Evening star., 1923-04-13
MARKET STRONGER
IN NT0DAY'S TRADING
Rubber and Tire Stocks Lead
Rise Which Spreads
Through. List.
ny STUART y. WEST.

Spscial Dispatch to The Star.
NEW YORK. April 1S.-The ques-
1ion which most interested Wall
street was whether the continued ad-
vance in the stock market was merely
a rally from an oversold condition, or
whether it was the recommencement
OF the main upward swing interrupt
ed month ago.
Opinions differed on this subject,
but there was disposition to regard
the days operations as of better
character than have been seen in some
time. They certainly meant more
than the mere retreat of a discom-
fted short account.
Rubber Stocks Prominent.
Rubber and tire stocks were promi-
nent again. in anticipation of another
increase in tire prices before long.
Reynolds Tobacco B opened up with
a rush and sold three points higher
before the forenoon was out Earn
ings at the rate of SO a share. and
belief that this will gain substantial
increase in dividends were the mo-
tives back of the buying. as they have
been all the way from under so.
Retail Stores ran up very easily.
There Is still said to be considerable
short interest in this stock, which, in
view of the scant floating supply. Is
not having an easy time of it. Buyers
of Retail Stores are figuring on the
liquidating value. which is placed, ac-
cording to most estimates, well above
present quotations.
The pool in the new North American
common made that stock conspicu-
Gus above "a. The belief is that the
dividend will be at least $1.25 and
may be $3.50. General Motors. on the
usual heavy trading. reached new
high for the year when 1t drew
across 1914.
Motor Accessories Strong.
Some of the rails did better. while
the rest were neglected. Pere Mar
quette was the feature in this quar-
ter, the buying movement. based on
the expectation of the early inaugu-
ration Of dividends, carrying the stock
above 40.
Motor accessories shares during the
early trading especially were among
the leaders in the advance with not
able gains in Stewart-Warner. Strom-
Spring and Tlmken Roller Bearing.
These stocks accomplished more
than the motor and motor truck
shares. although the two latter
groups did we'll also.
without question a great many
stocks sold by important interests
during the extreme and over en-
thusiasm Of month ago have been
reaccumulated on the recent decline.
This meaws much for the stability
of a market situation for it's inclina-
tion to disregard unfavorable news
and its Willingness to emphasize all
that is favorable. The other and
outside explanation for the improved
tone in the Wall street market on
Thursday and during the greater
part Of the time today was that there
was better appreciation Of recent
developments in the oil trade.
Time Money Easier.
When the oil price cuts were an
nounced earlier IN the week the
thought came to many that this was
the first token of reaction in the gen.
eral trade movement. 1t Is now bet
ter understood that the oil industry
Is a case where output has outrun
consumption and where a surplus has
accumulated which must be worked
off even at lower prices. but that 1t
is very far from being typical of
business conditions in general.
The two most important incidents
OF the day were the easing of the
time money market and the large in
crease shown In merchandise exports
for March. For nearly a month now
such business as has been trans
acted in time loans has been done
under terms demanded by the bank
that Is, 512 per cent. Today for the
fiPst time lenders were making con-
cession to borrowers and doing busi-
ness at their bid figure of 5A per
cent
This was a direct response to the
statement of the federal reserve for
the week, showing another decrease
of $4S.000.000 in rediscount. Discount
secured by the government collateral,
which Is the accepted measure of
financial demands, are now only S46,
100000 above their low in January
before the launching of the Wall
street campaign.
Crucible SteePs Outlook.
Crucible Steel directors are sched-
uled to meet again next week but
It Is considered extremely unlikely
that anything will be done regard
divida1d list. However. it would not
be at all surprising were such action
to be taken at the succeeding meet
ing of the board Crucible is now
getting quite a bit of equipment re-
pair business, having made over one
OF Its plants to take care Of this
Earnings from this one plant alone
are reported sufficient to put the com
mon on substantial dividend basis.
Report on Exports Vital.
The significant thing about the
oslstration that foreign purchases in
the American market have not been
effected either by the very consider
able advanl.e in farm prices here nor
by the still greater rise in our manu-
factured products.
The easier tendency In the money
market. obviously rejecting increased
confidence that no raising of federal
reserve discounts Is likely in the near
the stock market