Evening star., 1923-03-22
RAILROAD SHARES
GIVEN ATTENTION
Buying Orders Help to Steady
Market After Irregular
Moves Early in Day.
BY STUART p. WEST.


NEW YORK, March 22.-The selling
which had begun to show toward the
CLOSE of business Wednesday came
into the market today. 1t brought
about an appearance Of heaviness in
the main part of the share list, but
did not prevent a number of upward
movements in special stocks.
Tire shares were strong again, more
particularly United States Rubber
and Kelly Springfield. Inasmuch as
there is no thought Of either of these
companies resuming dividends during
the current year. at least, sponsors
for these stocks have to depend en-
tirely upon flattering estimates of
present and prospective earnings to
justify the advance.
Heavy selling of Standard Oil stocks
was regarded in some quarters as
possibly suggestive of a less bullish
attitude on the part of the Standard
Oil interests. Marland made the best
showing of any of the oils following
the annual report.
Railroad Shares Taken Up.
After a rather unsteady forenoon
diversion was created by buying or
derS thrown into number Of the
rails. Wabash preferred a, which has
stood out prominently on several oc-
casions during the last week in
manner to suggest developments of
Importance, again came to the front
Pere Marquette was bought on talk of
a dividend before the year end and
SO was Baltimore and Ohio.
Special weakness appeared in Amer
ican Cotton oil stocks following
decline of over Z points within the
last ten days in the 5 per cent de-
benture bonds.
Today's Financial Review.
In today's financial markets the
principal features We're greater ir-
regularity and uncertainty in the
course of stock prices, further weak
ness in United States government
bonds, definite signs of hardening in
time money and a sharp reaction in
French francs.
For several weeks past borrowers
per cent, while lenders have been
holding off for sig. Today for the
first time large loans were reported
at the higher figure; that is to say.
users of time funds were at length
admitting the shrinkage in the sup
mercial demands for credit and by the
much higher price levels at which
business and speculative transactions
are now being conducted.
French Francs Decline.
French exchange was off fully 4 of
cent from the high of the previous
day, indicating that the recovery of
the past week had been too rapid.
The absence of anything further in
the news to- confirm hopes of
Franco-German settlement no doubt
had good deal to do with the de-
cline. But of more Importance was
the hint given in cables from Paris
that the French government and the
Bank of France have been combining
to put up the value of the franc to
help the huge financing which is to
come off in the early part of April
to balance the budget, provide for re-
construction expenditures in lieu of
German indemnity payments and to
take care of maturing obligations.
new loans to the amount of 10000
100000 francs have got to be floated.
Reynolds Spring Drops.
The precipitate drop in Reynolds
Spring soon after the opening today
was not due to any change in the af-
fairs of the company itself, but rather
to the operations of a pool which was
attempting to eliminate a certain fol-
lowing which has held block of
Reynolds at considerably higher
prices. At it's low of 1872 this morn
ing Reynolds was selling more than
four points under Wednesdays close
and about eight points below the top
reached earlier in the year. After
this selling was over the stock got
back across 81. the average at which
the present pool is understood to have
acquired its holdings.
There was renewal of buying in
May Department Stores. carrying the
stock to its highest for the present
movement. This followed the an
which amounted to nearly $40 share
on the stock, which pays SIS annu-
ally in dividends. Current earnings
of May Department have been typical
n iC mott III
goods and department stores. May
anticipates additional income from
the operation of the Los Angeles
store, which il purchased recently for
approximately sS,000,000.
Sugar Price Cuts Ignored.
Another reduction in refined sugar
prices-the second in two days-had
little or no effect upon the sugar
stocks, because it was regarded
merely as little reaction in a mar
fast and not at all significant of a
change in the statistical position of
the sugar industry.
Copper stocks continued to be in
per metal. In this connection, the
detailed figures of the January for
eign trade were enlightening.
Stocks Pushed Up Mt Close.
In the afternoon operations for the
rise were once more predominant.
Among the oil shares Marland was
bid up points to so and Phillips
Pete nearly 2 points. close to 68.
Punta Allegro more than regained the
ground lost early in the day. Enor-
nous blocks of Packard Motors were
taken just above Is, the stock moy-
ing forward subsequently. Corn
Products was suddenly taken UP in
the last hour.
Copyright, 1921