Evening star., 1923-01-30
PRINCIPAL STOCK
!: CHANGES UPWARD
Movements Very Irregular,
as Waiting Attitude Slows
Up Trading.
BN STUART y. WEST.
cisl Dispatc To The Star.

special Dispatch To he star.
NEW YORK. January S0.-The
principal changes in the stock mar
ket today were upward. but there was
not uniformity in the movement and
there were times when realizing sales
had their effect. In general the mar
ket followed along the same lines
that have prevailed for the last two
weeks. Certain stocks appeared
heavy, but only because the active
trading element was going out Of
them and into others which were on
the move.
Thus former leaders like Baldwin
Locomotive, Steel common, Stude-
baker and the oils were set aside for
some of the rails and for industrials
of the specially type. American
Woolen felt the benefit of the recent
successful offering OF fall goods
which resulted i'll their withdrawal
temporarily from the market.
Stock List Irregular.
The additional publicity given TO
he prosperity of the department store
trade led to a brisk advance in Asso-
ciated Dry Goods and with it May
Department stores. The operations
in Reynolds Tobacco B continued, still
having in mind the prospect of in
creased dividends later in the year
erofit-taking came into Columbia Gas,
which had been the leader in the
public utility group Monday. but Peo-
pies Gas of Chicago was taken up IN
expectation of some favorable action
at the next dividend meeting.
The railway list was irregular, out
generally strong. Recent earnings OF
chicago and Northw estern have been
So good that the market has been
discounting the restoration of per
cent dividends during the last few
days. Other standard dividend pay
ers like Southern Pacific. Louisville
and Nashville. tnion Pacific and Ca
madam Pacific all reached the best
price they have had in some time:
Peoples Gas strong.
Peoples Gas of Chicago was strong
today In anticipation OF favorable
dividend action at directors meet
ing scheduled for February 10. IL Is
reported that Peoples Gas Will either
increase the dividend rate from the
present Sc annually TO 81 or Will
maintain the Sc rate and pay an ex-
ira sufficient to make up tor ulNl-
dends not paid in the past.
The advance in Fisher Body of Ohio
preferred. which has carried II TO
around par. Is based on the beltef tnat
the issue is likely to be retired this
year. The stock is su bject TO redemp-
tion In whole OF in part upon any
dividend date at 40 and accumulated
unpaid dividends on thirty days no
tfce. The company during the last feW
wears has built up good earnings
position of its own. and is now able
TO take care of its own dividend re-
Guirements. with something to spare,
without calling for help from the
parent company, which Is the Flsher
Body Corporation. which owns the en-
tire common stock issue.
Review md Outlook.
In all the markets today the dom
fnant inclination was to settle down
and await developments in the situa-
tion abroad. This was true alike or
the security and commodity markets.
1t was only partially true. however.
In the case Of foreign exchanges and
foreign government bonds.
French exchange continued to weaken.
and at it's low Of the day was scarcely
more than a quarter OF cent away
from it's bottom of all times. French
government bonds did not equal their
low prices Of Monday, but they were
still nnanifestly under pressure. The
Belgian LIS of the external dollar loan
sold at the lowest Of the present move
ment. and came within half point Of
equaling their record low made at the
time. two years ago, when all securities
of whatever rank were being pitched
over to meet the exigencies of the f1nan-
ciaI crisis.
The fact that sterling exchange and
Italian lire broke away from the other
European currencies and were stronger
was of much significance. II was
fresh expression of faith that the eco
nomic situation in these two countries
is not dependent upon the outcome Of
German reparations The German mark
made the usual daily new low record as
breaking increase of over 100000. 600, 900
in the paper-note circulation for the
week ending January %.
A Waiting Attitude.
The position assumed on the stock
exchanges abroad as we'll as here
was, simply. that conditions in the
Ruhr are not likely to change for
some time, that they had settled down
to an economic struggle the outcome Of
which cannot be predicted with any
assurance. Therefore. while this out
come is not feared from the stand
point of American and British finance,
the uncertainty Is sufficient to re-
strain new enterprises for the time
being Also while the financial COM
munity finds 1t hard to believe that
the Turks will go to war with Great
Britain over Mosul this is a possibil-
ity which should come to a head with
in the next week. 1t was 4 question
whether Anglo-Turkish affairs did
not receive more attention in today's
markets than events in the Ruhr.
Decline In Early Afternoon.
The general list sold off somewhat
In the carly afternoon. but the decline
did not go beyond half point to a
point in the speculative leaders. Pro-
fessional traders looking for re-
action were afraid to take much of
a position on the short side in view
of the evident scarcity of real stock
for sale
California Petroleum was one Of the
To- h4 lnN IL H.
of dividends Of and perhaps as high
Is per cent.