Evening star., 1922-09-23
RALLY IN STOCKS
ON LIGHT TRADING
Jewish Holiday Partially Re.
Sp0nSibIe-PriCeS Make
Fair Recoveries.
BY STUART p. WEST.

BY Special Leased Wire to The Star,
NEW YORK, September 23.-With a
clearer understanding of just what
had happened at the Dardanelles. both
security and commodity markets to-
day took a brighter view of the Turk
ish situation.
STOCKS as rule went higher and
rorelsn government bonds were
steady. Wheat options broke sharp
ly, while cotton advanced The for
; eiSn exchanges, while not VARYING
much, showed some improvement.
The entire movement of the day
was an exact reversal of the ten
again on Friday. when there was a
suggestion of a war scare.
Trade Restricted.
comparison with other days, also was
quiet. This was due, to a large ex-
tent, to the Jewish holiday.
There was some further covering in
stocks like Studebaker and Baldwin
Locomotive, in which the short inter-
ests had increased in the result of
the weeks operations.
Standard Oil of New Jersey made a
new high. Unusual activities on the
buying side developed in ST. Joseph
Lead. evidently as the result of the
recent advance in the price of the
company's product.
Shows Rally in Rubber.
A sudden upturn in United States
Rubber preferred carried with it the
suggestion that spectators who had
gone short of the stock, counting
upon the passing of the dividend.
were finding themselves in a very un-
comfortable position.
1t Il Il ot{
North American.
Earnings of the North American
COMPANY for the Twelve months
early next week. 1t is understood
Improvement will be shown even over
the favorable statement issued for
the year ended July 81. 1t is note
worthy that the increase per share
in earnings has occurred in face of
the action of many holders of North
American rights. who have exer-
6ised these rights recently, thus en-
larging the capitalization of the
company.
lean Company will raise it's dividend
on the common stock. The figure
discussed is $6. or II per cent.
Gulf States Steel.
The strength in Gulf States Steel,
which has stood out despite the ire
gularity in the rest of the list and
particularly the steel group in the
last few days, is set down as due
directly to buying by a group of
Birmingham bankers. who were re-
ported to have the intention of buy
ing every share of Gulf States Steel
offered.
Gulf States is one of the few steel
concerns with negligible funded debt.
Ahead of the 111.545 shares of COM
mon is only $4,000 of bonds and
$2.O67,s00 of preferred.
Bonl interest and preferred diyi-
dend call for only S154,62S a wear
and accordingly practically all earn-
ings accrue to the common. Since
the first Of the year earnings have
steadily been increasing and it is
estimated that 1922 will show in the
neighborhood of $5 a share on COM
mon stock.
Financial Notes.
Oil imports into Great Britain dur
ing the week ending September IS
totaled 100000 imperial gallons.
A New York banking concern has
purchased large block of Eastman
Kodak Company stock at a private
sale and will offer 1t for public sub
scription next week
Labor day, an average of 5.446 cars
of bituminous coal were loaded daily
on Pennsylvania lines. This was;
1,575 cars more than were loaded
in the same period Of 1921.