Evening star., 1922-01-16
RAILS SHOW V|GOR
IN BROAD TRADING
Atlantic Coast Line and At
Gibson Feature in an Active
Market Today.

NEW YORK, January 16.-Opening
prices in the stock market today pointed
to resumption OF last weeks upward
movement under guidance Of rails.
siippings and oils. Delaware and
Hudson, mercantile marine preferred,
Atlantic Gulf, American International.
Standard Oil of California. California
Petroleum and Royal Dutch were higher
by fractions to l point
ST Paul common and preferred.
Atchison. Atlantic Coast 'Line. Baldwin
Chandler motor also added to recent
gains. Famous players was strongest
of the specialties. rising "a points.
Many Register Gains.
Rails came forward with greater
yigor during the active forenoon. over
a score of those issues. comprising al.
most every division. registered gains OF
! to , points.
Greatest strength was shown by
Atlantic Coast Line and Atchson. the
latter touching par for the first time in
several years. Railway equipments.
showed similar or larger gains. Ameri-
ran Locomotive. American Car and
Lima Locomotive rising l to almost ,
points. Numerous oils as well as
made appreciably headway-
Offsetting features included Crucibie
Steel, General Asphalt, corn products
and International Paper at reactions OF
/ TO points.
Can money opened at 3is per cent.
Stocks Actively Bought.
Even in the speculative quarters the
investment feature was apparent. That
is to say, industrial and public utility
stocks Of at the best. a semi-investment
rank, We're actively bought by investors
who were impelled by the diminishing
return on bonds and higher grade in
vestment stocks. to turn into shares
which are reasonably sure of their
dividend but. which still are rated as
speculative.
Among these Studebaker and Chand-
Ter Motors We're CONSPICUOUS as were
North American. Peoples Gas. Ais
Chalmers and the Equipments. 1t was
apparent that there was no big specu-
lating in the making. from the way the
market Disseminated in favor Of stocks
which pay dividends.
Among non-dividend payers the motor
accessories shares moved in sympathy
with the motor group, and there were
various others which were strong. But
i'll the main this class of stocks were
not the leaders as they would have been
III a real speculative movement.
In comparison with the dealing In
bonds and stocks on the stock eX
change the other movements of the
day were of minor interest. Sterling
and francs were both strong. reflect
ing the over-Sunday developments
which seemed to give more assur-
ance that the new French govern
ment would not interfere with their
important projects for reconstruc-
tion. especially the gathering at
Genoa in March. But the advance in
these exchanges was relatively small.
A more significant feature was the
continued heaviness in German
marks.
Industrial Features.
There was very little new in con-
nection with the individual moves
in the industrial division of the list.
that is. very little that had not been
pointed out before. Friends of Stude-
baker were extremely enthusiastic
about its chances One house. in its
morning letter. comparing Studebaker
with Corn Products. said that while
Corn Products was reasonably GER
tain to sell above 125. it was not as
certain of its dividend as Studebaker
was. Another house which repre-
Sents large market interests in the
stock compared Studebaker with
Baldwin Locomotive. both I per cent
dividend payers, much to the ad-
vantage of the former.
1t predicted that in coming months.
instead of selling 10 points under
baldwin. Studebaker will be selling
25 points higher.
Western Union Picks Up.
Western Union stock sold down as
low as 76 last summer on talk of re-
duction in the dividend. How poorly
founded was this gossip is now
brought out by the annual report
showing 1888 share earned. as
against 81 distributed. Gross busi-
ness began to pick up toward the
end of the year but the main thing
was the better control which the
company got over it's operating ex-
penses. As result of this during
the last quarter it was able to more
than offset the decreased gross, and
report small net increases over the
period last year. Another striking
feature is that this good showing was
made without any skimping of main
tenance and depreciation. In fact
s17,753. 900 was appropriated for these
items in 1921, against s17,2S20O0 in