New-York tribune., 1922-08-22
Stock Prices
Again Rise il,
Broader Trade
Evidence of Public Support
Is Seen; Session, Active;
Rails Continue in Favor,
Many Reaching New Highs

First important evidence Of public
support of the advance In stock pr,cea
initiated early last week appeared ycs-
terday in the broadening activity OF the
market and the greater energy with
which the movement to higher levels
was prosecuted, especially In the rail-
road shares. Buying orders were in
hand from all sections OF the country
when trading opened and, regarding
these as the foundation for fuYther
lifting values, professional traders
quickly abandoned any thought they
may have had Of selling to realize
profits. Transactions reached the
largest aggregate in about two months
and the vast majority Of dealings were
with one effect, further stimulation of
the rise.
| The upward surge drew little inspira-
/ tion from cireumstantial data of the
moment, although the favor enjoyed BY
the rails seemed to reflect a measure
OF speculative significance attaching to
the stand of the brotherhood chiefs
against sympathetic strike and to the
better prospects Of settlement Of the
dispute with shop,nen. Gains extend
ing to several points in general rail-
road stocks, the crossing Of par by New
York Central, many new peaks for the
year, and the rise Of almost n points
In the average price Of twenty rail-
road shares measured the buoyancy in
this division. The demonstration of
strength by Industrial stocks was only
relatively less convincing. United
States Steel touched its best price of
1922 when it sold at 10AA and the i'm
provement in position of goodly num-
Der of other standard industrial stocks
was substantial.
There was one aspect Of Yesterdays
market which differentiated it from
the trading sessions of the brisk for
ward movement last spring. Much of
the buying seemingly emanated from
sources concerned with investment
rather than with speculative prin-
ciples and opportunities. The advance
was more general and there was little
of that emphasis on specialties that
can be traced to pool operations. That
section of the public from which the
professional trader normally hopes to
draw his following had apparently con-
sidered the various elements bearing
upon the outlook over the weekend
and, finding them good, had decided to
buy. But, in addition, the public that
more usually places it's money in bonds
was factor. Prices in the investment
market have attained point where
available returns have been sharply
curtailed and, moreover, the supply of
bonds is short. This was the basis of
the accentuated rise in bond prices yes
terday and condition that naturally
diverted interest to the higher grade
stocks.
The marking up of call money from
3A to a per cent as trading proceeded
failed to check the enthusiasm Of the
advance in securities.
In other markets the session was less
eventful. Foreign exchange quotations
were firm throughout and the. prin-
cipal European currencies closed with
slight net gains. Wheat plunged
lower, but rallied on short covering and
at the finish was IL to 1N cents up
from Saturdays final levels. Increased
| trade buying and reports of further
crop deterioration furnished the i'm
pulse for continued rise of cotton
prices, gains amounting to As to 60
points.