Evening star., 1922-02-14
STOCK MARKET
IS. ACTIVE TODAY
Speculative Favorites Make
Gains at -0pening-Rail
Trading Nominal.

NEW YORK, February 14.-Specu-
lative favorites made spirited gains
at the opening of today's stock mar
ket. Accumulation of buying orders
over the double holiday prompted fur
ther urgent covering Of short con-
tracts. Gulf States Steel made an
initial gain of 21s points. Mexican
Petroleum rose 2 points and Baldwin
Locomotive was 1 point higher.
Studebaker, American Can. Corn
Products and several of the Junior
rails also strengthened. Improved
a brisk recovery in sterling exchange
from last Saturdays sharp reaction.
Gossip during the morning dealt
mainly with the possibility of a gov
ernment bond issue instead Of spe-
cial tax for the proposed soldier bonus.
feature of the forenoon. declining 4A
points on selling attributed to the
failure of a stock exchange firm.
Mexican Petroleum assumed bullish
leadership before noon, rising 2
points. with 1-point gains for Cali
Gulf States Steel cancelled half its
rise, but Crucible and other independ-
ent steels were. bought in anticipa-
tion Of merger announcements during
the day. Trading in rails was nomi-
nal, Southern railway showing heavi-
ness.
Call money opened at per cent.
time funds ranging from fa4 to 5 per
cent.
Some Market Features.
The grain market and the foreign
exchanges furnished the important
incidents in the general financial and
business situation today. The stock
market and the bond market, too
were held in check by the uncer-
tainty Of the soldier bonus 1egisla-
tion and speculation as to what form
financing would take should a meas
ure pass. But there were no such
deterrents in the other markets.
The English attitude toward the
wheat situation has been influenced
powerfully by the improvement in
Engiands own position in the foreign
trade. This was strikingly illustrat-
ed again today in the close corre-
spondence between the wheat move
ment and the movement in sterling
exchange. Sterling had receded in the
latter half Of last week cents in the
pound from its highest. 1t made the
greater part of this reaction up at a
single bound this morning.
Market Broadens.
Selected stocks were marked up rap.
idly in the early afternoon, especially
shares which are ordinarily not prom
inent in the dealings. Otis Elevator
improved seven points and American
Ice common and preferred, Laclede
Gas. Associated Dry Goods, Iron
Products and Famous Players. 1 to
31e.
Representative issues were well sus-
tanned and the market showed in
creasing breadth.
Strong Toward Close.
For the first three-uuarterS of the
session the movement in stocks was
rather indecisive. Prices were high
er as q rule, but there was some nota-
Bile exceptions and trading continued
to feel the restrictions of the uncer-
tainty at Washington.
In the last hour word came that
the President, while opposed to rails
ing soldier bonus money by an issue
OF bonds, was equally against the
special taxes proposed by the ways
and means committee. This was in
terpreted favorably and dealings be-
came brisker with a general advance
in prices.
Railway shares, both standard divi-
dend payers and low-priced specula-
tive issues, were consistly strong
throughout, and many of them went
through their best previous figures
of the year.