Evening star., 1923-05-31
SUBSTANTIAL GAINS
/ IN SPECIAL STOCKS
Bulls Push Advantage of
, Past Few Days-SteeIs
Drop in Late Trading.
BY STUART r. WEST.

NEW YORK, May 31.-Today's
stock market strengthened the i'm
preston that important speculative
interests were at work on the bull
side. Following the precedent, how
ever. set under all similar circum-
stances last year, these moving spirits
were proceeding at their leisure. They
were in no hurry to push any ad-
vantage and were willing to allow
frequent lapses into dullness, accom-
panied by reaction.
Again interest today was confined
to a limited number of stocks. nearly
all of them industrials. while the rest
of the list was left to take care of
itself.
California Petroleum was the only
oil stock to do anything to speak of.
1t made Il new high under buying
operations similar to those which
have been carrying the price forward
for the last 20 points.
Studebaker Stock Strong.
Studebaker responded to the talk
of some extra declaration at the July
meeting despite the fact that thi $
This talk was not refuted. but on the
contrary was rather encouraged in
quarters which in the past have had
a pretty good line on what the Stude-
baker interests were doing.
Baldwin Locomotive got above 1876
in the early trading. where it was up
nearly two points and American
Locomotive had "A similar gain. Later
on both sold off. as did American Can
which was one of the early favorities
Mack Trucks. above SO, was up IL
points from its recent low. This rise
was not, however. founded upon eN,
pectations of an immediate dividend
increase, but rather upon the pros
pect of a very favorable showing in
the earnings for the June quarter.
American Smelling Active.
American Smelling was the only
metal stock in which any activity de-
veloped. The buying in this case
was based upon anticipation of the
stock going on So dividend basis In
June, and upon estimates of current
earnings which would make this ac.
tion appear quite conservative.
General Electric's jump was due &c
the belief that recapitaliZation plar
Is in the making. But outside of this
the advance in General Electric. as
we'll a s in Westinghouse, had strong
background in the knowledge thai
these companies are doing remark
able business.
Weakness in Maryland Oil was e
notable feature in the late afternoon
Sinclair Oil. on large transactions
dipped below 80 and Phillips Petro-
leum, Cosden and Producers and Re
finerS We're all freely sold.
Steel shares lost their early gains
and went somewhat lower, but the
Coppers were not as sensitive as
might have been expected to the de-
cline in the copper metal.
Financial Review and Outlook.
With nothing unfavorable happen
ing over the holiday, the markets re-
cd hn n N he
same general frame of mind as they
had left off on Tuesday.
Sterling exchange was steady
while francs went lower. The prin-
cipal incident in this quarter. how
ever, was another collapse in the
German mark. carrying it down vel
below all previous low record levels
At the close of last November. after
decline equally as prolonged and as
severe as that which eliminated q
and went up quite as steadily as il
had come down. 1t has always be
lieved that precisely the same specu-
1ative coterie, which at that time dis
regarded outside business conditions
and bent it's energy to driving
stocks down. was the same which in
the following months was Speculat-
ing just as aggressively on the side
of advance.
Two Market Features.
In connection with the recent
strength of Studebaker further at.
tention has been paid in the street
to late figures on the company's
operations since the first of the year
These show that from January l to
the middle of May Studebaker pro-
duced and sold 45 per cent more cars
than in the same period of 1922, and
untitled orders. which were of APP
proximately 10000 cars. were 25 per
cent greater than at the same time
in May last year. Cash on hand is
about s15,000.000. as indicated by in
formation given out officially short
time ago.
There appears to be quite n bit OF
truth about the entrance of the Texas
Company into the California oil situ-
alton. The president of the company
is now in California, and while he
has said nothing definite regarding
the plans of his company, he did say
that a Texas Company refinery in
California would help the company in
serving its far eastern customers.