Evening star., 1922-02-03
STOCK MARKET
ACTIVE AND FIRM
Trading Broadens Under
More Confident Operations
; of Pools.

NEW YORK, February 3-The ex-
tensive short interest in the stock
market continued to cover at the
active and firm opening OF today's
session. Oils, utilities and many mis-
Sel!aneous shares registered early
gains, extending from large fractions
to over one point.
General Asphalt. Peoples Gas. Third
Avenue and Brown Shoe were The
strong features.
National Enameling. American In
5 iternational. Iron Products. Stude-
baker, Industrial Alcohol, Texas Gulf
Sulphur, Pittsburgh Coal and Colum-
bia Graphophone preferred were IN
demand with Corn Products. Vir.
rinia Carolina Chemical. General
Electric and Hide and Leather pre-
ferred.
One block of $4,000 shares of Cen
eral Motors sold at 9. unchanged from
yesterdays final price.
Trading broadened under the more
confident operations of pools during
the morning, transactions In the nrst
hour amounting to 100000 shares.
Call loans opened and renewed into
rext week at 81 per cent. but IN pri-
vate offerings lower rate was MADE.
Baldwin and Pullman were added
to the stronger equipments. ana Mex
icap Petroleum, Royal Dutch. Hous-
ton and Standard Of New Jersey
strengthened with other oils. Chain
store and textile issues were fea-
tured by Kresge. Cluett-Peabody and
Woolworth at gains of 2 to points.
After losing 2A points American
Ice rallied 5 points. but soon can
Sceled it's gain. American Snuh fea-
tured the dormant specialties at a
gain of IL points.
Some Advances Spectacular.
The market. which started def
nitely forward on Wednesday and
continued to gain momentum in yes
terday's dealings. showed no signs OF
tiring today. A lot of profit taking
was encountered In the favorites Of
the preceding days, as was natural
but this was quickly onset by the
upbidding of other stocks which had
not heretofore been prominent
Certain high-priced issues OF the
type of American Snuff. Woolworth
and American Express were bid up
spectacularly. The tobaccos were
motor -studebaker and chand-
]er-advanced into new high terri
tory, and increased interest was
shown in railway stocks, especially
some of the low-priced non-divtdend-
paying issues. The high-priced spe-
professional market because OF their
small available supply.
There was nothing to account for
the advance in the two leading motor
stocks beyond the we'll known facts
regarding the present business and
the earnings Of these two companies.
The rail stocks mostly favored were
those of roads which have been max
ing excellent reports for December.
in the case of Missouri Pacific pre-
'ferred and Texas and Pacific there
were special reasons, the expectation
of some early distribution on back
dividends accounting for the advance
in the former and the possibility of
termination of the receivership ex-
planning the rise in the latter.
The movement on the stock ex-
change was of more importance than
any other occurrence in the financial
situation. Sterling exchange continu-
ed strong. Call rates, after starting
at 5h per cent, came down to S per
cent.
Irregular Toward End.
The stock market became some
what more irregular toward the end
of the day. with increased realizing
in some quarters and rather less ac-
tivity in the list as a whole.
Call money was offered at Az per
cent in the last half hour, but mas
much as the speculative movement
had not flinched under the per cent
rate early in the week, it was equal
ly impassive to this lowering of the
call loan quotation.