San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-04-18
UPWARD MOVEMENT
AGAIN UNDER WAY
ON STOCK MARKET
Higher Prices Predominate
With Broader
Buying. s
By STUART p. WEST.

Copyright. by The San Antonio Light.
New York. April 1S.-The upward
movement was resumed in the market
today with a larger number of stocks
participating.
Oil shares appeared to have recov-
cred from the shock occasioned by the
price cutting of week ago and there
were sharp rallies in stocks like Mar
land and Phillips Petroleum.
Sugar stocks were taken up follow
ing developments in the trade includ-
ing a further advance in refined sugar
prices and the continuance of heavy
export business in raw sugar at the 8
cent level. TIL elargest trading was
in Cuban American and Punta Allegro,
but American Sugar and American
Beet Sugar appeared prominently.
Dupont stock had another remark
able jump. completing a rise Of %
points within the past week. This is
ascribed wholly Ia the prospects which,
this company has of getting a larger
revenue out of its General Motor hold
ings. General Motors itself ran into
offerings at 121a that were heavy
enough to check the advance.
The statement by the president Of
the United States Rubber Company
that tire business had been exception
ally good during the first quarter and
demand for mechanical goods had also
increased. caused some fresh buying in
United tSates Rubber and Kelly
Springfield. The pool in Hayes Wheel
succeeded in putting its specially to
new high. Auto Knitter continued to
discount a dividend declaration which
it is believed will be &C the rate of So
before the end of the month.
Steel shares, especially so-called in
dependents, attracted buying on the
strength of the anticipated favorable
earnings results fer the first quarter
which are due at any time now.
Among the rails Canadian Pacific
made another new high.
There was very little change in
the character of the stock market to-
day from that of previous days.
An hour or so of active buying was
followed in the latter half of the day
by a moderate. reaction in some direc-
tons and rather less activity in the
list as a whole. But the essential
point was that the upward tendency
was predominant as ait has been now
for nearly a week.
The time has passed for ascribing
the movement to a mere retreat of an
over-extended short interest. 1t has
amply justified the statement made
repeatedly since the first of the month
that the decline in the last fortnight
of March corrected the excuses of the
winters speculative campaign and
gave opportunity for pools and strong
financial interests TO buy back the
great many stocks which were dis
tributed during the excited advance Of
five and six weeks ago.
The buying movement today was
moderate in comparison with the
standard of February and early March.
Nevertheless, it was broadening out
and taking in large number of in
dividual Issues. The criticism could
not have been made that the rise was
being confined to stocks easily manipu-
lated by speculative cliques.
Industrials, in which there is per-
fectly natural market, were quite as
prominent as the so-called specialties.
Railway shares, in which there is
very little pool activity, were coming
in for more attention. Possibly the
revival of the last day. or two in the
railway section is due to the anticipa-
ton Of a better series of March traf-
fic statements than those of the pre-
yious months, but is well to remember
that the severe weather conditions
which were reflected in the February
returns, extended owe RI part of March
and therefore too much must not be
looked for in the way of net earning
increa ses. The real test of the rail-
way position will come with the April
statements. Then it will be seen ex-
actly how far the extraordinary volume
of tonnage now being hanried IS being
converted into actual net profits.
The sugar stocks were among the
leaders. most of them selling at the
best prices reached since the culmina-
ton of the first forward movement
two months ago.