Evening star., 1923-02-10
PRICES IN WALL
Street HIGHER
Many Sharp Advances Noted
in Today's Very'LiveIy
TWo.Hour Session.
BY sTEUART p. WEST,

special Dispatch to The Star.
NEW YORK, February 10.-This
mornings two-hour stock market diff
ferred from those of the previous day.
only in that the advancing tendency
was more uniform.
Sugar stocks dominated the trading
but by no means monopolized it. -
The steels were very strong, takine
more account of the statements made
IN the week end business reviews
that the steel mills, although In some
Instances operating at 80 per cent OF
capacity. were unable to keep pacs
with orders. The coppers did some
what better and railway shares were
for the most part higher.
Active buying at new high, prices
In the shares of transportation COM
panies located in the south and south
west was due to the growing appre-
clation of the bright outlook for con-
tfnued large earnings as the result oi
the rise in cotton and oil prices.
Sugar Rise Spectacular,
The rise in Cuba Cane Sugar pre-
ferred was quite spectacular. Punta
Allegro. American Beet Sugar and
American Sugar Refining followed
along closely and Cuban American
Sugar bearing out reports that the
stock will be restored to a 81 dividend
Crucible Steel was the most eagerly
bought in the steel group on talk of
per cent dividend. but Republic and
Replogie were carried along.
Lima Locomotive was the leader OF
the equipment group responding tc
intimations Of a dividend increase
Among public utilities North Ameri.
can be made a new high. Public Service
OF New Jersey crossed par and there
was unusual activity and rising prices
in Utah securities. q
Review and Outlook.
The main consideration again in to-
days markets was the favorable trade
reports. These emphasized the ad-
Fancing drift of prices and by conse-
quence the increasing profit margin
Of the mills and factories. In fact
at no time so far has the tone OF
these trade advices been so conf
dent. With the course of the morn
ing another advance of 10 cents a
barrel was announced in Mid-Conti-
nent Crude, and this precipitated the
active buying movement in num-
Der of oils. a-,
The Friday market had not fully
realized the extent of the advance
the information today from the De-
partinent of Commerce that the world
needs for sugar during 1923 would
surpass production by 725,000 tons
no Tesull was dnOiner very SndfI
rise in the sugar stocks, rise which
II 1T had the appearance of excess
was at least justified by the ex-
traordinary change in the outlook
1cr the earnings of these companies
with prices of raw sugar we'll above
the four-cent level and with the in
dications pointing toward a further
advance.
Sterling at New High.
The most important incident outside
the security markets was the rise OF
sterling exchange to a new high for
The year. In fact, rates were back :to
within a half cent of last Decembers
Top. which was the nearest approach
10 old-time parity that the pound has
had since the spring of 1919. French
exchange. however, went lower re-
flecting the seeming inability of the
French to make any progress in the
effort to break the Ruhr strikes and to
prepare the way for collecting rep
arations.
Copyright, 1921