, 1923-02-09
MANY STOCKS
SCORE GAINS
Demand Continues Strong on
Exchange, Prices Make
Advance.

NEW YORK, Feb. 9.-Speculators
for the advance continued to mark
prices in today's active stock market,
buying being influenced by additional
announcements of higher commodity
prices n the weekly statement of
federal reserve bank, testifying to the
satisfactory nature of the country's
banking position. S.Ies approximated
I,25O.O0O shares.
NEW YORK, Feb. "a good de.
mand for public utility, steel and oil
shares impaired a firm tone to open
ing prices in today's stock market.
North American advanced one point
and was followed into higher ground
by Brooklyn Edison and Public Ser
vice of New Jersey. Crucible ard
United States Steel common opened
higher as did Utah Copper, Invinc.ble
oil, PanAmerican and Texas com
bany. Sugar stocks soon Joined tbs
upward movement under the leader
ship of Cuba Cane Sugar preferred
which gained a point.
Fresh buying power came Into the
market and early gains were eX
tended. South Porto Rice Sugar
climbed a point and American Beet
Sugar, American Sugar. Cuba Cane
and Cuban American improved r
tionally, buying of this group being
based on higher prices for the refined
nroduct. Equipments, tobaccos and
coal shares also were strong. Am
orican Tobacco rB" jumped FIVE
noInts and Sumatra Tobacco 2. Gulf
States Steel rose is on publicat on
OF a good 1922 earnings report ana
Philadelphia company advanced /.
Toreign exchanges opened firm, de-
mand sterling selling Just below the
wears high of $4.6S and French
francs gaining six points to SO
cents. German marks were quoted
al ,Oo32 cents as against the recent
low record Of .0O2O cents.
The stock market continued strong
and active during the morning, higher
foreign exchange rates and the i'm
proved condition. of the country's
banking position revealed in the
weekly statement of the federal re
serve bank, apparently having a
cheerful effect on sentiment The
of the public utility issues
and the rapid rise in the sugar TO
bacco, textile, shipping and merchan
disIpg shares testified to the growth
of speculative interest and the In
crease in public participation. Elk
cent for a few moderate gains In low
priced securities railroad shares
showed few Important changes. Pro
fit taking was effective around mid
day in some of the usual leaders
Baldwin, Stakeholder and Corn Pro
ducts dropping one to two points be
low their early high. Kresge, Brook
lyn Edison and Atlantic Gulf, com
mon and preferred, all III three to six
points, were the outstanding strong
spots. Call money opened at Az per
cent.
The scarcity of some of the high
priced stocks at current levels caused
some spectacular advances when buy
ing orders were filled. Kresge gained
III, American Tobacco 4, Lorlllard
35k and Postum Cereal 9A points.
In the more active section, Chandler
Motors, General Asphalt, Producers
and Refiners and New York Central
were bid up 1 to 21a points. A few
ing yielding Al; American Car Us
heavy spots appeared, Atlantic REIN
and Consolidated Gas and Inspiration
Copper a point each.
The closing was steady. Weakness
OF local gas company shares and the
customary weekend p~rofit.taking in
other quarters caused a temporary
ctback in the late dealings but prices
stiffened again when some of the
coalers and low priced rails were Did
up sharply.