, 1923-02-20
STOCK TREND
UPWARD AGAIN
Some Irregularity Develops
but Majority of Issues Are
Stronger.

unUed their upward course in today =
stock market despite intermittent and
extensive profit taking in the indus
tr.al list. Heavy buying Of invest
ment railroad shares founded or spec
uIative belief that the January earn
lngs statement would be unusually
favorable and marked strength OF mo
tor accessories and chemical stocks
were the features. Sales approx
mateiy 1,o5o. 900 shares.
NEW YORK. Feb. 2o.-Further
irregular.ty took place at the opening
of today's stock market, but the main
tendency appeared to be upward. The
early demand was most effective in
the oils, coppers and a select assert:
ment of rails. Butte & Superior led
the early advance in metal stocks
with a gain of one point and New
Haven led the rails with a similar
gain. There were a few weak spots,
notably Dupont and Royal Dutch off
l and IL respectively.
Fresh buying power also made its
appearance in the motor. motor ac-
cessory. Independent stee's and to.
bacco shares. Stromberg advanced "a
lDslNS dllu bOSG4l-E hdb lltNp ollb' tdIu
to a new high level. Resumption OF
heavy buying of American Wooden
sent that stock up is points to a
new peak price. Gains of one to
two points also were recorded by
S~tudebaker. New Orleans. Texas and
Mexico. Gulf States Steel. United
Retail Stores and United Fruit. South
Porto Rican Sugar broke 4 points.
ENnrpIun a~~ho -1Sa nov, .t-,r- ~
mand sterling established n new top
Mt s4.70S and French francs ad.
vanced 4 points to 6.O7 cents. Dutch
guilders approached to within a few
points OF par. being quoted at 80. go
cents. German marks continued re-
dictionary. dropping ga points to
.0O41 cents.
Continuation Of heavy pront taking
in the Industrial group resulted in n
switch OF professional speculative in
terest to the railroad shares which
were bought steadily in expectation
that the January statements had to
be published would show unusually
favorable earnings. Both low priced
and dividend paying issues moved to
higher grOun the gains OF the leaders
ranging from one to ~ points.
Copper and motor accessory stocks
generally maintained their higher
Jewell in the Industrial division. Most
Of the others were inclined to yield
under pressure. United Fruit, which
Jumped 81 points. wal one of the
strong features. Phillips Petroleum.
Iron Products, American Brake Shoe,
Delaware and Hudson and American
Tobacco A and "B" all of n point
or more. were conspicuously heavy.
Call money opened at Az per cent.
The better known Industrial shares
participated more generally in the
marked strength exhibited by many
OF the less active Issues, Baldwin,
American Locomotive. Corn Products.
Studebaker and American Can rising
vigorously, the last mentioned ouch
mig 99ls. Stromberg, Bosch Magnetic
and United Fruit were pushed up
steadily, their gains running from
GU to IA points.
The closing was strong; prices OF
several individual issues were bid up,
sharply in the late dealings. shorts
covering operations accelerating the
rise. American Can crossed part for
a net gain OF more han 4 points, and
American Agricultural Chemical and
Tirginia-Ca Carolina Chemical each sold
5 points above yesterdays final fig
ures.