Evening star., 1923-02-16
NEW STOCKS ARE
PUSHED TOFRONT
Further Advances Made To-
day in Prices-German
Marks Higher.
BY STUART II. WEST.
Dispstch TO The Star.

Special Dispatch TO The Star
NEW YORK, February 16.-For the
most part stocks which had peeh
prominent earlier in the week on the
stock exchange fell behind today and
the ones which were taken up were
the issues which hitherto had not
! figured 60 prominently. The only diff
ference between the market OF today
and that of previous days lay in the
choice Of particular stocks 1or leauer
ship.
The recent annual report OF inns
company surprised the street IN lIia
it showed despite the disadrantaseous
operating conditions during the nrSI
half of 1922 that the 81 dividend had
been more than covered. Under these
circums stances, with an unuSualiS
large forward business on mana anu M
with a working capital of s2oooV'ooo,
the dividend is regarded as sate' anu
therefore the stock on its interest re-
turn has been looked upon as an at
tractive business mans investment
Sugars Again Higher.
Recovery i'll the raw sugar market
was promptly reelected IN h's nc
prices for the sugar stocks. Inc cop
pers did not make the respohse e. ~
might have been anticipated 70 the
further raising of copper metal QUO
1ations-this time to 1875 cents. Still
some of these stocks made he"
highs. n,,.,,,
Service of New Jersey sold above 101
for the nrst time this year on talk
of an Increased dividend, and utah
securities was actively bought IN an
ticipation of an exchange OF STOCK
with the Utah Power Company, Wnicn
Is earning more than 81 a share.
Rails. which had done little for sew
eral DAYS, came in for more atten-
tion under the lead of Reading.
Review and Outlook.
The only changes of consequence
in the markets today were those oc-
curing on the stock exchange. Else
where the various movements were
comparatively unimportant.
Both of the French external loans
dealt in on the New York market
went lower again. but this time there
was no accompanying decline in French
exchange.
Recovery continued In the German
mark, bringing the rate to the highest
SO far this year. In view of the fact
that currency imitation has shown no
signs of slackening, indeed for the
last few weeks it has been going
on at more rapid pace than ever,
it is easy to believe that the upturn
has been brought about by artlnclal
means. that is to say. through the IN
tervention of the Reichsbank.
German Marks Puxziing.
OF the various motives assigned for
this action the most plausible is the
desire to put stop to the constantly
rising prices. and through reducing
the cost of living help to remove the
main cause of unrest in Germany at
what is a most critical moment. But
at the same time 1t is quite possible
that the surprising rally in the mark
raan Of iyi h1f
the German position with regard 10
the ultimate settlement the repara-
tions question has been improved
since the French entry into the Ruhr.
In the stock market there was still
the same close connection that has
been observed all along between the
individual share movements and the
course of prices in the industries
which they represented.
The remarkable series of advances
which have occurred since the first OF
the year In oil schedules furnished a
logical background for the upward
swing which carried many of the oils
to the best prices they have seen this
year. In the same manner the con-
tinued advance in the copper metal
In the strength Of these two classes of
stocks.
There was the usual shifting about
of speculative interests from one part
Ol the llSC 10 the OlneT WHICH gave
the market an irregular appearance
at times, but on the whole there were
no signs that forces which have been
back of the movement during the last
two months were letting down.
National Biscuit Strong.
National Biscuit was strong today
due largely to pool activities, which
are based on the favorable earnings
position of the company. 1t has been
reported in the street that National
Biscuit during 1922 made very liberal
ing to about s3.0OO,000. in addition TO
months report. National Biscuit Is
: understood to be earning about ST.
100000 net per month on its new
stock
The further strength in Kelly
Springfield today was in anticipation
Of 1922 report due to be published d
next Monday. 1t Is understood that
this statement will show more than
Sc per share earned on the stock aft
er all charges, including liberal de-
probation. The 1923 income of the
company, according to estimates, Will
be at least 100 per cent larger than
that for the previous twelve months
Prices Lower at Close.
In the last hour and a half of the
STOCK exchange trading the same ir-
regularity appeared as has been a
characteristic of the market all week
PTices came down somewhat from the
top figures in the majority of In
stances, but special buyiDp kant an ~