Evening star., 1923-04-06
STOCKS co HIGHER
IN TRADING TODAY
Locomotive Shares and
Sugars Lead Advance to
Higher Levels.
By STUART T.. WEST.

Special Dispatch 10 The Star.
NEW YORK. April 6.-The buying
side was again uppermost In the
stock market today, although there
were some striking exceptions. In
terest shifted about from one Set OF
stocks to another. but the important
thing was that most Of the moves
were upward.
At the start the shares OF loco
motive companies-Baldwin. Ameri-
can and Lima were the leaders. be-
cause of statements that have been
made during the week that very
large amount of railway buying stu
remains to be done If the carriers
heavy traffic movements and the still
greater volume looked for when the
crop movement begins.
Sugar stocks Go Higher.
Next the sugar stocks were taken
up, rejecting the view which Wall
street has had all along that. de-
spite criticism in political quarters
of the recent advance in sugar prices.
Il has been justified by the very small
surplus now on hand, and by the
close approach to equality between
1923 production and consumption as
given in the most reliable estimates
OIL shares felt the effect of profit
stances like Sinclair Consolidated.
which at one time was up point on
large transactions. American Smeit-
ing was taken up after u long period
OF Inactivity and this led to bet
ter tone in the market for metal is
sues generally.
Virginia Chemical Breaks.
Another very bad break occurred.
however, in the Virginia Carolina
Chemical issues. followed by heavy
selling in related stocks, especially
American Agricultural Chemical:
There was nothing new to be said
IN this connection beyond what has
been repeatedly pointed out, namely.
that the fertilizer business is suffer
ing from price war, while the cot.
ton oil business, owing to the rapid
rise in the price of raw material, is
still more Improbable.
:, The street had the. rumor today
that the directors of Sinclair Oil
would increase the dividend from the
present 81 to 81 annually at forth
eomng meeting to ot she
such action. This report caused tur-
ther buying of the stock, carrying
1t to within a point of its 1928 high.
Market shows Strength.
The stock market continued today to
furnish evidence of the strengthening
of its position brought about by the re-
action last week and the week before.
There was, however no great amount
of effort in speculative quarters to renew
the campaign interrupted at the middle
Of last month. and still less was there
any sign OF returning outside interest.
Operations for the rise appeared to
have as their main objective the dis
lodging Of the short interest which had
not covered In its commitments on pre-
viouS days, but more attention was paid
at the same time to favorable trade re-
ports and talk OF dividend increases.
The strength displayed al times in
such stocks as the railway equip
ments and the sugars was directly
related to the profitable conditions
under which these companies are now
operating and, by every Indication,
will continue to operate for the rest
OF the year 1T least.
Prices Lag I'm Afternoon.
When buying for the purpose Of
closing contracts on the short side
slackened, as it did In the afternoon,
prices came off again.
Outside Of the stock exchange and
the cotton market, which lost part of
Thursdays rise. the day was quite
featureless. Foreign exchanges, as
attracted very little attention.
The belated statement of January
imports into the United States was
published today and furnishes q very
interesting comparison both with the
previous months since the new tari1
duties went into effect and the month
a year ago. The total of 1919 1000. 900 is
1922 000. 900 more than December ana
s2T. 900. 900 larger than November. This
increase is, of course. 4 logical enough
accompaniment to the expansion In
home industry, the consequent larger
need for foreign raw and unfinished
materials and the Improvement III
American buying power, but the jan
uarv figures confute at the same tine.
more impresstvely than any 50 far. the
predictions which We're heard last sum-
Iner and autumn by supposed economic
experts" that the new tariff schedules
would be a very bad thing for Our i'm
port trade.
Equipments Again Pushed.
II the late trading the equipments
were taken in hand again. Lima
Locomotive crossed 73. where it was
up nearly two points and American
Locomotive got above 135. In Well
informed quarters. which have been
all along talking g dividend. increase
for American Locomotive. no surpfSe
would he felt If this action came
within the course Of another month.
Other special points Of strength in
the last hour We're Corn Products.
Reynolds Tobacco =. which was
bought again III eypectat tion II extra
dividends that will make the total
distribution for the wear So; Martin
Parry and Famous Players.
Railway shares continued sluggish
ticipation 81 the dividend being
lassed altogether st the meeting
around the middle CT May. Sinclair
was the only oil stock to hold well
W &c its high.
copyright. 1877