Evening star., 1923-02-02
STEADY ADVANCES
IN STOCK MARKET
Better Foreign Exchanges
and Turkish Reports Help
! Turn Prices Upward.
by STUART II. WEST.

Special Dispatch to The star.
NEW YORK, February 2.-The re-
covery today on the stock exchange
was set down. in part, to the improve
ment in the foreign exchanges, and. in
part, to more reassuring reports con-
corning Turkish affairs.
Interest centered upon the indus
trial section. The rails, while firm,
were not particularly active. Pool &C
tivities were resumed in numerous IN
stances, but the main buying appeared
10 come from spectators who mad
taken the short side on the Idea that
the European crisis would bring about
liquidation, and who at length saw
that they were wrong.
One of the features today was the
rebound in stocks which for long
while have been persistently under
pressure, among them the Mercantile
Marines, American International and
General Asphalt. The shorts in Bald
win Locomotive also were driven in.
On continued talk of increased divi-
dendS General Electric got TO lSO.
Moon Motors Higher.
Following the absorption Thursday
around 19 and the subsequent state
Tnent that the company was doing the
largest business in its history, the
stock went we'll above 90.
Continent Crude Oil drew fresh buying
into the oil shares. especially Phillips
Petroleum, Cosden and Marland. Cal
ifornia Petroleum gave better recogni-
ton than it has SO far to the per cent
dividend, and Standard of New Jersey
crossed 40 on large transactions.
Sugar stocks were in demand follow
ing an advance in refined sugar prices
which fitted in with Wall streets idea
that the sugar market is headed upward
vim u Associated
DrygoodS, for reasons which have often
been pointed out were conspicuously
strong. Columbia Gas was the leader
Of the public utilities.
Review and Outlook.
a further sharp recovery in French
and Belgium government bonds. a
turn for the better in French ex-
change and another advance in
sterling, carrying rates up within 2
cents in the pound of the high record
of December, were the principal Incl
dents in the financial markets today
They did not necessarily indicate
any fundamental change in sentiment
regarding the outcome in the Ruhr.
What they did show was that specu-
lation for the decline had been push
ed too far during the operations
early in the week. both in the market
for government bonds and in the eX-
changes.
French francs above 621 We're up
considerably from their low of 5.I2
only a few days ago. But by compari-
their recovery was small. 1t denoted
scarcely anything more than the
covering in of part of a short account
which had become unduly extended.
Turkish Outlook Brighter.
Advices concerning the Anglo-Turk-
tsh situation were more favorable.
and these. quite as much as the i'm
tow, M ant
curities and exchange rates. were
factor in the security markets. Before
the opening of business Wall street
had received reports of general buy
ing movement on the London stock
exchange, and prices here responded
with an immediate rise.
From all appearances much OF the
buying represented the retreat of a
short interest which had taken its
stand on the theory that the Euro
Dean disturbances must sooner or
later bring about real selling or
stocks and which was prepared to ac-
knowledge its mistake.
At the same time there was a fairly
general resumption of special buying
operations in individual stocks which
were the daily feature before the
mark cts felt the restraining influence
of Developments across the Rhine.
1t might have seemed rather curious
that sterling exchange should have
The apparently poor chances of Con-
Sress in the limited time remaining
adopting the debt funding plan. This
showed that the upward movement in
the pound has not been dependent
upon this funding operation, but that
Il has been due to a series Of essential
causes of which the provision for the
war obligations to this country has
been but one.
Late Trading More Quiet.
The general market quieted down
in the afternoon, and here and there
there was some falling off in prices.
Weakness in Coca Cola was not at
t~ibuted to any change in the earn
ings or the prospects of the company,
but simply to further selling by peo
pie who had profits to take and who
felt that with the placing of the stock
on a s6 dividend basis and the issu-
ance Of the annual report the good
news was all out for the time being.
At the same time there was talk that
the pool, which had been active all
the way up from the SOS. had been
dissolved.