Evening star., 1922-11-03
Taking Of PROFITS
SLOWS UP MARKET
Rising Tendency Again Up
permost Today on Stock
Exchange.
BY STUART p. WEST.
.cial Leased Wire to The Star.


good deal of irregularity. due to the
speculative realizing and to the fact
that the demand from the short in
| terests was not as keen as on the two
preceding days
Central Leads Rails.
i In view of the near approach of the
New York Central dividend meeting.
at which an increase is expected. New
York Central stock always takes the
lead nowadays in any upward swing
in the rails. This was true again in
the market today. There was not so
was a fortnight ago because of the
apparent difficulty which the man
agement is having in drawing up the
amended segregation plan.
Lehigh Valley Is feeling the effect
of the disappointment caused by the
. failure of the directors at the re-
rate. and with Norfolk and Western
j it Is a case of the good news being
out. New high records were made to-
| day in the st. Louis Southwesterns.
following analysis of the company's
earnings. showing that even in the
n
August and September these were
running at the rate of over IS share
for the common stock, after full pro-
vision for the preferred.
Water Works in Sharp Rise.
The sharp rise today in American
Water Works common and the per
cent participating preferred was In
the latest earnings statement. COW
ering results for the nine months
ending September 30. which showed
that after all depreciation and tax
appropriations the per cent dividend
on the preferred stock. the per cent
on the participating preferred. and
nearly 6 per cent on the common were
being covered.
The Timken Roller Bearing Com
pany's report for the third quarter
charges was just about what the
financial district had been expecting.
The fact that the company expects to
earn better than 81 share on the
years operations. more than twice
the dividend requirements of So
share. Is a factor in the Timken sit
uation to be reckoned with.
American Bosch Magnetic officials
declared today that they expected the
best six months in the last two years
beginning the first of next month. A
factor in the Bosch situation. which
prosperity in the farming district. is
the fact that there has been a re-
sumption of buying of magnetos by
the agricultural community.
Heavy Selling Natural. 8.
1t was entirely natural that a rebound
which carried stocks up three to five
points in less than day and half
should have invited good deal Of re-
selling by spectators who had bought
at the low levels of the week. This
selling made itself felt at times in most
Of the leading industrials. but there was
no suggestion Of a renewal Of the pro-
fessional operations for the decline,
which were so successful up to We'd
nesday afternoon.
The Wall Street version was that the
purpose Of these operations was to per-
nit the reaccumulation of important
holdings distributed on the six weeks
advance from the latter part Of July to
that this object had been accomplished.
At all events. the markets position had
admittedly been strengthened and this
was recognized in the resumption Of
activities by speculative cliques. which
had retired from the scene during the
tober.
Liberties Lead Bonds.
Under tine lead of the liberty loans
bond market did better. Foreign gov
ernment issues were in demand as
they had been Thursday, especially
the Belgians. Railway bonds of the
investment class were up only frac-
tionally, but some of the more specu-
lative group had quite sharp up
turn.
German marks made another new
low coincident with word from Ber-
lin that in answering the allied repa-
rations commission the finance minis
ter had insisted upon the necessity of
an international loan. This was hard
ly a matter of surprise. for everybody
who has examined the reparations
question with unprejudiced mind has
felt all along that either there must
be such a loan or the indemnity pro-
gram must be radically amended.
Cotton In Big Jump.
The rest of the foreign exchanges
were steady, but French francs con-
tinued to show the strain of the
reparations uncertainty by selling as
they did on the previous day. very
close to the lowest OF the year. The
advance in the cotton market carry
ing prices up almost to the 25-cent
level was one of the most noteworthy
incidents of the day. 1t was a fur
ther response to the census bureau
compilation indicating very con-
siderable excess of consumption over
-