The Washington herald., 1922-07-13
SECURITY PRICES
AVERAGE HIGHER
ON STOCK CHANGE
Confidence on European
Situation and Local
Troubles, Cause.

that some OF the uncertainty with
regard to both the European eco
nomic situatioa and domestic labor
troubles win socn ke cleared up and
that developments in both cases
are more likely to be favorable
than otherwise was reflected on the
Etoek exchange today in higher
prices for securities. In the stock
market the morning hours Of trad
Ing brought smart advances with a
number Of issues in different groups
Of stocks getting into new high
ground for the year. Selling dur
ing the afternoon caused general
rscessions from the morning highs
but left the leading speculative
stockA as well as many of the is
sues which are looked upon as
partaking more of the character Of
Investments. above Tuesdays close.
The turnover was in the neighbor-
hood Of 100000 shares and thus ma
terially greater than that OF recent
sessions.
Buying IN Aggressive.
Buying Of a somewhat aggressive
character appeared on the stock
exchange this morning and quota
tions for nearly all classes Of stocks
were forced higher accordingly. Not
only did most issues sell at prices
materially higher than yesterdays
closing quotations but quite a mum
Der Of stocks got into new high
ground for the year. Among those
which sold at or above the years
high prices were representatives of
such diverse interests as Stude-
baker, Mallinson. American woolen,
Baltimore and Ohio. General AS
phalt. General Electric. and both
Big -Four issues. The turnover also
was greater than for some days past
and many observers were inclined
to interpret the marked strength
combined with a larger volume of
business as an indication that the
period OF midsummer dullness
which has been generally predicted
for the market is likely to be cur
tailed
There was considerable buying of
the Big Four issues. both common
and preferred. on the news that
approval of the Interstate Com
merce Commission to acquire addi-
tonal stock in this subsidiary.
General Electric Gains.
General Electric advanced three
full points during the morning trad
Ing on buying of relatively small
volume, though the stock displayed
greater activity than 1t has done in
some time. Orders for radio ap-
paratus have swelled the total
bookings.
Declaration of a 100 per cent stock
dividend by the Standard steel
Works. a subsidiary of the Baldwin
Locomotive was regarded as a point
OF speculative interest in connec-
tion with the latter stock. Baldwin
shares. however. did not respond
very strongly. advancing less than
a point during the morning.
Although the oil shares made lit
tie response to the report during
the morning, rumors were heard in
well-informed quarters that stocks
of crude have at last reached the
point where a price cut in many
grades seems inevitable.
Although Corn Products directors
have made il pretty clear that there
is no thought of increasing the
present rate of disbursement on the
common stock. Corn Products con-
tinued this morning to exhibit the
strength which has marked this as
sue for some time past.
Copper Situation.
According to an authority who is
In close touch with the present
situation Of the copper producers.
the mines which opened several
months ago and which it was be-
lieved would by this time have be-
gun to supply something like nor
NAL output have fallen away be-
hind the schedule due to difficulties
in getting their organization and
facilities to working smoothly. AS
a result consumption of the metal
is getting rather markedly ahead
Of production and stocks are stead
lily falling.