The evening world., 1922-03-15
THE STOCK MARKET

Outstanding features Of the financial
markets to-day were the sharp re
bound in the foreign exchange mar
kets, continued stcadincss OF stocks,
further sharp break in the wheat
market and drop in cotton which
at one time closely approached "
a bale. To these may be added the
notable case in the money market
in the face of huge Government
financial operations.
Trading in the stock market was the
most active that has been witnessed
for SCI, raj weeks. The total OF
transactions was In excess Of Il mil
lion and a quarter shares.
Price movements. however, were very
mixed. In the copper group marked
strength was shown OILS we're !r-
regular. Stccls were practically un-
changed But the most important
movement was found in the rails.
In early dealings these issues con-
tinucd to enjoy speculative favor.
Many of tho low price non-dividend
issued issues showed advances OF
nearly a point. Shortly after the
turn Of the noon hour a heavy SELL
ing movement set in which was IN
duced by failure of directors OF the
Great Northern to take action on
the dividend due TO be declared AT
this time. 1t was more than an
hour before an official explanation
Of the reason for not taking action
was forthcoming. Meantime the
stock dropped nearly four points.
Other high priced dividend payers
showed loss Of more than point
compared with the closing prices OF
last night.
II was finally announced that direc-
tors had decided it policy to change
the time of dividend payments from
quarterly TO semi annually, and It
was intimated that semi annual
disbursement OF 1-2 per cent.
would be ordered in August. TINS
statement not only checked the de-
clining movement but resulted in
Northen Pacific recovering half OF
Its four points loss, in Great North
crn scoring similar recovery and
in other rails regaining most OF
their lost ground.
The weakness of the rails served TO
furnish a further excellent test or
the technical position OF the Indus
trial list. II was again amply dem
onstrated that stocks are lodged in
strong hands and that IT will re-
quira developments OF pro-
nouncedly unfavorable character to
materially harm speculative senti-
ment.
While the market gives convincing
tn
favorable news IL at the same TIME
is able to give ready reasons to
constructive news. The movement
In coppens to-day was case in
point. 1t became generally known
that sales OF the metal for export
during the first two weeks OF the
month totalled more than 10000,
600 pounds. Domestic demand is
now showing notable Improvement
and the price has been advanced
to l3 IA cents a pound. Very re.
Gently the quotation was under 1:
cents.
Copper shares have been laggards In
the recent upswing and floor trad
ers and operators to-day began tc
switch speculative commitments
from industrials that have enjoyed
substantial rise to the copper
Erpap.
In spite OF the further sharp drop iT
grain prices. which carried whea
off more than 20 cents a bushe
from the recent high, there wal
continuation of accumulation II
shares of companies that deal ex
tensively with agricultural com
munties. Chief among these issue
were Sears Roebuck, Internationa
Harvester and Montgomery Ward
The market again became uRsettle'
in Anal dealings and the tone "A
the close was hevy although tn
copeprs and many OF the industria
specialtes were able to finish tn
day with net gains running fror
fractions to more than a point.
Late selling was not checked by
reduction in the rate for call none
from to l-2 per cent. Wnea
rallied in final dealings but the cot
ton rap,oipnH hpnvy