Evening star., 1923-02-15
BUYING MOVEMENT
STILL AIDS STOCKS
Further Marked Advances
Notwithstanding Covers
Very Broad List.
CT STUART p. WEST.
sne,,sl Disoa.ch 70 The Star.

ET STUART p. WEST.
SPECIAL Dispatch to The Star.
NEW YORK, February lo.-IAe
buying movement on the stock eN-
change was resumed today. 1t was
altogether as impressive a display AS
any made so far, because Of the large
number of stocks which at one time
Or other felt the force OF the buying.
4 further advance in the price OF
The copper metal to 15ia cents
pound made the copper shares favor
ties in the trading for the first time.
Utah, Cerro dc Pasco, Inspiration and
kennecott all made new highs for the
season likewise on the largest turn
over that has occurred in this group
Tor many months. Steel stocks were
taken up after the coppers and prior
LOO, the stimulus was found In riSinS
prices for steel products and the GER
Lainty that these would show i'll i
f'emarka Bile series OF earnings state
r1ent for the first and second quar-
tels OF the year.
Heavy Selling in Sugar.
Further selling came into the
sugars following another reaction IN
the price of raw sugar. but here
the decline was halted long before,
and tho sugar stocks came back
again.
It was a field day fog the pools
III industrial specialties. Industrial
Alcohol was bid up across 20. the
movement fitting in with reliable
estimates previously made regarding
the improved earnings OF the COM
pany as a result Of the rise in de-
o1a n
income supplied by the chemicals sub
sidiary. American Can completed a
Use OF nearly 10 points since We'd
nesday morning. closer Stud'' OF the
annual report having made the street
believe in the talk Of larger dis
tribution to shareholders. Westing-
house Electric was unusually active
at advancing prices. and General
Motors was bid UP on huge trans
actions, following. as 1t always does. q
Jump in Dupont stock.
Review and Outlook.
The principal incidents IN the tiuaa-
cial situation today were the estab-
the stock exchange, the ready ab-
sorption Of another series OF new bond
and stock offerings. the return OF
sterling exchange to the highest since
The spring OF 1919, when the British
treasury removed its artificial sup
ward recoil N the grain market.
For the rise IN stocks the whole in
centive was again found In the gen.
"Tal rising tone of commodity prices
Steel schedules are now the hisnes,
since in the early part OF 1921, having
Gndone the severe price cutting which
went on during the highly conpeti-
tive era in the Stee! trade Il Year ago
This means also that the steel com.
panies are back where they are max.
,~ao
metal at 15a cents d pound was not
only at new high for 1928, but high.
or than any price reached in the last
two years. The same was true OF
zinc. quotations for which were again
advanced today.
Sixth Oil Price Jump.
Attention was drawn once more &c
the favorable conditions in the main
existing in the oil industry by another
25-cent increase in the price of Penn.
syivania crude. This is the sixth sue
cessive advance in the Pennsylvania
territory that has occurred since the
0rSt of the year.
There was nothing to be said in any
way now bearing on the advance Ii
sterling exchange. Recent figures botl
FOR American and British trade have
shown that the balance Of ordinary
been turning more in Great Britain :
favor; moreover, this is the season
when imports into this country normal.
~ reach their maximum, while ship
ments Of grain and cotton fall off. II
Is the time OF year when, under the old
conditions before the war. the United
states was usually exporting gold in
settlement of adverse balances.
Action Among Leaders.
Gulf States Steel moved ahead into
new high ground on the report that
directors at a meeting to be held
within the next fortnight would re-
sume dividend payments at the rate
Of s6 a share. Gulf States during the
past six months has been showing to
exceptional advantage. and earninS nSs
pf around $50 a share are looked for
n 1928.
Having passed the critical figure on
Wednesday. Cosden today moved
steadily ahead. Latest reports re-
garding Cosden are that the COM
pany viii earn in the neighborhood
of $50 share this year. and that the
company is sold up on its. refined
han likely that the dividend rate on
Cosden will be increased this year.
be declared
The group Of Replosle companies
and that an extra dividend also will!
Heplogle Steel. vanadium and Wick
wire-kept pace today with the other
Independent steels. Eeplogle Steel
is now q producing company, and is
quite a factor in the pigiron market
II owns 5000 acres of ore lands. which
are estimated to contain more than
160.000,000 tons OF As per cent ore.
The Empire Steel and 1ron Company.
recently bought by Replogle. has five
blast furnaces and extensive iron ore
and limestone lands.
Partial Check Overcome.
One thing certain about the stock
market today was that whatever
soldering effect might have been ex-
erted by the partial check on the
previous day it has been quichly
lost All that was considered at the
moment was the power of the pools
rs it was demonstrated in the rapid
upbidding Of one after another OF
certain stocks.
Despite repeated denials the story
Of a merger between California Pc
troleum and Standard Oil of Cali
fornia would not down. It was
brought forward again in connection
with the heavy buying of California
Petroleum in the last hour.
TREASURY CERTIFICATES.
Quotation furnished by Redmond 1 COY