberg C~arburetor, Kaiser
and CrucIble Steel 2 points. Tidewat.
er OIL rose six points higher. Associ-
ated Oil, however, continued under
pressure losing four points. while
Nash Motors and Postum Cereal fell
off 8 each from their carly high fig.
ures.
The closing was irregular. Some Of
the leaders. notably Baldwin and Call
fornia Petroleum fell back sharply in
the late dealings on the usual week
end profit taking. but the rise was
continued In a number q ~specialties.
most o. which closed at OF near their
l.. .---laA.-