Evening star., 1922-12-08
FURTHER ADVANCE
IN STOCK MARKET
U. S. Steel. S.udebaker and
Baldwin Lead RiSe-M0tors
Also Strong.
BY STu ART p. WEST.

Special Dispatch to The Star.
NEW YORK, December S.-Priccs
went higher again on the stock en-
change today. thereby diSconcertinS
professional calculations. that. hav-
ing and So extensive and continuous
a recovery for nearly 4 week, the
market was entitled to some reac-
ton.
In bonds the movement was more
Irregular with strength in liberties
and foreign government issues, but
with numerous losses among the
rails. After four consecutive days
of advance. the remarkable upswlnS
i'll sterling exchange was finally halt
ed, but francs were stronger and Italian
lire once more crossed the tive-cent
level
Rails Lack Backing.
The day in stocks began with some
weakness in the rails. some Of which
went down over a point. While
these declines We're the result rather
obviously of professional raiding
rather than real selling, they did
bring out the fact again that there is
no authorized or effective support in
the railway section the way there is
in many of the industrial stocks.
Moreover, so much stress has been
laid upon the undermaintenance of
the roads. the heavy outlay which
they must make for equipment, that
the investing public pictures to it
self many more months like Octo-
ber. where net earnings will feel the
effect of swollen operating costs.
Industrials Hold Firm.
During the early selling in the rail-
way lis, it was very noticeable that
most iIIdustrialS stood their ground
firmly. If SPECTATORS for the decline
had the idea that by bringing pres
sure 10 bear against the railway
stocks a general downward move
ineut could he started. they We're bad
~ disappointed. After the first hour
buying was resumed i'll Studebaker.
Baldwin Locomotive. steel common
and either leaders. and the market
promptly responded all around AS a
.ule the. irtiustrials that moved at all
got above their best prices of Thurs
day Talk OF more stock dividends
and more increases of cash ulHiuthaSS ; >
accompnie,l many of the individual
advances, such as those in Industrial
Alcohol and National Lead
Motors Especially strong.
The motor stocks were especially
strong. but for no reason other than
tt., advertisement given to the pros
perity in the motor industry by the
latest extra stock distribution by
Stude baker Corporation.
Sugar stocks We're taken UP agaln.
hut likewise there was nothing new
in their situation. 1t is well under
stood that the statistical position II,
tire sugar trad. is favorable, and that.
with the Indications that at least
present prices will be maintained.
these companies are looking forward
to Il profitable season in 1873.
National Lead Mt New High.
National Lead made a new high on
buying today based upon revival
. H. n
Such action had been rather expected
at the time the cash dividend was
raised from 8 to per cent. but 1t
did not come then. When the cash
rate was increased the reason asSign-
ed was simply the ordinary earnings
expansion of the company and the
profitable conditions in the lead in
.luStry. Nothing was said about the
much discussed accumulation of war
profits by National Leads subsidiary,
tho United States Cartridge Company.
1t Is those that would be made the
basis for any extra stock distribution.
The squirt today in Mack Trucks
common stock was due to special buy
ing on the Vel v good showing which
the company will have made for the
full fourth quarter of 1922. This year.
contrary To former Years. the final
three months have not fallen below
the results of the third quarter, but
have kept abreast of them, with net
earnings OF approximately Sl.UO0.0OO.
1T is expected I've will prove a record
year so far as profits per share of the
common stock are concerned.
Two causes We're put forth today
for the increa sing activity and
strength in keystone Tire. The first
was the report that new pool had
been formed in the stock. and the sec
ond was the statement that the COM
pany had contracted with two large
taXicab companies for the exclusive
sale of it's product.
Harding Message Aids Rails.
When for a time in the early after
noon the railway list rallied. Wall
street promptly gave the credit to
the Presidents message, with it's pro-
poSals affecting the railway situation.
Most of this conservative investment
sentiment is in sympathy with a new
labor bureau having the powers Sug-
gested by Mr. Harding, but it is per-
fectly we'll understood that these re-
forms have scarcely any chance what
ever of being enacted into law during
the present short session.
Actually, the presidential message
had little to do with the market.
Hallway shares were merely having
ap overdue recovery along with other
sections of the market, and this re-
covery was comparatively slight. In
the last hour the rails were inclined
to slip off again Realizing sales
also were large enough to check the
advance i'll the industrials and to re-
duce some of the early gains.