The Washington herald., 1922-07-08

BROAD MOVEMENT
IN STOCK TRADING
FEATURES CHANGE
Number Issues Involved
More Impressive Than
Price Movements.

NEW YORK. July f.-Today-s
stock market was notable more for
the broad scope OF the trading than
for any Impressive Improvement in
prices. The total number Of issues
in which transactions occurred was
remarkably large. many stocks
which are seen on the tape only at
infreouent intervals appearing dur
ing the day. The movement Of prices
was irregular in the main. The mo-
tor shares. under the Leadership Of
studebaker. developed strength-dur-
Ing the afternoon. and the copper
shares were firm during the entire
session. Some of the rails cancelled
part OF the gains made yesterday,
but in the main this group was firm.
and several issues continued the ad-
vance into new high ground The
bond market was active and firm.
but the rather spectacular advances
OF yesterday were not repeated The
renewal rate on cali loans was fired
at AZ per cent. but during the last
hour call money was raised 70 tL
per cent and to s per cent before the
close
opens w1th Rally.
The rally which marked the cios-
Ing hours OF yesterdays session Of
the stock market gave some indlca-
tions OF continuing this morning
The majority Of stocks opened high
er. and some OF the rails which
were conspicuous yesterday after
noon went on to new highs during
the first few minutes of trading. IL
soon became evident. however. that
the rally had spent its force. and
fractional reactions were the rule
during the rest of the morning. with
rather substantial losses IN some Of
the issues which were so violently
bid up in Thursdays market. Union
Pacific cancelled about half its ad-
vance. There was also rather acute
weakness In Mexican Petroleum.
which broke below 1so about noon.
but both the professional element
and commission house traders were
inclined to give this issue a wide
berth. and its fluctuations were not
generally credited with eHerting
much influence on the rest of the
market
Rails Average.
BY their advance of nearly three
points yesterday, the average price
of the railroad stocks approached
nearer to the Industrial average line
than has been the. case in several
months. Some market observers are
predicting the crossing OF the rail
and Industrial averages before the
end Of the year. They base this
opinion on the fact that 1922 prom
ises to be a year OF real prosperity
for the railroads as a whole. while
for the majority OF manufacturing
concerns II will be merely an i'm
provement over 1891. and will IN
most cases not show satisfactory
profits.
The long series Of increases in the
American Railway Associations
weekly reports for car loading Was
continued In the figures announced
this morning for the week ended
June "a. which Indicated that a new
high point in the movement Of
/ freight had been reached for the
year.
Exchange.
Further signs of weakness in Ger
man marks and French francs were
the outsta ndinE features In today's
exchange markets. The mark once
more made a new low record for
all time by selling down TO o.ls%
\ Of a cent, compared with a closing
price Of OAK OF a cent yesterday.
! Francs touched a low point for the
year at 7.sskc at which price they
were l5L points below the previous
close. Sterling was relatively
steady. but at s444h was OF = OF
! q cent from yesterdays inal price.
Most Of the days transactions in
| exchange were on a small scale.