Evening star., 1923-04-26
SPECIAL STOCKS
.: PUSHED BY POOLS
Sharp Price Advances Made
: in Market Today To-
bacco Products Jump.
BY STUART p. WEST.

SPECIAL Dispatch to The Star.
NEW YORK, April 26.-Operations
for the rise in specially selected is
sues. most Of them belonging to the
industrial and public service groups,
absorbed attention in the stock mar
ket today.
With all danger OF adverse legiS-
1ation removed for this session Of the
state legislature at least. the long eX-
pected rise in Consolidated Gas got
Gnder way. Along with it went, nat
urally. the other lighting stocks of
Creator New York, Brooklyn Union
Gas and Brooklyn Edison. The con-
;ention is that these stocks have been
selling too low on their investment
merits, because of fear that control
would be taken out of the hands Of the
public service commission and given
over to hostile city government.
Tobacco Products Strong.
4 large block of Tobacco Products
IS said to have been overhanginG the
market for some time at prices rang
ing between So and 60. and this is
why the stock has not responded
more to estimates of earnings rum
ming as high as $40 share. Appar-
emily this block was either bought
up or withdrawn from sale today.
with the immediate result that To-
bacco Products shot UP above 60 and
became one Of the leaders.
A further remarkable advance oc-
Cured in American Water Works
common and the per cent partici-
companys important subsidiary's
stock (West Penn Company of some
"a points in the last fortnight has
drawn attention afresh to the Water
Works situation.
Corn Products bulls are still talk
ing about the effect Of 10-cent sugar
IN dtverting part of the demand to
sugar substitutes. The best infor-
nation is that the first quarters
earnings will show between So and $6
q share.
Little Alarm In Market.
There was very little change in the
main aspects of the financial situa-
tion today.
The stock market remained in much
the same state in which 1t has been
all week. Real holders were still re-
tusing to be alarmed over statements
emanating. for the most part, from
other sources.
Trade expansion was in danger of
being seriously overdone. There was
equal lack. however, of any desire on
the part Of the outside public to in
crease their speculative commitments
or to buy more for investment ac-
count This left the field entirely to
the pools and professional operators
who busted themselves bidding up a
number of selected stocks while the
major part of the list did little.
The decline in sterling exchange
continued and at the low of the day
rates were off fully cents in the
pound from the seasons high two
months ago. 1t is the same sort of re-
action which occurred early last au-
tumn when the British government
was preparing to meet its obligations
on the American war debt. EStab-
iishmeat of a sufficient dollar credit
fund for this purpose involves tenn
porarily a greater demand than sup
ply with the natural result that the
value of the dollar in terms of British
pounds increases.
International Cement.
Strength In International Cement is
taken as discounting the first quarter
report due next Tuesday. which. 1t Is
said, will show over 100000 available
less than 100000 in the first quarter
of 1922. The month of April this
year was exceptionally satisfactory.
and current operations indicate even
higher earnings.
Buying on Wednesday and today
III Orpheum Circuit issues, carrying
the common to a new high for 1928.
was done in expectation of a 81 dfvi-
dend on the Junior stock within a
short time. Moreover, reports OF the
business Of the company show that
present income and plans for the re-
mainder of the year will justify div!-
dendS. The preferred dividend is be-
ing earned more than three times
over, and the income on the common
is understood to be at the rate of ap-
proximately 81 a year.
There were, In the final dealings
today pretty plain indications that
recent sellers for the decline were
becoming uneasy and were buying in
good many contracts, especially in
such leaders as Baldwin Locomotive,
Studebaker and the steele.