Evening star., 1920-03-10
Strong, ACTIVE;
BROADER DEMAND
BY STUART p. WEST.
Special Correspondent Of The Star.


WALL STREET, N. Y. March 10
The only two outside developments
of consequence today were a further
very sharp advance in sterling ex-
change and another decline in money
ra tes Demand sterling got well above
it's previous high of 3.6S a week ago.
Crossing 3.72. it was back to where it
was four months ago. before the lat
est and most acute stage was reached
in the exchange situation This set
tied all questions as to the character
of the recovery.
Some critics have been rather skep-
teal. believing that the upturn which
temporarily eliminated at the be-
ginning Of the week was simply re-
bound after too violent and too
prolonged decline and not any perma-
nent change for the better These
same critics have also been inclined
, to doubt the reports of impending
gold imports from Europe.
But the fresh upward movement in
sterling which set in yesterday, and
which Kept on so remarkably today.
leaves no further room for doubt
either that the exchange situation has
turned lastingly for the better or that
the principal thing responsible for the
turn is the arrangements which have
been made to ship gold here from
London in connection with the re-
demption of the British part of the
Anglo-French loan.
Credit supply Improves.
Call money renewed at 7 per cent,
as against yesterday and 10 at the
close of last week. This evidence of
progressive improvement in the cred
it supply, coming as it did along with
the remarkable rise in exchange,
served to revive the spirit of cheer
fulness and confidence in the stock
market, which had been rather dulled
by the uncertain action of prices yes
terday.
Heavy buying orders made their ap-
pearance at the opening in some of
leading retails. While profit taking
vas encountered later on in large
volume all offerings were readily alb
sorbed.
Industrial List Features.
The features in the industrial list
were United States Rubber, American
International, the equipment stocks.
Corn Products, American Linseed,
American Tobacco securities, Column
bia Gas and some of the motor and
tire issues. Reading was the leader
of the rails continuing the movement
which began yesterday and which
has as its basis the idea that under
the stock dividend tax decision Read
ing will be encouraged to carry out
ltS lOHS. ueIeTTeQ pldn OIL SeSTeRdI-
ing assets in the treasury.
New York Central, Southern Pacific,
Union Pacific. Norfolk and Western
and other standard rails were all
heavily bought at advancing prices.
American Tobacco.
The 1919 report of the American To-
bacco Company made a very remark
able showing both in the income ac-
count and the balance sheet and was
promptly reflected in American To-
bacco stock and in the new Ameri-
can Tobacco securities. The criticism
used to be leveled at American To-
bacco that it barely more than earned
it's 20 per cent dividend requirement.
In 1876 and before this in 1914 the
earnings were around $21 share.
But in 1918 there had been a jump
and other costs the net balance avail
able for dividends in 1919 stood at
$31S3
American Tobacco did better last
year than any other tobacco company
that has SO far submitted a report It's
gross earnings of s146.O00, 900 were
record: they were $1,5OO.OOO above the
previous record total of 1918. The
net earnings were over so per cent
greater than the dividend require
ments of the year.
Haskell and Barker.
The Haskell and Barker Car Com
pany report due in a few days will
show. it is expected, that 50 a share
will be earned on 100000 shares of
stock on repair business alone. The
report is also expected to show heavy
bookings on equipment for future de-
livery for it is one of the companies
which is cutting up the heavy orders
from the railways. Only short time
ago it was announced that Haskell
and Barker had received an order
with the American Car and Foundry
Company.
-Studebakers' Exhibit.
The Studebaker Company report will
show earnings of close to $40 a share
in it's next annual report, which is due
in a short time.>> The report will also
show the charge for the better in
Studebaker's inside position and will
also announce the sale of $15,OO0,O0O
in new stock to stockholders at sos
share. Studebaker since it sold at
close to $50 in the dark days of Febru-
said, by those in a position to know.
Corn Products High.
Corn Products got into new high
ground for this move today when IT
crossed 80 on heavy buying orders.
The reason for this buying can be ex-
planned by the report that an extra
dividend of a siZable figure is ex-
pected to be declared by the directors
at their next meeting, which will be
held the latter part of this month.
The president of the company. at the
last meeting, when the stock was put
on dividend basis. practically prom
ised that an extra would be declard
at the next meeting. The size of the
annual dividend-S4 the COM