Evening star., 1923-01-23
RAILROAD SHARES
7 GAINING IN FAVOR
Dodging of Extra Session OF
Congress Is Factor-To-
HI days Market Irregular.
BY STUART y. WEST.

BY STUART Il. WEST.
Special Dispatch to The STAR
NEW YORK, January 23.-The
prominence given the railroad list
was one of the principal features of
the stock market here today. This
activity was in accord with sentiment
around the street, which is inclined
to look with more favor on this class
of stocks than it has in some time.
The reason is that every day that
passes seems to make ii less likely
that an extra session of Congress
will be called, II that proves to be
the case, it would not be until next
Congress would have chance TO
bring forward an anti-railroad cam
paign.
Buying in the rails, such as it was.
started with Lehigh Valley. Latest
reports of what shareholders of the
Lehigh Valley Will get out of the coal
segregation plan are highly favorable.
This buying spread III Il moderate way
I" New York Central. Reading. Atchi-
SON. Southern Pacific and the st.
PaulS. In the case of the last named,
and also in L: & O.. covering of a
short interest helped along the rise.
Market Very Irregular.
The market a whole was very ir-
regular. 1t was quite strong dur
ing the first two hours of trading and
then Sagged off again. At one time
such leaders at Baldwin Locomotive.
American Locomotive, United States
Steel and Bethlehem Steel were up a
half point to point. General As
phalt ran up on the announcement
that the directors had declared the
section of the street insists that
unless there is change for the bet
ter in the company's affairs, this
dividend is not safe
Nivaudou gained over a point on the
statement made Monday that the
stock will go on ii 81 dividend basis
next week. \ violent break in Fisher
Body followed the news that financ-
ing was to be done which would take
the form of new issue of stock to
shareholders.
Kansas City Southern.
The common stock of the Kansas
city southern Railway responded
readily today to the publication of
the December and 1922 earnings
statements Of the company, and
reached d new high for the season.
The current rate of earnings of the
Kansas City Southern and the pros
poets for the coming months are the
basis for estimates in well informed
quarters that the company's net
earnings during 1923 will be at the
rate of 100000 a month on the $780,
600. 900 of common stock.
The earnings of the United States
Realty and Improvement Company for
the fiscal year ended April 80. 1923,
are expected TO exceed by a Substan-
tial margin the net income of the
previous twelve months, after allow
ing for interest, depreciation. cancel
iation of approximately $1,000 900 in
underlying mortgages and other
charges.
Higher Earnings Likely.
The present, rate of earnings is
between SIS and $40 a share, as
against something over SIC for the
fiscal year ended April 80. 1922. In
addition to the regular Sc in divi-
dends. resumed last December, extra
distribution on the stock is look ed
for this year.
Cluett-Peabodv common was an
other stock TO get TO its highest for
1929 and it's strength was simply
further recognition of the excep-
tionally good business which this
company has done in the last several
months Earnings for 1922 are said
20 have amounted to about S12 Il
share on the common stock against
the s. dividend rate Moreover, some
of an increase in the dividend to Sc
this Year.
French Exchange Firmer.
French exchange today retraced
part of the ground lost on Monday.
The heavy selling of French and Bel
gian government securities was sus-
pended. and there was slight recovery
In the French issues. Cotton was quite
aS strong as it had been weak Mon
day. As reflection of banking
Judgment. therefore, regarding the
European situation. and its probable
al 10 q ri afr ODD
nf much Importance. All the facts
noted We're to be accepted as slight
indications that the latest develop
lnents were more Favorable to a com
promise in the Ruhr, whereby the
economic war would be called of
France to collect a respectable part
Of her repardtions and Germany on
her side not have TO submit to the
iSn"miny of working under French
hayonctS.
Stock Trading Narrow.
Tho security markets had paid lit
tie attention on the previous days TO
the weakness in the exchanges and
the break in foreign government
bonds. In other words, they had not
been Indifferent, but simply composed
in face of the apparently disturbing
events in Germany. Not having been
Ga major influence in the situation
here, there was no reason why the
seemingly somewhat more favorable
news today should have been the i'm
portant factor in the movement of
prices. As it happened the stock mar
ket was strong early in the day, then
began TO hesitate Il bit, but not be-
"auSe of anything in the outside
news. simply because it was a very
narrow professional market and as
such subject TO very little fuctuation
either way.
Trade News Favorable.
favorable. There were more reports
OF an isolated nature. but neverthe-
less significant. of makers of steel
products putting up their quotations
There was positive evidence that some
of the leading users of copper metal
had been turned down fatty when
hey bid ) cents "A pound, for delivery
next summer The advance in crude
ruber continued. 1t was quoted at 81
cents pound against 80 cents less
than a week ago. and at this new
figure was considerab bly, more than
double the price last year at this time.
Further clear explanation for the
constantly new low records of the
German mark appeared in the latest
Reichsbank statement. showing an
other increase of 100, 200, ,000. 900 mark $
in the note circulation. The German
paper money currency has now risen
6O0,000.000,0OO since the last week OF
December. 1t has doubled since the
end of November, has more than
tripied since the end of October and
has quadrupled since the middle OF
October.
Mark Collapse Explained.
Under these circumstances the fresh
collapse of the mark, now that all i'm
mediate hope of the reparations set
clement and the stabilizing process
has been dissipated, is perfectly in
telligible.
The peneral stooly roarkat ,as
quite uncertain through the later