Evening star., 1923-02-08
EXTENSIVE BUYING
IN STOCK MARKET
Foreign News Ignored az
Prices Go Higher-Many
New Highs Touched.
BY STUART p. EST.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, February S.-There
was another remarkable demonstra-
tion of buying power on the stock
exchange today. The foreign news
was ignored and no attention was
paid to the decline in the foreign ex-
changes. Every unfavorable pos
sibility was simply swept aside and
wave of buying of greater mag
nitude than any Yet seen this year
rushed into the industrial list.
The report of Republic Iron and
Steel for the last quarter of 1922 was
still the main consideration in the
market for the steel stocks. That Re-
public could show earnings at the
rate OF nearly $40 a year III this three
Wall street. 1t changed the whole
feeling toward the independent steel
stosks, which had previously been
rather skeptical regarding the ade-
ouacy of the profit margin. This
group was in active demand today.
specially Republic Iron and steel.
Bethelehem Steel b. Midvale Colo
rado Fuel. Gulf States and Replogle.
Keliy-sprinsfield Strong.
Kelly y-Springfleld continued TO an
f:cipate the annual report due at any
time now which it is known will
make a good showing. Other rubber
and tire stocks followed the rise in
Kelly. United Rail investment is
sues and the Philadelphia Company
shares, the majority of which the In
knStmPnt ('nInnanN
usually active and strong on reports
that compromise agreement was
likely to be reached under which the
back dividends on United Railways
preferred would be disposed Of
Rails and coppers most Of the time
we're not prominent in the advance,
but the sugars made new highs and
great variety of industrial spe-
rialties came in for attention. An
other jump in Eastman Kodak show ed
that the effect of the extra dividend
declara tion had not been fully dis
counted.
As the sugar stocks made new tops
again today the optimistic predictions
in the street turned to dividend pos
sibilities we'll to the prospects
of higher prices Immediately for both
raw and refined sugars. Attention
centered on the generally bullish sit
uation in the trade with prices ad
rarcing, export business picking up
and the likelihood of a sugar short
age in the coming months
North American Active.
North American common stock was
the most prominent of the public util-
ity group. A meeting OF North Amer
lean directors may be called within a
week. 1t is generally believed the
company is able to make some sort Of
extra distribution.
Tobacco stocks We're i'll demand
again today, the American Tobaccos
buying carrying forward the tobacco
products shares. Tobacco products.
t is understood. has just completed
deal for the purchase of the ]. G..
Bagley Tobacco Company of Detroit.
thereby \'ubling its present output
The annual report of the Gray &
Davis Company, auto accessories. COW
ering 1922 operations. which Will be
made public within a few days. is eX-
pected to show earnings of about
SID a share on the stock.
Review and Outlook.
The financial markets today. III
face Of the latest Turkish complica
tions. manifested the same indiffer-
erce that they have all through the
of the Ruhr and the Lausanne con-
ference have been the foremost topics
in the news
To keep on saying that domestic
business conditions are the supreme
consideration would seem to be use
less reiteration. But this fact was
never more strikingly demonstrated
In the security markets of the last
few weeks than it was today.
The accompanying inference was
"annot see any danger for American
and British finances either in the
struggle across the Rhine or in the
Turkish war threats.
Foreign Exchanges Steady.
Even in the foreign exchanges.
which are ordinarily most sensitive,
there were no signs of unsettlement.
Sterling was off a bit. but still within
r cent In the pound of the highest it
has sold so far this year. French
francs started in lower. but subse-
quently regained their loss. European
changed. The wheat market. also very
susceptible to war rumors. was COM
paratively quiet.
Under these circumstances the
stock and bond markets natu ally
felt that they could pursue their
own course regardless of the Euro
pean news. On the stock exchange
the buying movement during the
-a-ly hours reached the greatest in
tensity it has so far. Then more
thought was taken of the rapidity of
the rise than of the warning that it
could not keep on at the recent pace
without the danger of another state
Of overspeculation: This consider
alton induced realizing sales which
we're heavy enough to check the ad-
ance in some directions and bring
about in the afternoon an irregular
reaction.
Market Strong at Close.
The advance in the share list was
the greater part of the afternoon.
Following the familiar practice Of the
modern day market, new groups of
stock were taken UP wherever old
favorites threatened to lag behind.
One of the features Of the late deal
ings was the ira ction shares and
bonds of greater New York. Their
advance was interesting in various