The Washington times., 1922-06-15
STOCK MARKET
CONTINUES ON
UPWARD RALLY
Early Trading Featured by
Encouraging Display Of Bull
ish Sentiment.
BY w. s. COUSINS.


: = -. serviceJ
. NEW YORK. June 16.-with few
exceptions stocks in the general list
today continued the rally that has
been In order since Tuesday morning.
The marking down of the Bank Of
Engiand's discount rate from 4 to
3h per cent, the influx Of .bullish
news from the steel centers and other
industrial sections OF the country
and the stable financial condition of
the representative Industrial con.
Germs as exhibited in the resumption,
and. In some cases, the increase In
the rate OF dividend, encouraged the
dispiay OF bulllsh sentiment In the
stock market, and better prices were
recorded In the early trading
Oils Active.
Trading in the oil stocks was
featured by the advance of Mexican
Petroleum to 137k. ex dividend.
after which It slumped off to 1857:
Cosden advanced 10 4sh and Texas
Company to 49,. The buying CT
Texas Company was attributed to
the company's ability to call for
payment $22. 700. 900 OF per cent
notes on August /. without new
financing Of any kind.
Pierce Oil was again one of the
most active Of the low priced oil
stocks. though 1t failed to make
any Improvement In price. The
consolidated statement OF the com
ranv for the year ending December
81. 1921 shows net loss Of $5,535. 500
after charges and Inventory adjust.
ment against a surplus OF $3.429,sls,
equal to S2.34 share on the com.
mon In 1920. Strength in the rail-.
road stocks was indicated by the
manner In which the market ab
sorbed all the offerings at slightly
advancing quotations. New Haven
sold up to 2sIt, Atchison beyond %:
Baltimore and Ohio at an and
Reading at TAX In the first hour.
New York Central sold above 90
In the first hour today and was
one OF the most active Of the rail-
road stocks. No real objection can
be filed against the action Of the
directors In declining to increase
the dividend on the common stock,
considering the many important
projects which they now have un.
der yconsiderat ton. The Michigan
Central road. control Of which IL
vested in the New York Central.
has just reported net earnings Of
.$T.23 share on the common
stock, against s2o.H a share in
Studebaker Gaining.
At 1s5 studeba Der was only frac.
tionally below its highest point for
the year and 8 points above the
low Of Mondays slump. Chandler
Motor was nearly points higher
and Pierce Arrow showed a frac.
tional advance
The shipping stocks were under
pressure throughout the morning as
a further reflection OF the pessimis.
tic statement Of President Franklin
OF the Mercantile Marine, yesterday.
Marine preferred at 73 showed a
drop OF nearly five points, while the
common was off two points. at 10.
and American International four
points, at 40h.
National Railways of Mexico. sec
ond preferred, was sold heavily bnd
lost most Of yesterdays advance.
The steel stocks also felt the pres-
sure Of liquidation around the noon
hour and sold. from one to two
points below the opening level. At
50. Crucible was two points lower,
United States Steel one point off, at
9Sk; Vanadium. one point. at <Sk;
Gulf States Steel, four points, at
s9h; Bethlehem B, texdividend). one
point. at 74&. Lackaw wanna and
Midvale were unchanged. Equip
mcnt and copper stocks were also
under pressure and lost 4 point on
the average.
Call money opened and renewed at
an per cent. Time money rates un.
changed.