Evening star., 1922-10-05
SHARP GAINS ARE
MADE IN STOCKS
BY STUART p. WEST.

was another lively day in all the
markets, but with no fresh influences
at work.
On the stock exchange it was
simply a case of renewing forward
movement which was interrupted a
month ago because it had been going
ahead too fast and because the specu-
iation for the time being had been
overdone.
A situation of this sort always
calls for readjuStment- and the re-
action which set in after Labor day
and continued up to the close of
last week would undoubtedly nave
come about under any circumstances
1t was helped along by the crisis
which developed for a week or so
as the result of Turkish demanas i,i
upon Thrace anu the menacinS milf
tary moves of the Dardanelies.
Troubles Settled.
The political troubles settled and
the market having set it's own house
in order the time was ripe for re-
sumption of operations for the ad-
vance.
The meaning of this new campaign
of the last few days is the same as
that of the August advance. namely.
that Wall street is measuring a
period actual and prospective. of rea- :
s"nahlv good times in most lines of
business and of very good times IN
some. Moreover it has the highly
Important assurance that the crop
moving demands. which have wrecked
many an autumn stock market in
the past, will not this year interfere
with an abundance of funds at low
rates f"r financial underta kings.
The investment bond market was
quite as strong as the speculative
share market. bat for different rca-
sons. lts advance was more in the
H3ture of recovery from the de-
preston caused by the uncertainty of
the terms OF the new United States
government loan and by the po-
Htical events abroad
Foreign Securities Firm.
Both French and English govern
meut securities continued 10 iinarn. e.
The French 1i.S selling points up
from last weeks extreme low. Along
vith this sterling exchange reached
the highest in nearly a fortnight
Above Si.42. il hau retrace. -. the
ground lost during the pcrl,t oi TN
easinesS over the Turkish ra::1rov.rSy.
Both French and English bank
statements reported a large eXpan-
sion in note circulation during the
week, bat this was of no great sig
ciated with the temporarily increase
credit requirements around quarter
day.
Hexitates and Goes Ahead.
AS the day went on the price move
ment on the stock exchange became
more irregular. Heavy realizing
sales stopped the rise in some quar-
ters. but elsewhere there was ex-
cellent buying and before long a
general recovery was pacing along
quickly. with sharp price rallies and
great activity.
Sinclair OIL.
Sinclair came to the front in the
afternoon for the greatest activity
and a great advance, while all the
oils, some of which had been slow,
were favorably affected.
American Can
Crossing its previous high of 65.
American Can was heavily bought to-
day on the theory that being strong
enough to get into new high territory
was a sign of its having started on
another important move. The street
is not so much interested in the
question of dividends and when these
are likely to begin as it is in current
earnings. These, according to reli-
The company will have actually
earned by the close of the year some-
thing like $50 share on the common
stock.
American Telephone.
Considering the enormous bulk of
the outstanding capital and the re-
cent big addition to the supply, Amer
lean Telephone and Telegraph had
IL remarkab BILE rise today. If the divi-
dend which recently came off were
added TO the market price today
would have established a new high
record. with the full value of the
rights thrown in besides.
Studebaker.
Studebaker's earnings for the cur
rent year will be between S2S and $50
on the common stock. according to
todayS estimates. For the first nine
plonths of 1922 net income amounted
10 over s25 on the common.
1t is expected that the company's
production for the full twelve months
will be 10000 cars. If the company
declares no extra distribution on it's
stock at the next dividend meeting
1t will have paid $40 share in 1922.
For the first nine months Of 1922
$4,000. 900 in undivided profits were
earned.
Orpheum Circuit.
Orpheum Circuit stock made another
new high for the year right at the
start of business today, but settled
back somewhat because 1t ran into
quite a lot of stock at 2S. The ad-
vance in Orpheum Circuit is based on
expectation that the directors at their
next meeting will resume the pay
ments of dividends.