Evening star., 1923-03-12
FURTHER ADVANCES
| IN STOCK MARKET.
Week Opens With Higher
Prices in Some Shares and
Far Greater Caution.
BY STUART r. WEST.

special Dspo ten TO Inc otar.
NEW YORK. March 12.-In today
market there were a number OF IN
teresting moves in industrial special
ties. all of them upward. Sugar
stocks reached new highs following
a fresh advance in raw sugar quota
tions and the announcement that
large amount Of raw sugar had just
been taken by Europe at 5ia cents
pound.
The advance by the United States
Rubber Company of 10 per cent In tire
prices had been too generally expect
ed to have much effect. Rubber com
mon went up somewhat. partly on tne
price increase and partly foIloWlns
the annual report showing earnings
of over $3.50 per share. The greatly
strengthened position of the company
has been effected without any marx
ing up of inventories, crude ruober
having been figured in the balance
sheet at cost
American Loco sOars.
Estimates of what American Loco
motive is earning and what II IS Hkely
TO earn during the rest OF the yeaa
are running remarkably high, all the
way from $50 to $50 per share: rms
is a sufficient explanation for the new
high records which the common STOCK
is continually making. Other equip
ment stocks were not nearly ~. as sav con
A sensational rise In the Marker
street Railway preferred stocks. ac-
companied by more moderate ao,
vance in the common, was the seque'
TO the information given on FRIDAY
a bout the negotiations for the pur :
chase of the Company by the city OF
San Francisco.
Review and Outlook.
Wall street showed clearly enough
today that 1t had begun TO neeo tne
warning held out on account OF tne
violent and altogether excessive spec.
ulation in parts of the Industrial !ls'
during the previous fortnight. En-
thusiasm has ebbed. This was appar'
ent In the irregularity or the price
movement, but more especially In the
falling off in the business volume
Compared with recent standards
trading at times was really quiet.
IT would be superfluous to remark
that this uuieting down on the stock
exchange was the most desiraple
thing that could have happened foi
the good of the markets future. Al
the pace it was going week aSe
the speculative campaign was in.
yiting a check. which. IL not appliee
in time would have brought some un'
pleasant consequences. AS II Is no"
The market has settled down 10
caimer appraisementt Of 3ao.n indiyiaua nt qua.
ditions within the respective IN
dustries.
CaImer Trading Desired.
In cases where the rise has beer
overdone there will be chance fol
correction without creating disturb
ance in the general list.
While in the greater part OF thu
stock market there was iittle ten
portant moves in particular stocks
were nearly all of them upward.
Although there was no actua
change In money rates there were
signs of increasing activity In tn'
market for time loans. with more
intensive demand and more willing
ness on the part of borrowers to NEE
the terms offered by lenders. TIL:
was significant, as it showed the ef
feet upon the money market of th'
constantly expanding demand TO-
credit in commercial channels am
the heavy enlargement in the wal
street loan account. The foreign ex
changes were all lower, but the de
cline was too slight to be of any con
sequence. Both French and Belgian
government issues were ratner notlce
ably lower.
New Tariff Not Disturbing.
The belated figures on December
imports were published today. Again
as in the two previous months, there
was nothing to show any dlsturbins
effect from the new tariff duties
The total was given as s2s7.0O0.o00
against s237.500,000 in December OF
the previous year. The plain infer.
ence from this Is that the increased
demand for foreign raw materials ant
a generally larger buying power in
cident to our industrial recovery are
influences which have much more thar
offset the higher tariff schedules.
Copyright, 1929