Evening star., 1923-01-19
MARKET ABSORBS
PROFIT TAKING
Stocks Continue Upturn as
Tone of Foreign Ex-
changes Improve.
by STUART p. WEST.
special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January l9.-Con-
f1icting influences We're in evidence
today in the stock market, which
was a mixed affair. Realizing sales
were heavy i'll some directions and
made their impression on prices. But
as against this, operations for the
rise went on in other quarters. The
net result was Il series of very con-
fused changes, but with no sign, how
aver, of any serious Interruptions IN
the main tendency, as it has been for
the last month and a half
With sterling up again and French
exchange inclined to do better less
attention was paid to the situation
abroad. The individual stock move
mentS were nearly all based upon
special considerations.
Profit Taking Heavy.
Steel common and Studebaker ran
INTO large offerings after an early
display of strength. Anaconda Cop
per was obviously receiving strong
support every time il fell below Il.
Thursdays selling in this stock was
explained on tile ground that Il num-
ber of people were making SWitch
from the stock To the new debenture
on the former at and above 53
Marland Oil continued TO respond 10
the production figures recently OUT
lined in this column. which showed
that the average daily gross output
for 1922 was 1859 barrels, against
SAYS In 1921. and that for the frst
ten days of January there had been
an extraordinary jump 10 Il daily
average Of 24,61l barrels.
Profit taking was heavy IN PACKARD
Motors and also in Hudson. Tim
Roller Bearing made a new hlgh on
pool operations inspired by the iaEGr-
able earnings of the company and by
the expectation that these VIII lead
later on 10 larger dividends.
Railway Stocks DO Better.
Railway stocks gave = better ac-
count of themselves than they nave
in some time although the buying
here. was confined to q half dozen or
so selected issues.
The strength Of Pere Marquette
common recently is explained on the
theory that within several weeks the
stock will be put on n 81 dividend
basis. In some quarters, however,
This report is given less credence, ana
il is thought that if the company
takes dividend action it VIII not be
before June. Earnings Of Pere Mar
auette are said to he at the rate OF
about 81 d share on the common
stock.
Columbia Gas Higher.
The directors OF Columbia Gas and
Electric Company w ill meet late
Monday afternoon and at the same
time the earnings report for twelve
months ended December Will be given
out The statement undoubtedly will
be in the nature of a preliminary an
nouncement of income for 1922, but
tlnaI figures will probably not be
available until later. Earnings, of
On L.. F,t- III
The advance in Columbia Gas and
Electric stock Thursday and today
was again ascribed 70 the possibility
Of an increase in the Sc dividend
rate, but no authentic information
has come out to indicate such q thing
will happen at this meeting. Any
dividend or capitalization plan should
rather he looked for later in the year
Review and Outlook.
Complications brought about by the
French entry into the Ruhr have
never made at any time serious inn
precision outside OF the foreign cX-
changes xBut today they We're more
The stock market was called upon
10 absorb at times heavy realizing
sales These We're not inspired at all
by the foreign news, but simply by
The customary disposition OF tmhe m
speculative following to take profrs
after a good d-siZed rise. In the main.
This selling produced little effect, and
n the afternoon stocks that had
rather Jagged behind at the start
were bid up again. 1t was not, an
important day in the bond market t,
hut the main point there was that prices
should have been sustained as well
as they were in face of the large out
put Of new security offerings
Pools Largely in Control.
The operations on the stock eX-
change again originated obviously
enough with speculative SyndicateS
md pools The outside public was a
minor factor. but still this pool spec
Ulation had legitimate grounds, first
in the abundance of credit supplied,
able advices from trade CenterS. II
uuite well may be that in the end
these operations will be overdone,
hat they will be pushed as they were
last spring and again last summer be-
yond the limit warranted by the facts
Of the situation. In the meantime,
however, the individual advances that
have been occurring during the last
six weeks all have some logical basis
in what is known about the business
condition, the outlook for new or
ders, or the prospect for increased
dividends i'll their particular compa-
uies.
Southern Rails Strong.
The sudden return of interest in the
railway shares was the chief feature
Of the late afternoon market. Dis
euSSiou of the possibilities of bust
ness and traffic expansion in the
south, following the high prices of
cotton, was the principal factor in
the upward movement in the South
ern railway stocks. in st. Louis South
western and in the shares Of other
%1,sa