Evening star., 1923-02-21
NEW HIGH MARKS
SCORED IN STOCK
Railroad and Oil Shares
Higher-Coppers Quiet.
Caution Noted. ....
BY STUART p. WEST.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, February 21.-During
the greater part Of the time on the
stock exchange today the tendency OF
prices continued upward.
Trading was active at all times
and while an increasing number OF
people were commencing to look upon
some of the recent advances as ex-
cessive, there was no evidence that
this feeling Of caution had spread
at all widely. At least it did MOI
show in any desires to sell or IN
any check upon numerous pool opera
tions that were going on.
Many New Highs Renched.
Many new highs for the year
were reached, some of them in the
railway list, but the majority among
the industrials.
Louisville and Nashville had an
other remarkable jump across l5l In
anticipation of early favorable action
upon stock dividend which was voted
in the summer of 1921, but which has
not yet received the sanction OF the
Interstate Commerce Commission Inc
only other rails to distinguish them
selves were Atlantic Coast Line, when
as the principal owner of LoulsViile
shares naturally sympathized with
the strength in the latter. and Gulf,
Mobile and Northern preferred on
talk of the beginning of dividends
and a possible adjustment of the lS
per cent accumulation of back
dividends.
Oil Shares Also Strong.
Oil shares did better as rule. but
the coppers failed to respond to the
further rise in the copper metal tC
16A cents pound
Although the dividend on the new
~ listed Fleischmann stock has
been declared ahead at the rate of 81
for an entire year, the street founo
an excuse for the move across 40 in the
statements from quarters interested IN
the stock that earnings would JUSTIFY a
considerably larger distribution. Iron
products went through 81 for the first
time on intimations that the re-
capitalization plan, involving the ex-
change of the present shares into q
new dividend paying preferred STOCK
and a new common, is nearing con-
summation.
Review and Outlook.
1t was to be said for today's stock
market that where 1T went forward II
was moving under previously ac-
quired momentum, rather than be
cause of any new incentive. Cali
money was somewhat higher, but this
no more than the, slight hardening OF
rates a week ago. had any influence
upon speculative operations.
The speculative community is not
afraid of the money market shutting
down when it sees how comparative
" little the rediscount facilities OF
the federal reserve banks have been
availed of by the combined rise in Sc
curity and commodity prices during
the last two months.
The check, when it finally occurs,
is much more likely to come from
some other direction. If last years
experiences are worth anything as a
guide, a stage is finally reached
where overspeculation is frankly
recognized and the consequence is
q process of public cleaning like that
which went on in June, in 1922. and
again in the following November. 1t
may be that the present market has
not yet approached such danger point
but it is certainly true that there
have been many instances during the
last week or two where individual
stocks have been pushed ahead with
a recklessness which usually in
wolves an unpleas SAINT sequel in the
end.
Cotton at New High.
Another new high record for cotton
was one of the features of the day
The current upward swing is mainly
on account of the rise of growing
home consumption at a time when sup
plies are abnormally low. 1t Is no,
easy to set limits upon movement
governed by such combination OF IN.
nuences. But one aspect wall stree,
feels that it can safely forecast, and
this is a further expansion in gen.
eral business throughout the south
and with it largely increased earnings
for the southern carriers.
American Agricultural Chemical
sold at new high for the year, ap-
parently on the broad theory that the
outlook for the agricultural chemical
and fertilizer companies seems more
promising because the purchasing
power of the farmers has improved
However, in some quarters the rise
in the stock is not accepted as an
indication of any radical change for
the better in. the earnings of this
company. The 1922 report is ex-
pected to show something left after
preferred dividends will be barely
covered, according to the same
estimates.
Still Another Steel Merger.
1t was learned today that the close
working agreement between Replogle
Steel and the Wickwire Spencer
Company is likely within the very
near luluIe " uoNclOp iHto llc pul
chase of the latter company by the
former. The Replogle people, 1t is
understood, have about concluded ar.
rangements for the underwriting of
a moderate amount of stock from the
treasury to- take care of the Wick
wire purchase on a basis which should
benefit Replogle. The matter is re-
ported to be in the hands of one OF
the largest banking groups.
Light on Marks Rise.
Announcement that through an
agreement between the German gov
ernment and German bankers ar
rangements had been perfected for a
200,000,000 gold mark internal loan
to be guaranteed by the Reichsbank
threw a good deal of light upon re-
cent recovery in the mark. The
amount. however, is too small to have
much further effect. unless it turns
out to be the precursor of other SINH
lar loans.
The attempt made in some quarters
tiers today to read into this loan an
Independent step toward settlement
of reparations was pretty far feched
Mark exchange went higher again
and so did francs in the early part
df the day, but the rise in the latter
was checked later on when 1t was
officially decided that Germany was
about to ask for an international
conference at London. Sterling made
further progress toward gold parity
with the dollar, the demand rate get
ting up to SAP.
Copyright 1921