Evening star., 1923-02-07
STOCK MARKET
| MOVES UPWARD
Leaders Go Higher After
Profit aking Causes Slight
Early Declines.
BY STUART =. WEST.

spntial Dispatch TO The star.
Kew YORK February THE
stock market today was essentially
Il Reproduction of that of the day
! ,tcre. S"me signs of hesitation ap-
reared during the first hour as the
T. suit of very heavy selling by the
$ .srulative following. which had
.Sfits to take. but once again these
q firings were readily absorbed, ana
- tSoon as this had happened prices
started up again.
III was another day of extremely
Give trading and of operations for
. rise covering a wide range. New
uiih prices for the year were made
als through the list.
Studebaker Takes Lead.
Studebaker. Baldwin Locomotive.
Crucibe Steel and others of the specu-
Iative leaders sold off during the early
i5tit-taking movement about a point.
.lu these losses were quickly reSalned.
sl.d in the late trading Studebaker
: peCia,ly became one of the leaders OF
tht advance.
r.,r rkable showing under the lead of
E'ttnta Allegro, which crossed so. and
cuba Cane Sugar preferred. 1t was
.vt tdent that the street was beginning
10 wake uD to the earnings SITUATION
OF the la tier company. where unof1clai,
but authoritative, estimates place the
proba BILE earnings for 1928 as well
above $li Il share on the preferred
stock. The copperS had the best day
they have had for soem time, Utah
taning the lead on talk of increased
dividends. The speculative idea re-
Garding Anaconda is that it ought to
eventually be put up TO the prices at
which it would be eXchangeab.e e for
the new debenture bonds. The lowest
conversion figure is o3.
Linn Loco Among Features.
Lima locomotive was the feature
among the equipment stocks, evi-
icntiy on better recognition of the
fact that this company is doing eX-
..cp1ionaily well even when compared
with the prosperity of the other car
and locomotive makers. Railway
stocks bore their full share in the
.4llis Chalmers common stock ad
yanCcd to a new high for the year
today. partly in anticipation of d
surprisingly good report for 1922. 1t
IS expected that in contrast to the
comparatively poor quarterly reports
made by Allis Chalmers. showing net
i1come insufficient to cover common
dividend requirements, the twelve
n.cn II statement will show the 81
dividend at least fully earned. and
Chalmers has S25.0O0.0o0 working
capital on which it could do $4,000
200 a wear business.
ReNiew and Outlook.
interest in the financial markets to-
day Ccntcred chiefly upon the move
ment on the New York Stock En-
Change.
Both III stocks and i'll bonds trading
was again very heavy and the upward
d4lit during the greater part of The
time was maintained despite r.alI%-
ing- sales on a large scale. The mar
Ect. was again trying TO give pie
ture OF the business situation not only
as it is now. but as it is expected 70
be later in the year.
10 be SIIre some of the upbid'lins
of individual stocks looked to be
rather excessive. There was still the
suggestion that speculation for the
rise might be carried to the same tN =
treme as it was last spring ano again
last summer and involve Il similar 50 :
Qae1 like the sharp relapSeS of Sep
Iember and November.
Prices Helping Markets.
General business conditions, how
ever. are much more favorable than
they were on those two occasions.
~. n. while production was on the
in ':yasc. the enlarged volume of COM
merc!al transactions was being con-
Quoted on a very small margin of
profit The most significant feature,
ds it has been since the first of the
year. is the rising tendency of prices,
which means the restoration of a con-
Cit.or of at least normal profits to the
cCuntry's industries.
Within the last month advances
have been occurring in steel prices.
IN quotations on the copper metal,
IN the sugar market. in woolen goods
end in many other representative
,'nt:S 1t is this price increase which
las counted more than anything else
IN the stock market and which is
8 vtTc' It now stronger background
chan it had during the speculative
{ rpaigns Of May and August. 1922.
Both sterling and the continental
~ 'ianpcS went lower and recovery
las checked in European bonds. To
some 'Xtcnt This might have been at
I, iburable to tn" disappointment that
to the allied terms. But mainly the
renew cd weakness in French francs
was aSSlgnable to latest develop
mentS in The I;uhr.
Republic Iron was one of the fea
tui's Of the last hour. drawing other
independent steel stocks along. Sugar
stocks maintained their place of
leadership, and in the market gem
orally the same powers of absorption
were disclosed in the final trading
as had been shown early in the day.
Eastman Kodak. which closed last
no, at 9S, had a remarkable jump
well above par. This is the sort of
stock whose price is determined by
the type Which sells high because
of he realization that some day share
FOLDERS are likely to be rewarded
for their patience by special distri
button of treasury assets.
Copyright, 1873