Evening star., 1923-04-16
STEELS AND RAILS
!: MARKET LEADERS
Firm Undertone Noted IN
Wall Street as Weeks
/ Trading Begins.
BY STUART p. WEST,

Special Dispatch to The Star.
NEW YORK, April 16.-The active
trading element professed today to be
much disappointed because the STOCK
market did not follow up the FAVOR
able indications at the close OF last
week with more of Il buying move
ment. They did not like the way
dealings quieted down.
Street sentiment in the main, now
ever, continued moderately optimistic
for the future. 1t was granted that
the general list might remain for
while longer the way 1T is now, pu1
1t was claimed that the market had
passed into stronger hands during the
reaction in the closing weeks or
March. and would be well protected
against any important setback.
steels and Rails Active.
The two groups that did the best
were the steelS and the rails. In the
former Sloss Sheffield made new
high and was up points IRON I'M "nere h,si
it was selling Il week ago. The puS-
ing has been due to dividend talk
which seems to be we'll founded.
The remarkable showing in yet
earnings for 1922 made by the ca
radian Pacific explains the recent
=
new high today. Belief that dlvi-
slends on Pere Marquette common are
likely to begin not later than two
months from now was back or the
rise in the stock across Al. where 1t
was close to its previous top.
Oil stocks We're unsettled In the
carly trading, with Marland below 90
and the Pan-Americans off rather
sharply But later on these shares
were steadier.
Studebnker's Big Record.
From January 1 to April 10. In
elusive. the Studebaker Corporation
produced approximately $4,000 cars
25,500 in the same period OF 1922,
and on April 10 had 1000 cars on
hand as against S.400 on the same
date last year. Cntilled orders were
nearly $4,000 cars. Studehaker VIII
have sold during the first tour months
OF 1923 about $4,000 cars, indicating
100000 for the year, as compared with
a total of 10000 cars sold in 1922.
of course. il is generally understood
that this is the most active season
for the automobile industry.
First quarter earnings of the Con-
tfnental Can Company are said to
have been more than 100 per cent
better than those of the same period
last year Second quarter earnings
are maintaining the pace set in the
now reported negotiating with one of
the leading corporations for contracts
TO supply can containers. The clos
ing of this contract will be highly
favorable for the can company.
Today's Financial Review.
There was little change today in
the general attitude of the stock mar
ket. Most of the data brought out
over the week end and interviews
with prominent business men sup
ported the conclusion that there was
little significance to such reactionary
symptoms as have recently been dis
closed in the oil trade and in the
steel trade.
All took the view that this was a
natural and desirable cause in what
threatened to be too rapid expan-
sion. They agreed that the thing
was to hold back prices and in this
way the danger of imitation would be
avoided and the present prosperity
run on a good deal longer
The bond market was quiet also and
only slightly altered Interest was
point here is. of course. the better
terms upon which the new loan Is
offered as compared with the pre-
yious one.
British to Cut Taxes.
Predictions We're fulfilled when the
British budget for the fiscal year
ending March 81 showed q surplus of
s507.0000D0. This was promptly fol-
lowed by announcement that for the
second time in two years the ilcome
tax would be reduced, accompanied
by substantial lowering in the
corporation tax. 1t does not take
away from the Importance of this
result that the British tax burdens
were the heaviest in the world
The one great point is that Great
far. to redeem pladges of tax reduc
tion that involved the whole body
of contributors. 1t has done so,
moreover, while assuming the obli-
cation of the American war debt, and
without the least assistance from its
own war debtors. The latest figures
supplied by the chancellor of the ex-
chequer showed the allied debt to
Great Britain close to 0,000, 900. 900, or
1wo and one-half times what Great
Britain owes TIE United States.
In the light of this comparison it is
easy to understand the pressure
which British statesmen had to face
in resisting the plea that England
had no right to think of paying on
her American obligations until she
was getting something out of her
continental allies
An advance in the call money rate
TO s per cent in the late afternoon
furnished an excuse which the pro-
fessionals were glad to have to Of
Ter priceS down