San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-02-11
BTOCKS co ON
/ GENERAL RISE
Il IN BIC TRADE
ereign News Ignored When
Domestic Situation Con-
sidered.
SUGARS, STEELS, OILS
Advance in These Three
] Groups Has Been En-
n tirely Logical.
By STUART p. WEST.

A BY STUART p. WEST.
y/opyright, 1928, by the San Antonio Light
New York, Feb. 1O.-Dealings on
the stock exchange this week have fully
borne cut the signs which had begun
to appear previously that the security
markets were breaking away from the
kuropean uncertainties. Those uncer'
tainties had held them in more or less
restraint for 4 month. Business has
e4randed TO the largest daily average
Noflmc since the elimination of the up
Ward movement last summer. and this
expansion has been attended by a gen
er~( rise in prices.
With all fear OF a war in the Near
| (1<t removed by the agreement reached
| ~ the Allies and the Turks, one of the
|4tre, Formidable European questions is
1Dow out of the way. There remains
the situation in the Ruhr. the outcome
Iof which is quite as much in doubt as
lit has been at any stage since the
Wrench began their military movement
10 month ago.
Meanwhile the latest estimates place
Ae. deficit in the French budget this
Gear at between 3,j00,000.0OO and f.
DOC. 100000 francs. Taxation has been
Ipushed TO the limit. The continued
|IpiIing-up of internal loans is a despcr-
vac expedient to contemplate.
~ all events it cannot be rcsorted
Indefinitely. Hence the enormous
take which France has in the repara-
lions problem is more clearly defined
Ethan it has ever been SO far.
The only wonder is that French OK
.rhange should have held as steady rs
| it has during the last week, especially
as, according TO the latest statement of
the bank of France. nearly the whole
of hst autumn's deflation in the paper
currcncy has now been undone.
Domestic Trade Affects Stocks.
u fThe domestic trade data, indicating
ontinued enlargement Of production
IND constantly more profitable Condi
JOS as regards prices. was the whole
IsVentive back of the rise in the stock
%arket. 1t is not generally appreciated
= extraordinary have been the OK
crfs OF sugar from this country dur
kfg the past twelve months.
They reached during 1922 n total of
Rost 100000 pounds. more than
MWee the outward movement of the
Ervious year and nearly three times
= average yearly exports before the
r To be sure, Europe now has
t%own sugar crops back pretty we'll
Normal, so that demand upon Amer
IAN refineries has fallen off. But the
Hz figures suffice to show how the
tge surplus of the Cuba sugar crops
/ fas worked out, paving the way for
me recent advance in raw sugar IN
n III cents a pound. as against the ex-
utreme low OF | 81 cents during the
Ivorst of great trade Sumn
II
Ima rkahle contributions were made in
n he news of the week. One was the
Gpert OF the Republic Iron and Steel
pany, showing that earnings during
lsJast quarter Of 1922 were running
Ethe rate of nearly $40 n share on
Ie&common stock after almOsta two
hrs of continuous deficits. The
Nicer was the statement BY the Iron
;cTthat the rise in steel prices was
ing so rapid as TO be positively
tous.
gBis statement taken along with the
3 :,eblic Iron and Steel figures natural
= = affords grounds for very optimistic
n rc&ictions as to the earnings of the
X{e4 companies for the frs quarter
1928.
the oil trade, the over-production
8welve months ago has completely
&ppeared. The latest figures make
IlBain that, outside of the Pacific
III territory, the current OUTPUT,
III imports, has fallen behind con
uqfption. Consequently reserves have
M drawn upon and prices have
ttpally gone up.
kA.1Equipment Companies Prosper.
xrius il appears that in three of the
vs. Representative security grOunS.
-, sugars, the steels and the oils the
ssnf upward movement has had an
direly logical ground. The same can
y said of other classes Of stocks It
known. for example, that the railway
Z x,fument companies are booked to
nacity all the way from six to nine
xcnfhs ahead.
IL is known that car lOadings dur
~ January averaged $4,000 cars n
resk. exceeding even the remarkable
ffermance of December. The infer
~ is, therefore, that good as. the
Y kpcember railway earnings were, those
q sJanuary will be better still. Here
- tfhe incentive back Of the market
a. Railway stocks and bonds.
The danger of course is that. well
ed as the rise on the stock ex-
.srIlre has been, il will be carried to
q txtreme just as was the case last
[fav and again last August. On the
{.5Ie, it may be said that the advance
ar has not been excessive, but that
isome quarters operations for the
have been pushed at too rapid a
H.k This sums up the Wall street
nation as it stands at the close OF
= week.
one striking feature is that the in
r>ased stock exchange demand upon
.ouev market due to the much larger
,,lurne of business, and the rise in
.r;ces has so far involved not the
{i,xhtest strain.
Exterior painting Is weather insur-
- for the house. Interior painting