The Washington times., 1922-08-30
RAIL STOCKS
LEAD MARKET IN
UPWARD SWING
Market Buoyant in Every De-
partment, Industrial and Rail
Shares Setting Pace.
BY w. s. COUSINS.
Copyright, 1922, by Cosmopolitan News
Seryicel

BY w. 8. COUSINS.
Copyright, 1s22, by Cosmopolitan News
service.)
NEW YORK, Aug. 30.-Stocks
were active and buoyant in every
department in the early trading
today, and only in isolated sections
was there anything approaching n
reactionary tendency. Rails and In
dustrials were the leaders In activity,
the latter group setting a rapid pace
In price climbing. which was, how
ever, duplicated in various sections
Of the speculative list before the
close of the first hour.
It is, of course. difficult to say to
what extent the hasty retreat of the
shorts is responsible for the heavy
accumulation Of buying orders tina;
have flowed in on the market this
week. But doubtless the coal and
railroad strikes, with consequent in,
dustrial disorders at home, and the
repeated complications in the foreign
financial situation, have encouraged
the bears to try their hand at selling
for the decline, a process which
yielded them considerable profit on
different occasions. 1t is street gos.
shorts have sold themselves into n
trap from which they are having diff.
fculty in extricating themselves.
Canadian Pacific was the leader OF
the high-priced rails today, selling II
a new high at 14S%. while Western
Maryland continued in the leadership
of the low-priced division alta new
high above II. New Haven sold
- Do, oh
western added to its recent gains
and Northern Pacific was over a
point higher
Industrials Advance.
Industrials made the first jump
into a higher average level Of prices
and also registered a number of
spectacular gains. American Radia-
tor sold up points to 118. Endtcott.
Johnson IN to SSh. Loose-Wiles
Biscuit 2h to so, American Te!e-
phone and Telegraph made new
high above 1877, American Ice sold
up 2h to a new high at 11Sk, Ameri-
can Tobacco into new high ground
at 164h, and Retail Stores topped
all Of its previous records. Equip
ment rose steadily, as also did the
Mexican oils, Mexican Petroleum ad-
vancing nearly points to 1871. Co
lumbia Gas sold up 2A to a new high
at 104&.
United States Steel was sold in
bulk at steadily rising prices, and
Gulf States and Bethlehem also re.
sponded to the heavy demand for
these stocks. The important ques-
ton in the steel trade at the present
time is that of market prices for
steel products. While meager infor.
nation on this point has been forth.
coming from the United States Steel
Corporation, the subsidiaries seem to
be quoting around 81 a ton higher
on a number of products than they
were in the middle Of last week. II
Is expected that within a week or so
an advance will be made in tinpiate
to a probable price Of IS a base box.
All Of the tobacco stocks were in
good form today, selling at new Eish
prices for the move.
In addition to the improved earn.
ings statement Of the important cor.
porations engaged in the tobacco
trade, there are other reasons for the
recent rapid advance in the prices OF
their stocks. 1t is stated by banking
interests in touch with the situation
that the total floaing supply of Re,
tail Stores has been reduced to about
30, 900 shares, the balance had been
converted into the A stock Of the
Tobacco Products Company,