San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-02-08
STOCK MARKET RUNS
INTO THE HEAVIEST
BUYING OF SEASON
Realizing Sales Bring Ireg-
ulmity, HoWeuer,
in Afternoon.
BY STUART P. WEST

Copyright 1928, by the San Antonio Light.
New York, Feb. S.--There was
another remarkable demonstration Of
buying power on the stock exchange to-
day. The foreign news was ignored
and no attention was paid to the de-
cline in the foreign exchanges. Every
unfavorable possibly was simply swept
aside and a wave of buying Of greater
magnitude than any yet seen this year
rushed into the industrial list.
The report Of Republic Iron and Steel
for the last quarter of 1922 was still
the main consideration in the market
for steel stocks. That Republic could
show earnings at the rate of nearly
$40 year in this three-months period
was a revelation. 1t changed the feel
ing toward the independent steel stocks
which had previously been skeptical
about the adequacy of the profit margin.
This group was in active demand to-
day, especially Republic Iron and Steel,
Fuel, Gulf States and Replogle.
Kelly Springfield continued to antici-
pate the annual report due at any time
which it is expected will make q good
showing. Other rubber and tire stocks
felt the rise in Kelly. United Railway
Investment issues and the Philadelphia
Company shares were unusually active
and strong on reports that a compromise
agreement was likely to be reached under
the back dividends on United Railways
preferred
Rails and coppers most of the time
we're not prominent in the advance but
the sugars made new highs and a great
variety of industrial specialties came in
for attention. Another jump in East
man Kodak showed that the effect OF
the extra dividend declaration had not
been fully discounted.
The finacial markets today in face Of
the latest Turkish complications, man
ifested the same indifference that they
have all through the last month when
the French invasion of the Ruhr and
the Lausanne conference have been the
foremost topics in the news. Domestic
conditions are the supreme consideration
and this fact was never more strikingly
demonstrated in the security markets
than it was today.
The accompanying inference is that
Lombard and Wass streets cannot see
any uduStE lpE aLltILCdl anu DElJSu
finances either in the struggle across
the Rhine or in the Turkish war
threats.
Even in the foreign exchanges. which
are ordinarily most sensitive. there
were no signs of unsettlement. Sterling
was off a bit. but still within a cent
in the pound of the highest it has sold
so far this gear. French francs started
in lower. but subsequently regained
their loss. European government Sc
curities were very little changed.
Under these circumstances the stock
and bond markets naturally felt that
they could pursue their own course re-
CARELESS of the European news. On
the stock exchange the buying move
ment during the early hours reached the
greatest intensity it has so far. Then
more though was taken of the rapidity
Of the rise than of the warning that
it could not keep on at the present pace
without the danger of another state Of
over speculation. This consideration in
duced realizing sales which were heavy
enough to check the advance in some
directions and bring about in the after
noon an irregular reaction.