Evening star., 1922-01-25
STRENGTH Shown
|NSTQCK PRICES
SpeciaIties Again Lead Ad-
vances, But Rails Are
Backward.

NEW YORK, January 25.-Leaders
OF yesterdays stock market continued
to strengthen in the early stages of
today's session. Manati Sugar rose 4
points. American Car and Gulf
States Steel Iia.
Electric Storage Battery was almost
the ono exception, losing a small frac-
ton. The more prominent steels.
equipments and motors made moderate
gains. and rails. especially coaIers.
were firm, aside from Canadian Pa
cific. Sears-Roebuck lost point, pres
sure probably resulting from it's un-
favorable annual statement.
The list strengthened within the
first half hour, chemicals and fertil-
izers making substantial advances
Chicago was a reported seller OF
sears -Roebuck common and preferred,
the latter declining 3 points. Wool
worth, Corn Products and General
Asphaif l also eased l to points. and
and Mexico were among the heavy
rails.
Rallies Before Noon.
The market rallied before noon,
spectalties again leading the advance
Gulf States. Crucible. Sloss-Sheffield
ana Bethlehem steels advanced 1 to
Amep;oan zm POINTS ss,lo,s: and Mexican and Pan,
with American Woolen and American
writing Paper preferred.
savage Arms and Dawson Chemical
| were among the strong specialties,
lively.
The money market followed yester-
DAYS course, call loans opening at
per cent
Market Test Satisfies.
Yesterday the stock market had
been allowed to show what it could
oo when left to itself. Speculative
lating measures. the idea being to
see whether outside selling would
follow. The results of this test hav-
ing proved satisfactory. operations
ior the rise were resumed in a mod
crate way today.
The market did not get back to any
thing like the trading volume Of a
week ago, nor was 1t as broad, But
enough individual stocks were taken
up at one stage or another to make it
clear that in professional Judgment
the line OF least resistance still Law
on the side Of rising prices.
Few Helping Factors.
There was very little in the way OF
news to affect the trading one wav or
the other. But again the S.,rket
demonstrated that it has set its face
toward the future and is not inter-
melancholy. of the earnings results
for 1921.
Sears-Roebuck shares fell rather
badly on the revelation in the annual
report that the company had lost
$1S 100000 on the year, but the gen
eral stock list, which a year ago, or
even six months ago, would have been
upset by such a showing by an enter
prise so typical of American trade
today was wholly unaffected.
or a piece with this evidence was
the fact that among the strongest
stocks in the market today were
shares of steel companies which are
about to issue their quarterly and
annual reports that have long been
looked for to make extremely un-
pleasant reading.
Easy Money Rates.
The symptoms of easy call money
rates noted yesterday were confirmed
today. While the renewal was kept
at 5 per cent, new money was i'm
mediately offered at Az.
Recovery continued in the foreign
exchanges. and this time included
back over half the ground lost with
in the last fortnight-that is. they
were quoted today exactly half way
from the high at the time the BRAND
ministry was defeated and last Mon
days low. Whether or not this could
be interpreted as meaning less un-
easiness over the new French pro-
gram was doubtful. Certainly the
drop from $50 to sol cents in the
two weeks following the change of
government was a true measure of
financial opinion on the subject.
Pools More Active.
After an hour or more of inactivity
this morning the market became re-
! sponsive to the resumption in a mod
! crate way of pool operations in
variety Of special stocks
Evidently these pools had left the
| market pretty much alone yesterday
, to see what it would do of itself, and
| were satisfied that there were no
stocks to speak of pressing for sale
around the current price level. They
had. to be sure. no outside public TO
help make market, but they did
have to work upon a short interest
freshly created since the start of the
week. Stocks in which there were no
pools to push them ahead did little.