, 1922-08-30
SHORTS COVER,
PRICES CLIMB
Stocks Score Additional I'm
provement on Growth of
Public Demand.

NEW YORK. AuE. so-Eniarge-
men, OF public demand. coupled with
urgent short covering caused another
material rise IN prices IN today1s
stock market. More hopeful proc
poets for an early settlement OF the
anthracite strike and reports OF mark
ed Improvement m the naiiroad situh-
zion also were responsible for the
more cheerful sentiment Sales ap-
r,oxinated 100000 sharez
Marking up Of tho AL money rate
to ~ per cent and a apid drop In
independent steels, Republic yielding
sJs points. unsettled the list around
the fourth hour. However. prices
moved up again IN response TO n brisk
demand for coalers. equipments nj
some OF the oils several OF which
were at new high prices in the move
m@t The closing was TOR
NEW YORK. Aug. 2o.-A r.aonE
tone prevailed at h opcn0z W To-
days stock market, renccti.E the
more favorable overnight develop
nents in the Industrial situation.
Nearly twenty issues broke through
TO new high records IN tho first nf-
teen minutes OF trsInns. including
Norfolk and Western. Crucible Steel
preferred. Continental Can. Associ-
aed Dry Goods. Western Maryland
vanadium, Tobacco Products. Pitts
burgh Coal. Union Tank. American
Telephone. Detroit Edison, Allied
Chemical and American Tobacco. Rail
road shares moved 10 higher ground
in response TO reports Of increased
car loading. gains OF substantial frac-
tions being recorded by Northern Pa
cific. Reading. New York Central n
Atlantic Coast LAne- Oils were IN
good demand under the leadHhip Of
Mexican Petroleum. which was UP ~
points. Gains OF a point or moro also
took place in North American. Bald
win. Gulf Steel. General Asphalt. and
American Smelling. German marks
fell from sN to 81 cents n hundred
on reports thai France had rejected
Britain's moratorium plan
Dealing broadened extensively as
III morning progressed and prices
continued to rise under the leadership
of the public utilities for which there
was a strong and widespread demand
Active resumption of public buying
rejected pool operations and
EQueezlnE OF Bnort 1hIorNaS IN speCihl
stocks. Gains Of IL to 5h points
were made by Detroit, Edison. Mnnhat-
tan. Columbia Gas. National Biscuit.
Loose-wnes. United States Realty.
American Radiator. Ann Arbor. Endi-
cott-Johnson and Postum Cereal. 1heI
inquiry for rails also broadened. the
early leaders extending their gains TO
i and IL points. Chicago and Alton
~ efcrrrd continued to D. under heavy
declining 2 points. Call
opened and renewed at So per
Buyers had apparently Convinced
themselves that n turn for the better
had really begun in general condi-
tions and their insistent demand car
ried the investment shares to still
higher levels in the afternoon. Sew
eral stocks leaped upward in a spec
tacu1ar fashion. with the list gener>
ally manifesttng a strong tone, al
though there was some profit taking
In some OF the speculative shares.
National Cloak and Suit preferred ad.
vanced SIX points. American Brake
Shoe and Foundry i've, Detroit az,
Otis Elevator and Lorillard four
points n Pacific Gas Electric, Union
Car. Mexican Petroleum. Kresge
Computing Tabulating recordinEl
3 to 81 pointR