Evening star., 1923-02-19
MARKET ADVANCE
HITS SPR0F1T-TAk|NG
Oils and Equipments Hardest
Pressed After Strong Open
ing for Week.
BY STEWART p. WEST.
Special Dispatch to The Star.

BY STEWART p. WEST.
Special Dispatch to The Star.
NEW YORK. February 1s.-Tht
stock market started in general!
higher today. but quickly ran into
realizing sales on a very large scale
II was the typical experience Of
Monday following a week of advanc'
ing prices.
Stocks like the oils and equip.
ments, which had been leading the
market upward, felt the main force
of the selling. The coppers, how
ever, were taken up again follow.
ing the advance in the metal to IL
cents and more attention vas paio
TO the rails. These conflicting move
ments were nothing more than the
ordinary shifting about of the active
speculative ell inent from one set OIL
stocks to another.
The feature in the railway sfoui
was the jump OF , to points In the
higher priced stocks representing the
Southern carriers. Louisville enc
Nashville having the largest rise
This stock is always valued IN ret
erence to the $oS.ooO;ooo stock n,.,,
dend which was voted i'll the summe,
of 1921. Atlantic Coast Line as tht
owner Of 81 per cent of LouisVliis
stock followed it upward. and ililnoi:
Central was unusually active at ad'
vancing prices. The January earning
of all these roads are expected TO re
feet more than they have at any time
so far the effect of the great rise II
common prices upon business conoi
tions in the south.
In the early part OF the day Coar
Copper was up point. Anaconda
was selling above 81 and Inspiration
Ray and kennecott We're all at new
high prices. But later. on these stocks
were actively sold and their advance
brought to a halt.
American Locomotive was not AZ
fected by the poC,' showing in the an
nual report which had been anticl'
psted. but Baldwin Locomotive came
down rather sharply. All the street
is thinking about in connection with
these equipment companies is the ex-
traordinarily large bookings at the
present time. and the prospect thai
the demand for locomotives and cars
will keep these concerns EXTENDED &C
tilei- capacity for the remainder OF
the year.
Review and Outlook.
Price movements in all the. mar
kets today were very much mixed
Parts Of the share list were heavily
sold. while new buying was going or
in others. The same vas true OF
bonds. where most of the copper is
rail boz d. and recently favored in
dustrials went lower. There wa:
some inclination toward reaction IN
the grain and cotton MAI kets. Bu'
it was not at all important. In the
exchanges sterling made new high
getting up closer to $40. France die
a. little better, while the recovery II
the German mark was checked.
No particular Significance attached
TO any of these changes; they were
1,xs 9,r.
enceS. Wall street seemed to have
been taking more than thought ovel
the week end of the rapidity anG
magnitude of the recent advance ant
to be asking itself whether, with al
proper regard for the favorable out.
look in business. the market had not
been going ahead too fast. This con
sideration was back of most of thu
selling done during the day. Yet a
the same time there were no very
positive indications that the pooll
and other speculative interests which
have been in control for the last few
months We're losing any Of thei
power.
Higher Copper Prices.
Another advance in the coppe
metal. this time to 16 cents pound
was the chief incident Of the day II
tho way Of trade news This bore ou
the best judgment of the metal trade
duction in the surplus stocks. which
has been going on for the last year
would be bound to show in higher
prices with the approach Of spring
The most Interesting feature just now
however. is the sudden starting up o.
tho demand for copper from Europe
especially from Germany. This at the
height OF the economic struggle il
the Ruhr constitutes complete up
set to the theory that German buy
heinY n
pied by tn" French invasion.
The cXpla nation for the strengtl
today in Alls-C Chalmers Manufactur'
ing Company common stock lie:
mainly in the good business which 1.
being done at present and in the be
lief that this. company will get a sat
isfactory share of the proposed hydro.
electric installation to occur in thu
future. Earnings on the stock ir
1922 recently were shown to hav.
been in excess of the 81 annual divi.
dend requirements.
The zinc stocks kept pace with tn.
ccypers and many of them got into
new high ground for the year. Thi,
was particularly true of Callahan
Mining and Butte and Superior. The
zinc metal market is in a strong po.
sition because Of another substan tia
reduction in the surplus stocks or
hand.
Traders Take Short Side.
The reaction which developed in the
afternoon stock market was due
wholly to conditions within the mar
ket itself. There had been heavy
selling of the recent speculative
leaders during the early part of the
day. This gradually got the upper
hand and in the last hour prices came
down quite generally.
Traders turned to the short side al
soon as prices had commenced tc
yield. They directed their effort:
especially against stocks like Stude-
baker and Baldwin Locomotive, al
ways easy to move whether in one
direction or the other. The move fr
the railway shares was not sustained
and interest quickly died out in tti.
quarter despite the fact that tht
January earnings reports viii soor
be coming out and undoubtedly make
fully as good a showing and in many
instances even better one than wa.
made in December.
Motor accessories shares moved for.
ward in the later dealings under the
lead Of Stromberg e. Bosch Magnetic
Tobacco stocks had a brief run up ant
Public Service of New Jersey made 6
new high on talk Of an increase from
the present So to an either 50 or 81
dividend.