Evening star., 1923-01-29
RAIL SHARESLEAD
IN STOCK MARKET
Much Profit Noted in
InduStriaIS-Ruhr Crisis
Once More Ignored.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, January ga char
acteristic Monday market following a
week in which the principal changes
nave been upward, prevailed on the
New York Stock Exchange today. 1t
Is the custom under these circum-
stances for the trading contingent to
take profits, especially if prices start
in strong. This was precisely what
happened today.
The street was diverted for an hour
or SO by a number of special buying
operations, particularly in the rails.
IL was good tactics to bring forward
the backward rail list when it vas
uesireo TO have a screen for selling
In other directions. Quite 4 show of
strength was main tanned for a while
IN the st. Pauls, Baltimore and Ohio,
which was still feeling the effect OF
the remarkable December report;
sun active; Rock Island and Wabash
A Buying in the last named was
rounded upon the good showing in
current earnings.
Prices Slip Around Noon.
rev OF the industrials were no.
tlceably strong. American Smeltin q
was one of these. this being the only
one OF the copper group to pay at
tention to the advance in the conner
metal to the 15-cent level Toward
noon, however, prices began to slip.
Special weakness developed in Pacific
OIL on reiteration Of reports that
the company would have to do some
big reserves of oil. and that to ac-
complish this it would have to aban-
don dividends.
Other oil shares were dragged down
half point to a point, while the
selling in Pacific Oil was in progress.
steel and Tube preferred broke badly,
but for no reason other than that
with the completion of the recent
merger there was no incentive to
continue speculative operations for
the rise.
Review and Outlook.
The plain inference from the action
OF today's exchange anu government
bond markets was that the financial
community was even more dubious
than it had been last week as to
the success of the French efforts TO
coerce the German people by isolating
the Ruhr and setting UP a customs
barrier. saT11 s,s,1ie The markets evidently
France to supply enough men to man
the Rhine railroads and the mines
in face of the rapidly spreading
strike.
The security markets. as they have
done all along. to-day went about
their business almost as IL they were
ignoring the over-Sunday European
news altogether. This was not only
true of the market in New York,
it was equally true of the London
stock exchange. In both instances
there was more or less irregular rity
IN the price movement
London was selling the oil shares
while buying south African and home
investment issues New York was ia
voring the railways shares while doing
a certain amount of quiet selling in in
dustrlals. But the main point was
that in both markets the fluctuations
were nothing more than might have
oeen s,sIcae expected ess .h under normal eircum-
German crisis to consider at all.
Moves in Special Stocks.
Buying of American Smelling and Re-
lining today was based upon knowledge
OF a very good earnings record for 1922
IL has been rumored that the common
stock would go on a dividend basis In
the near future. AS high as S. a year
mas been discussed, but the more con-
servative estimate is 81. These calcu-
lat1onS have been a part of the gener-
ally bullish predictions of increased earn
ings and dividends on several Of the
copper companies, such as Utah, Ne
Vada, Ray, Cerro de PaSco and Chile.
Reynolds Tobacco B had a sharn
rise to it's highest price for the wear.
and was feature of the market The
strength of the company's asset posi-
tlon, which was shown again by the
recent publication of the 1922 ball
ance sheet, as well as the earnings
statement, was largely responsible e
for the continued buying of the stock.
moreover, 1t is expected that the div
ldend rate Will be increased during
the coming months from the present
SO to at least 81 a year
Earnings figures for the last quar-
ter or last year are expected to be
made public by the United States
Steel Corporation Tuesday. These
Will show, so it is said, the sl25 diyf-
dend on the common covered. with
something to spare. The fact that
the Steel Corporation for matter of
something like two years has been
unable to show d quarter as good as
the last one is taken as a good omen
in the steel industry.