Evening star., 1923-01-13
FURTHER STRENGTH
IN STOCK MARKET.
lnduStriaIs Go Higher Until
Profit Taking Slows Up
Whole List.
HY STUART y. WEST.
Special Dispatch to The star.

Special Dispatch I" The star
NEW YORK, January 13.-There
was continued strength shown in
today's stock exchange dealings; up
to within thirty minutes of the close
there was no sign of an interruption
TO the upward tendency in the in
dustrial section
There was the usual week END
realizing to contend with and this
had some effect upon the speculative
leaders, but no real signs of reaction
appeared. Ou the contrary, where old
favOritcs fell behind, new ones were
taken up and in d word interest COM
mitted to the side of advance again
demonstrated that they had full con-
troll of the market situation.
Two Strongest Groups.
The two strongest groups were the
ru bier and tire shares and the can
stocks. There was little to be said
about the strength in these two quar-
ters that has not been said already.
With the price of crude rubber around
81 cents pound, whereas less than
a year ago il was under 10, Il very
handsome addition has been made TO
The inventory values of the rubber
companies. Most of them have
enough Of the raw material on hand
purchased at comparatively low
prices to give them full advantage
of the recent increase in tire prices.
Both American can and Continental
Can surpassed their previous high
points.
stocks of companies producing lead
were most Of them helped hy the
further increase in lead prices an
nounced today. I
American Lnsecd stocks vert
taken up after a long period of in
activity. CnSdcn and Skelly. in which
there were rumOrS of closer relations
impending. we're both actively bought
and sulphur stocks We're again in de-
Inand.
Most Rail Shares Heavy.
The railway list was inclined to
be heavy. There were one or two
exceptions. notably Delaware and
Hudson and Southern Railway COM
mon. tnv buying in the latter based
upon tue Favorable earnings position
of the company
The continued heavy selling in Ncw
Haven was hard to explain except
that Wall street periodically has TO
listen to uufaVora Bile rumors regard
ing this road which 50 far have never
matCrial.Zed. With the extension of
the European loan until 1925, New
Haven has no pressing liabilities. 1t
owes the government s. 500. 900. but
there is no idea that serious pressure
would ever be brought to bear from
this direction.
The foreign exchanges were gener-
ally lower. with francs under the
seven-cent level again.
ReaIiEinE Sales at Close.
Realizing sales were heavier in the
last quarter of an hour than at any
previous stage OF the day, but while
they produced much irregularity they
were not pressed to the extent of
causing any weakness. Steel common
a
sharp break in the Mercantile Ma
rineS. Studebaker came down over d
point from its carly high, but as a
rule the speciality favorites of the
day left off we'll up to their best
The current earnings of the United
States Industrial Alcohol Company
are believed to be at the rate of SIS
or $40 year. and all parts of the
rompany's business are understood
TO be improving steadily Whatever
net income Industrial Alcohol will
report for 1922 was earned practically
in the second six months. and the
amount probably was around So a
share on the common stock. The
chemical subsidiary of the company
has been doing especially well. If a
quantity output of alro gas. one of
Alcohofs products. is attained, more
attention may be paid to reports that
Atlantic Refining Company is plan
ming To contract for it.
VII tEOes
Skelly Oil continued its advance
into new high ground today on the
same sort Of buying that made its
appearance in Fridays market. This
buying, or at least part of it, repre-
scented profits made in Cosden Oil.
Skclly is one of the smaller oil COM
panies which have high grade produc-
tion and this is the kind of oil which
Is now in most demand. 1t is well
known that high gravity crude com
mands better price than the low
gravity and SkelIy is collecting
premiumS for it's product.
factor in the Skely situation is
that. a change in par value of the stock
from $40 to $25 a share has been voted
the number of shares from 1880 to
7S0,SI9.
Review and Outlook.
A mixed, but in the main strong,
stock market, new high records for the
season in cotton prices and lower quo
tattons for the foreign exchanges made
up the principal features in the finan-
cial situation today.
Such irregularity as developed on
the stock exchange was mainly due
TO selling by speculators anxious to
be as clear as possible over the week
end. 1t had, therefore, no significance
for conditions in general
In the Wall street view, the optimis-
tic tone of the weekly trade, reviews
was OF more consequence than the
uncertainty over affairs in Europe
The renewed decline in the French
franc was apparently due TO misEiy-
ings to how the efforts of German
industrial lists TO curtaiI production
IN the Ruhr Will affect the collection
or the indemnity. But in the other
markets no concern was displayed.
Copyright 1929