Evening star., 1923-01-26
STOCKS STRONGEST
OF PRESENT WEEK
Many Definite Advances in
More Active Market.
Exchanges Lower.
BY STUART p. WEST.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, January e6.-Today S
stock market was more active, and
during the greater part OF the tlme'
definitely stronger than it has peeh
at any stage this week. More indi-
vidual issues came in for attention
and the advance was better dis
tributed. No attention was paid to
the renewed decline in the foreign ex-
changes. The market went ahead al
most as il there was no European
problem to be considered at all.
Sugar stocks continued to reflect
trade opinion that prices Will woTk
higher later in the season: All these
stocks were strong. Consolidated Gas
new, made a further response 10
Thursdays action in putting the stock
on SIS dividend. and Columbia Gas
was another of the leaders in the pub
lic utility group.
Steel shares Active.
Steel shares were actively oouSnt
with the exception Of Bethlehem b.
The street was not impressed win
the annual report Of that company,
although it showed a balance to the
good equal to lis per cent on the
common stocks.
The point was made that despite
the improved conditions in the steel
trade the Bethlehem corporation
would flnd it hard work TO maintain
dividends on the common In view or
the enormous addition to the out
standing capital resulting from the
deals with the Lackawanna, MloVaIe
and the Cambria.
Pierce-Arrow stocks were sold on
the announcement of the now hnan-
cial plan. the chief contention here
being that the company was pay 'ng
a tremendous price for Its new money
in Offering tWentyyear debentures at
per cent and. to make them go even
on these terms. giving away 1900
shares OF new per cent prior pref
erence stock.
Mack Truck Stronger.
Intimatious that the Pierce-Arrow
will abandon the truck f1eld was a
further help to Mack Truck, although
the main reason for the rise in March
was the strength often referred 70; OF
its own earnings position. tlsher
fer of w. c. Durant to buy the entire
common share capital at 5000 share.
although it was perfectly we'll under
stood that the present dominant IN
terests would not accept tho orer.
1t is pretty definitely known that the
small issue-less than $1,000. .00o-of
Cosden & Company preferred stock ls
on the road to retirement. what little
there is for sale in the open market
in and the probabilities are that before
long the option to retire the whole
amount at 120 will be exercised. AS
the bonds have all been called this will
leave the entire assets and the entire
earnings directly behind the common
stock. Recent buying OF Cosden has
been partly based on knowledge OF this
development.
Cuban-American Sugar Bought.
Cuban American Sugar common
was especially bought among the
sugar stocks today. Its continued
strength in face OF seasonal slump
in the sugar trade is in anticipation
of higher sugar prices which are ex-
pected early in February. Moreover
Wall street is confident 81 dividends
of the year.
The advance in Columbia Gas and
Electric, which was resumed on
Thursday partly under the impetus
afforded public utility stocks by the
Consolidated Gas dividend action, went
further today.
Increasing attention was called to
Columbia Gas by the 1922 preliminary
report recently published, showing
approximately s12 share earned on
the common stock after all charges.
Studebaksr directors are scheduled
TO meet on January 81 and the ex-
pectation is that the SO dividend
rate will be continued. In some
quarters there is a disposition to look
for some sort of an extra cash
dividend. but this is considered ex-
tremely unlikely.
Review and Outlook.
The two striking features in today's
financial situation were again the
continued shrinkage in the value of
European continental currencies and
the absolute ignoring of this move
,nent on the various stock exchanges.
pointed out. However. as each day
that passes serves to bring into
stronger light the strength Of the
home trade position not only in this
country. but in Great Britain, this has
become the supreme consideration.
Compared with II year ago what may
happen as the result OF the French oc-
cupation of the Ruhr is OF minor COM
sequence.
French francs today were pressed
for sale at figures which represented
only a slight advance over the eX-
treme low Of last November, which
was SIT cents. The German mark
French government bonds were free
Iy offered on the London exchange
and the 7iss Of the dollar loan. dealt
IN here, broke to SO. the lowest price
at which they have ever sold. The
ment securities were likewise quoted
at bottom figures.
All this wae to be interpreted as the
reaction Of the international banking g
community to the latest developme IS
across the Rhine-the isolation of the
Ruhr district. the fines and threatened
Imprisonment of German mine OFF,
Gals, the growing unrest of the Ger
man people, and the increasing vio-
lence of the French measures Of coer-
cion, which have so far manifestiy
failed.
Pools Taking Their Time.
There was little change to be n,ted
in the character Of the New York
stock market. 1t still lay in the hands
of speculative syndicates and large
individual operators.
Indications of increasing outside
interest were extremely slight, but
so long as credit is abundant. trade
reports favorable and real investors
wholly disinclined to sell the Wall
street pools can afford to take their
time. Again 1t was interesting that
railway shares, If not as active as
the industrials, were still much more
prominent relatively than they were
a week ago. This was the result OF
the encouraging December traffic
statements, the extraordinary weekly
figures on January car loadings and
he dissipation OF the fear of radical
legislation. at least for another year