Evening star., 1923-02-06
WALL STREETL|ST
FEVER|SH[Y ACTIVE
Very Heavy Buying Wave De.
velops in Today's Session.
Marked Advances.
BY STUART y. WEST.

BY STUART T.. WEST.
Special Dispatch TO The Star
NEW YORK, February 6.-Trading
on the stock exchange today reached
tho largest proportions of the year SO
far, The extent of the increase In
activity was sufficiently indicated by
the fact that at one time the record
ing instrument was nearly twenty
minutes behind the actual market.
There was no doubt whatever that
public interest was on the increase
and that non-professionalb buying was
playing a larger part than at any time
this season Heavy realizing sales
were encountered as prices moved
forward, but always these were offset
by the bringing up of new leaders.
Sugars Lead Advance
The most consistent buying occurred
3n the sugar group. especially In Cuoa
can preferred and Cuban American.
There was no trade news TO account
for this. 1t was simply the markets
response to the confident feeling in the
sugar trade that prices arc on the up
grade. and that the advance VIII De.
come more pronounced at the close oil
the Cuban grinding season, little over
I'D month from now
:. Steel common, Baldwin Locomotive
.and Studebaker moved forward an
other point in the first hour, but sub
isequently their advance was checked
by profit-takng. Pool operations went
on actively in Crucible Steel on talk
of a resumption Of dividends later in
the year
New high records were made in a
number of SpecialtieS, among them
American Can. Mack Trucks. Mathie-
son Alkali and Corn Products. Some
large blocks of Colorado Fuel had to
he a Oh after which rhe Drlce
promptly jumped TO %.
Tobacco Stocks Active.
Tobacco stocks were helped by the
Statement made on Monday that
earnings were the best i'll the history
of most OF these companies. The i'm
provement in the leather trade was
reelected in higher prices for the Gen.
trail Leathers and the American Hide
and Leathers.
Railway shares received quite as
with Union Pacific, Canadian Pacific
and Chicago and Northwestern the lead
ers among the dividend-paying group
and Southern Railway. the St Pauls,
The Missouri Pacific and Pere Marquette
most conspicuous among the non-divi-
dend payers.
Review and Outlook.
There was very little in today's
outside news to account for the
further marked expansion in the
stock exchange dealings and the in
creased activity in the bond list. Wall
street at no time has been seriously
afraid of an Anglo-Turkish clash.
1T has felt sure that the new Turkish
government would not go to war over
MoSul or any of the other points in
dispute. because the opposing odds
were altogether too great. Conse-
,auently il was not at al! surprised to
learn that the Turks We're ready to
sign a new treaty which would leave
The question Of the Mosul oil territory
TO be disposed OF later on.
What the demonstration III the
security markets really Signified was
that for month past they had been
only awaiting some intelligent news
from abroad TO continue to discount
the favorable course of home trade.
Better Near East News.
The virtual elimination OF the near
east danger was one Of the develop
ments most desired. AS for the Ruhr
situation the financial community
reached the conclusion week ago
7hat there was no likelihood of any
SERIOUS political consequences result
ing from il, that the whole matter
had settled down into an economic
struggle the outcome OF which was
hard to see but which in any event
could not disturb the business posi-
tion in this country.
The rise which started toward the
close Of last week and which re-
suited today in the most active and
huoyant market OF the year 50 far was
simply reflection of this judgment.
On the whole the upward movement was
orderly, but there were many instances
which suggested that Wall Street pools
were pushing ahead bit too fast. The
stock market closely resembled that Of
last midsummer, which was brought to
a close on Labor day.
Sterling Exchange Higher.
Sterling exchange again came within
i,,f . no nd IF ling Lao 10
cember's high. which at the same time
was the nearest approach TO otl-time
parity in the last three years. French
exchange was fairly steady, and French
and Belgian bonds rallied another point
or SO. These. however, were more the
accompaniment of the cheerful feeling
in the markets generally than an ex-
precision of opinion regarding the up
the French across the Rhine
The stock market continued to
show extraordinary vitality through
out the afternoon. Selling by the
to secure was extremely heavy. but
st was absorbed without the least diff
aculty. The features during the last
hour were the motor stocks, some of
the equipments, the smelling issues
and the shares Of gas companies.
studebaker Reaches I2o.
Studebaker reached 40 and Bald
win Locomotive made new high for
the current movement when it struck
1877. Chandler Motors, which only a
few days ago had sold below 81,
crossed 20.
The understanding in it's case is
that company interests which were
not particularly enthusiastic a month
ago now have changed their attitude
and that this is showing in the mar
lSet action Of Chandler stock. The
Willys Overlands. Packard Motors and
even the Pierce-Arrows were drawn
along in the wake of Studebaker and
Chandler.
Brooklyn Union Gas. Columbia Gas,
The new Consolidated Gas and North
America among the public utility
group all made new highs. American
Smelling crossed 60 on heavy buying
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