Evening star., 1923-03-01
PRICES co HIGHER
IN STOCK MARKET
Forward Movement Carried
Still Further in Day of
Very Lively Trading.
BY STUART p. WEST.


NEW YORK. March 1.-Throughout
the greater part of today's session on
the stock exchange there were ho
signs of let up in the forward move
ment. The pools seemed conhdent OF
their control and continued to marh
up prices in one stock after ahotnei
with the utmost boldness.
With the copper metal quoted at
j cents nearly all the copper anu
smelling stocks reached new hlsn
prices Butte and Superior was the
leader of the zince stocks on the
strength Of the presidents state
mcnt accompanying the report TOT
the December quarter that the pres
ent high prices of zinc were likely u
last through the year.
Studebakcr Taken Up.
After hanging fire for several days
Studebaker was taken up again t,S
orouSly The short interest in inns
stock accumulated during the past
week was said to be uncommoIilS
large. International Paper was an,
other that came into prominence
after an interval of neglect. The sc:eet
has been since the middle of last
pointing showing in the 1922 report
but ii realizes that the paper lndus,
try is on a profitable basis now anu
has been rather AFRAID OF uie"p
Phillips Petroleum and California
Petroleum were the leaders Oh tne
oils. the former feeling the erect OF
recently published estimates that
earnings are running over SZo d siiaie
Can Goes Above 1O4.
New highs were made IN Amertcahi ni
Can above 104 and in American 90.
above 107 United States Realty soiu
above par for the first time; Pu9lic
Service of New Jersey and Phllauel.
phia Company were the stronse
among the public utilities susar
stocks were quick to move in SYM
pathy with the renewed rise IN ia"
sugar prices. Punta Alegero in par
1icular crossing 60 on lntimaliohhs mai hs
that a substantial dividend Will De
declared before the end of the year.
Review and outlook.
Tho financial situation continued
TODAY 70 present the same general
tendencies that it has all week. ftr
thcr activity, for the most par d
higher prices. in the speculatlNe $50,
market steadinesS, but with no SisiS
of any fresh advance in the invest
ment bond list: very small nuctua,
1ionS in the foreign eXchanees anu
more evidences OF lncreasinS rp"i.I
,l,tion i'm some of the commerctdi
,,ar,,ats-these were agin the essential
features. .;o,s unre
once more favored by the cas- Ihoi.'y
conditions. call funds renewing a. q
Nor cent and dropping later to y.
Conner Reaches ~ Cents.
Nh, ,oc+ Interesting incident in
tpo ,rade news of the day was tne
advance in copper metal quota ioao ~, ~
IL cents-that is. an advance ol le as
2 cents a pound since the putseo enner or
The wear. The situation in the copper
,,ata1 is much the same as tnat III
the sugar market. consumers lnt ..
been slow to awaken to the reaii.s
of 4 dwndling surplus anu a
Gn,llv found themselves conLrenteu
with a market which was rapldly se.-
+ing away Undoubtedly speculalloii
has played a part in the copper au
vance as it has in the sugar mar
but the fundamental posl,lon 20 +inns
tbe nresent unsold stock or copper
275. .0O0. 900 pounds, whereas on on o one ooo
of J.nuary 1922, it was iOV,ooo'ooo
pounds.
Public Very Cautious.
There was no change TO-DAY IN ene
character of the STOCK iIt ma Eyi-
what has now become faInlllar. 80 80
dences of expanding outside lnteEes'
were hard to detect. me man M
,,,lse came from the Wall street ,l pooio
and large professional traders. !ne
- he sure are working with stro!s
hack ground in the promising ousl-
ness outlook. and the CONSEQUENT nis
inclination of investors 10 sen. post
as was proved on three occasioho los. ias.
wear there comes a time Wneh
favorable outside surroundings are
more than measured by the rise IN
ytorl> prices In other words, "nlie
:, is not easy to set limits upon d
speculative movement like the present.
the inevitable sequel Is the uiscoNeis
that it has been carried 10 eAeess
,,itb the resulting need for more OF
less drastic adjustment.
SIoss sheffield Strong.
Sloss Sheffield continued today 10
reflect the improvement IN the pig
iron industry. Prices have oeen cen
steadily advanced but this mas not
curtaiIed business in the least one
company is reported to have booked
orders for third quarter delivery at
Further buying of Philadelphia
Comnany today was based on the be-
lfef.that the directors at the forth
coming meeting would increase the
dividend from the present 80 annually
to 81.
some time has been detriment IN
The Chicago, Milwaukee and st. Paul
situation is now said TO nave peeh
corrected. This was the liquidation
of an exceptionally large account Tor
one of Chicago's richest men. This
selling has been going on for some
time. and thousands of shares are
said to have been forced on the mar
kct.
Late Trading More Quiet.
Trading in sotcks quieted down
somewhat in the afternoon, and IN
some of the early leaders prices came
down a bit But following the usual
custom. where former favorltes were
left to rest new ones were promptly
found to take their place. Copper
shares. with the exception Of the
Anaconda were inclined to sag OIL IN
the late trading Steel shares, with
ono or two exceptions, did not follow
up Wednesdays demonstration. which
came with the midweek reviews and
the highly favorable picture they
nave of steel trade conditions. Mean
while the remarkable January traffic
statements still failed to evoke any
RESPONSE in the railway list. This
class of stock was neglected.