Evening star., 1923-04-18
FURTHER ADVANCE
/ IN STOCK MARKET
Broad Buying Movement
Takes in Many New Stocks
in Today's Trading.
BY STUART p. WEST.

snerial Dispa eh to The star
NEW YOhsK April ls.-rhe upward
movement was resumed in the market
today with larger number of stocks
participant
Oil shr.es appeared to have got over
the shock occasioned by the price
cutting of week ago. and there were
sharp rallies in stocks like Marland
and Phillips Petroleum. which had suf-
fered. the most during the recent de-
Cline
Sugar stocks Active.
Sugar stocks were taken up follow
h. e Developments in the sugar tIdae,
Including further advance in rehned
sugar prices and the continuance or
heayy export business II raw sugar
at the 6-cent level. The largest trad
ing was In Cuban American and
Punta Allegro, but American Sugar
and American Beet Sugar appeared
more prominently.
Du Pont stock had another re-
narkable jump. completing rise OF
% points within the past week, rms
is ascribed wholly TO the prospects
which this company has or getting
larger revenue out of it's General Mo-
IAN into offerings at 1Iia that were
heavy enough TO chaek the advance.
Tire shares Popular.
The statement by the president of
United States Rubber that the tire
business had been exceptionally good
during the first quarter and that the
demand for mechanical goods mao
United States Rubber and Kelly
Springfield. The pool in Hayes Wheel
succeeded in putting it's specially to
a new high. Auto Knitter continues
10 discount A dividend declaration,
which. it is said. will be at the rate
OF s3 before the end of the month.
Steel shares, especially the So
called independents. attracted buying
on the strength of the anticipated IA
vorable earnings results for the nrst
quarter. which are due at any time
now. Among the rails Canadian Pa
cifc made another new high
Market Breaaens Out.
The time has passed for ascribin9 g
the movement TO mere retreat or
an over-extended short interest. 1t
has amply justified the statement
made repeatedly since the first OF the
month that the decline In the iase
fortnight of March corrected the eN-
cesses of the winters specul atlve
campaign and gave opportunity for
POOLS and strong financial interests
70 buy back the great many stocks
which were distributed during the
N~
ago.
The buying movement today was
moderate III comparison with the
standard of February and early
March Nevertheless, II was broayen-
ing out and taking in large number
OF individual issues. The criticism
could not have been made that the
rise was being confined TO stocks
easily manipulated by speculative
cliaues.
Industrials, in which there is per-
fectly natural market We're quite as
prominent as the so-called special
ties.
Traffic Reports Awaited.
Railway shares. in which there. is
very little pool activity. were coming
I'm for more attention.
Quite possibly the revival OF the
last day or two in the railway section
Is due to the anticipation or pet
ter series of March traffic statements
than those of the previous month, Duc
il is we'll TO bear in mind that the
severe weather conditions which were
reflected in the February returns ex-
tended over a part of March. ana
therefore, too much must not be look
ell for in the way of net earning in
creases. The real test of the rail
way position will come with the April
statements Then it will be seen en-
actly how far the extraordinary
volume of tonnage now being han
died is being converted INTO actual
net profits.
Rails Feature Trading.
The feature of the afternoon on
the stock exchange was the railway
list, which for the first time in a long
while more than divided interest with
the industrials. Undoubtedly the ten
point rise in Canadian Pacific since
the outset of the week had stirnu-
lating effect upon other rail stocks,
although ii is we'll understood that
the Canadian road. with its valuable
land TO sell and free from the threat
Of hostile legislation. is in very diff
fcrent class from the American COM
panics.
copyright, 1921