Evening star., 1922-12-27
RISE IN BALDWIN
/, CHECKS DECLINES
Much Profit. Taking Makes
Stock Market Uneven in
Today's Trading.
BY STUART p. WEST.


Special Dispatch TO The Star.
NEW YORK December 21.-The es-
sential difference between the stock
market today and that of other days
in the recent past was that opera
tions for the rise did not show the
same vigor. In other words. the cam =
paign which has been going on all
month appeared to be losing head
way. and realizing sales in the indus
trials and actual liquidation in some OF
the railway shares were conspicuous
features.
Such a market is altogether typical
If the closing week of the year. On
past occasions high money rates. due
TO preparations for the New Year
settlements. have been a cause. This
time there is no such fear. but there
- the same inclination on the part OF
firms and individuals to have open
accounts closed out as much as pos
siblc over the year end.
baldwin Pushed Upward.
The stock market today pursued a
very uneven course up to mldafter-
noon. Just at the time in the early
action were appearing In the general
list Baldwin Locomotive was taken
in hand and rushed up to a new high.
This may or may not have been in
tended as demonstration that the
pools had not lost their grip. but 1t
Iad the effect of halting the selling
in the rest of the industrial section.
The move today in Bosch Magnetic
was not made by interests usually
responsible for upward swings In the
past. 1t was engineered by an out
side speculative crowd who had been
1xr - To-
stewart Wa1ler and Stromberg and
hGured that Bosch might be made to
do the same The company Is now
earning between $6 and IS on the
stock. is well financed and 10 in a
position to resume dividends. But
the idea Of any esrly dividend action
il not encouraged as yet in what
might he termed official quarters.
sugar Common Advances.
The sharp advance today in Ameri-
can Sugar common stock was based
on more than the company's good
business and the favorable statistical
situation in the sugar trade generally
II was reported that the America n
Sugar Company had held a block OF
stock OF the Great Western Sugar
company. and had sold this holding
for over s5.oo0.ooo cash. This amour,
naturally would bolster American
position ana increase tnc SpeCu-
iative possibilities of the common stock.
Cosdsn Oil shares got into new high
for the year when they crossed IS i
The position of Cosden has been fully
explained from time to time. The
company will retire all OF its bonds
Tho first OF the year out of earnings
Something like $40 share viii be
shown for the stock in 1922. while :r-
Siders expect earnings next year TO
double this amount. The street i.
much interested in the action OF Cos
den because there are stories to the
over 100000 have been made that the
stock will sell around 60 by the first
of the year.
Sterling Exchange Lower.
Cotton made another new high early
in tho day. although here. too. specu-
lative profit-taking made itself felt
in the later movement. Sterling ex-
> cents from the recent top. This was
a matter of interest in view Of the
suggestion that the British treasury
was endeavoring to restore the pound
10 gold parity before the debt-re-
funding conference at Washington.
French exchange was quite weak.
being off more than a quarter OF q
cert from the high. italian Ira went
lower also. while German marks sold
st u one-hundredths of g. cent as
against the high of almost ono
hundredths three weeks ago. This
showed that the international bank
ing community was not taking the
same joyful view as was the French
rress over the action OF Belgium and
Italy in swinging to the French side
ON the question of declaring Germany
, in default of reparations.
While the action Of the reparations
commission refers only to the failure
"f Germany to deliver the stipulated
quota Of wood. it seems to be sig
nitiCant Of what the attitude will be
"n the larger matters.
Railroad Reports Good.
More railway traffic statements for
November came to hand today. They
continued to show substantial in
creases both in gross and net over the
month last year. But as rule rail-
way stocks and bonds were unre-
sponsive. In fact, persistent selling
went on in such low-priced issues as
f1he st. Pauls and New Haven.
Sugar stocks stood out strongly all
iday. testifying to the confidence felt
in the sugar trade that 1928 will see
higher prices as the logical sequel to
:1he strong statistical position in the
ssugar industry.
Steel Reviews Optimistic.
The steel trade reviews for the week
were quite as optimistic as they have
been at any time this season. De.
cember. usually a dull month. has
seen an exceptionally large business.
and the mills are booked ahead for
The first quarter of the new year.
/; Yet steel stocks for the most part
did nothing in the market. the ex-
PLANTATION apparently being that Wall
street. while admitting the big vol
lmc, is not SO sure about the profit
margin which the steel companies are
! tEetting.