Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-03-09
STOCKS HO[DF|RM
/. ON STEADY BUYING
Selected or Pooled Shares
Active and Generally Higher.
Rails Are Slow.

NEW YORK, March 9.-Mixed buy
ing and selling orders made for con.
fused conditions at the opening of
today's stock market Selected or
pooled shares were active and gen.
orally higher. seasoned rails and in
custrials showing only nominal
changes
International paper, which was un-
der marked pressure yesterday, made
an initial recovery OF one point.
American Ice, Crucible Steel and sew
eral of the food specialties also hard
ened.
New York, Chicago and st. Louis
(Nickel PLATED was strongest of the
rails, advancing two and one-quarter
points.
Further improvement in the steel
trade was indicated by Bethlehem
SteeTs advance of prices for bars,
shapes and plates
The market wavered during the
first hour because of the heaviness of
steady buying of specialties. These
were chiefly featured by Dawson
Chemical. Allied Chemical, common
and preferred; Virginia Carolina,
common and preferred; American
Cotton Oil. commend and. preferred:
American Linseed and American Agri-
cultural Chemical at gains Of one to
three points.
Aside from Studebaker. Pressed
Steel Car. Lima Locomotive, Harvest
preferred and American Ice at gains
of one to two points. the more promi-
nent industrials and miscellaneous
shares were neglected.
Investment rails also held back and
few of the junior rails were quoted.
Victory 40 per cent notes made a
cf
Call money opened at AZ per cent
buying IL Broader.
Further reduction of the call money
renewal rate-this time from Az to AZ
per cent-led to another broad buying
movement today in the bond market. and
was an important factor in the stock
market. along with the increasingly
favorable trade indica tons.
The victory Az per cent loan went
to new high record. the reason for
the recent advance appearing in the
Treasury offer to convert these notes
into new four-year issue of certifi-
Gates bearing the same rate.
Sterling exchange again touched yes
terd2ys low. but subsequently ha rdened.
In the wheat market the favorable
statistics of farm reserves appeared to
have spent their good effect, and prices
went lower.
Trading Duplicates Yesterday.
The stock market today was dupli-
cate Of that of the day before.
Whether or not the outside public is
taking more interest in the proceed
ings is matter on which opinion
differs. But there is no dispu,ing
that the chief initiative is coming
from the various pools formed to adj
vance their particular stocks.
II there was any difference between
these pool operations today and those
previously. it was that they embraced
a larger number OF issues. For each
Individual move there was special
eNplanation-an explanation already
familiar to leaders of the financial
columns.
But back of all were two common
Impulses. first the ability of specula-
tive Syndicates to borrow money on
more favorable terms than any OBJ
tainabie in the last three years. and
second the confidence. growing daily.
that the business of the country has
now fairly entered the next stage of
recovery following the lull OF the
winter months.
Indifference Explained.
This confidence explains the mar
ket's Indifference to the melancholy
showing in most of the 1921 reports
Again today this was exempli!ied in
several instances. Worthington Pump
reported its surplus of s4.625.000 at
the close Of 1920 cut. as the result of
inventory write-offs, to s2.oI6.000 at
the end of 1921. Yet Worthington
Pump stocks went higher
Chandler Motors reported IA cents
a share earned on it's stock. as against
Is cents the previous year, but this,
too. was virtually unnoticed. Illus
trating the markets predisposition to
emphasize good news, Studebaker
stock was bid up sharply in anticipa-
nf RI a inc IN he
made in the annual report tomorrow
not only as regards the results of last
year. but as concerns the outlook for
the 1922 business.