The Washington herald., 1922-07-20
STOCK AND BOND
MARKETS RETAIN
BULL TENDENCIES
Upward Movement t in
Wall Street Continues
During Day.

NEW July LSs-NANAOaea
a slight Tightening was apparent
In the money market the stock and
bend markets maintained their for
ward movement. Trading in stocks
was again more active. the total
running up to approximately soo.-
ooes shares and many lndustrials
showed gains of better than
point. Rails also were firm on
greater confidence in an impend-
Ing settlement Of the strike. while
oils resisted another IS cent cut In
Pennsylvania crude. In the bond
department Liberties were arm and
renewed interest was displayed In
the medium grade and speculative
issues. Call money on the stock
exchange held at per cent and
the rate on bankers acceptances
advanced y to a and az per
cent basis.
The appearance of the stock
market during this mornings ses-
sion certainly suggested that the
public has again begun to take an
Interest in speculative operations.
The volume OF trading during the
early morning with prices for many
stocks bettering the highs of yes
terday. indicated a considerable
number of buying orders from
commission house customers, a
large proportion of which are
placed at the opening when the
public Is really interested in the
market on any considerable scale.
There was the familiar phenomenon
also of a duller period succeeding
the nactivity of the opening hour
and fractional price recessions
which normally occur after a large
volume of buying orders have been
filled early in the day. Among the
issues which were carried to new
high prices shortly after the open
ing were Baltimore and Ohio.
American Can. Sears-Roebuck. Gem
eral Asphalt. Consolidated Gas. and
Columbia Gas.
The utilities, except the traction
stocks. were all bought at higher
prices this morning. Consolidated
Gas did not reach its high of the
year. but IL advanced while CO.
iumbia. Gas got into new high
ground. Public Service Corporation
of New Jersey common also con-
tinued to show the strength which
has characterized IL for several
days and the publication of the
company's earnings statement for
the twelve months ending July 80
furnished the real reason for its
advance. Another dividend increase
for Public Service before the end
OF the year is talked of in some
quarters since the last six months
OF the period are expected to pro-
duce better results than the
corresponding months of last year
or even the very favorable first
half of 1922
More significant in many re-
speets than the recent success
which has attended the placing Of
large bond issues and not a few
new stock subscriptions through
the ordinary banking channels was
the impressive oversubscriptions to
the New York Telephone Company's
preferred stock. Total subscrip-
tions amounting to more than ss2.-
100000 were received in response to
the company's recent stock offer
ing Of s25.ooo.ooo to customers and
employees.
The complete indifference of the
labor situation was well illustrated
this morning when Pere Marquette
common advanced above "a to
within fraction OF its high price
for the year while the news were
printing the announcement of the
management that curtailment of
Passenger train service had been
decided upon on account of the
growing coal shortage. The roads
earnings for the first five months Of
the year are the cause of this
strength being much better than
those for the same period last year.
The market appeared Indifferent
TO other factors also during the
morning session for announcement
of a cut of 2 cents a gallon by
Standard Oil of Indiana and Sin
clair In the price of gasoline and
intimations that another cut In
the price OF crude is within the
range Of possibilities seemed to
have little effect on the position
Of the oil group as a whole.
Steel common was among the
market leaders this morning. SELL
ing up to 1921 with a large volume
OF transactions appearing on the
tape.
There was good buying of most
OF the metal shares during the
morning hours with special atten-
tion being given by traders to
kennecott and International Nickle