Evening star., 1922-09-08
EQU|PME.NTSlEAD,::
PROFITS ARE TAKEN
Market Carefully Manipulate
ed to Preserve. Its Under
tone-SeIect FaVorites.
BY STUART p. WEST.

NEW YORK. September s.-There
were no signs of slackening in the
upward course of the market in to-
days early trading. On the contrary.
business expanded and n lively rise
occurred in a wide variety OF. par
ticular stocks. most of these belong
ing to the Industrial division, :.
Oil shares were in demand under
the lead of Standard Oil of California
and Standard Oil of Indiana. Motor
stocks were noticeably strong both on
the stock exchange and on. the curb,
ahd so were the motor accessories, 5,
especially Bosch Magnetic and Strom-
berg Carburetor '.'
New High on Pullman. !.
Pullman made new high in the
equipment group. Rumors OF a big
combination in the tobacco trade and
prospective melon cutting by. the new
Tobacco Products Corporation led to
issues.
Railway stocks were not as nrorni-
nent, but some of them did well. Nor
folk and Western continued to move
ahead on talk of segregation plan.
Speculative Cross-Currents.
Operations for the rise held the
upper hand during the greater part
OF Ile time tOOdy, Dut tney ny
means monopolized the. market
Cosden & Co, which had been one
of Thursdays favorites. did not re.
spond to the story of merger with
Royal Dutch.
knowledge of very heavy. selling
orders just above so caused q lot Of
profit taking, which kept the stock
down.
,Other oil shares. like Standard Oil
of California. also ran into profit
taking in quantity after an early ad-
vance, and so did the can stocks: But
as these former leaders fell back, II
was only to give place to new. ones.
Owens Bottle.f
Owens Bottle stock got into new
high ground for the year again today
when it sold above 40. The buying.
which brought about this most recent
advance, was said to have had its
origin in Cincinnati, the headquarters
OF the company. The stock now pays
a dividend of So per share, and rumors
have been circulated that an increase
could be expected in the not distant
future.
Missouri Pacific Preferred.
The plan for refundins back divi-
dends on Missouri Pacific preferred is
said to have reached the stage where
an early announcement can be en-
pected. Missouri Pacific prefer-e1 now
the per cent yearly having become
cumulative on june so. 1913.
Those who have been in close touch
with this situation for some time Gs-
ured today that per ce7c at least
would be the initial payment toward
clearing up back dividends.
Exchange Situation.
Rates on European exchange still
displayed today the same obstinancy
a n
news regarding reparations that they
had on previous days. but very little
happened in the financial markets
outside, the stock exchange. Both
francs and marks went lower.
Immediate fluctuations in the market
for continental exchange have ceased
TO be an accurate guide to in,er-
national banking opinion.
They are CONTROLLED less by the
promise of relief through the pay
ment of German indemnity In goods,
than by the more pressing influence
of continued imitation in the paper
curreneies. The increase of nearly "A
billion francs during the last two
weeks in French note issues is the
chief explanation why franc exchange
has not responded to, the SHINES ar
rangement for supplying the devas-
tated regions of France with Ger.
man materials for reconstruction, and
for the equally important pledge Of
luS ucTIld 10 guar
antee in cooperation with the Ger
man government the payments which
Belgium has foregone for the rest OF
the year.
Some Proft-TakinE.
In the stock market underlying the
appearance of general buoyancy.
there were many evidences that the
speculative following was drawing
down some of its profits accruing
from the recent rise. These realiz-
ing sales were carefully conducted.
At no time were they pressed to the
extent where they threatened to dis
turb the markets equilibrium. The
usual procedure was followed. few
leaders being pushed ahead to Offset
such reaction as occurred in the old
favorites
The result was very confused
price movement, with the buying, side
still preponderant.
The most noteworthy features were
the new high records reached in the
railway equipment stocks and the in
creased interest shown in railway Sc
curities, both stocks and bonds.