The New York herald., 1922-12-31
FINANCIAL NEWS
AND COMMENT
Bullish Demonstration Marks
Last Stock Market Session
of the Year 1922.

me last day or the year In wall
Street was the liveliest experienced In
many years. The holiday spirit usually
displayed on the eve of the new year
celebrations was lacking and everybody
in the Street appeared TO be surprisingly
attentive to business. All the markets
open for business moved vigorously for
ward, duo to the desire on the part of
traders to be on the long side at the
beginning of the new year.
Activity In stocks was plainly the re-
suit of resumption OF pool operations.
many of the pool favorites which have
been dormant for moro than a month
were taken in hand and rushed up to
higher levels. Bullish operations were
helped by the year end commercial re-
ports which spoke favorablf of the pros
poets for business In the coming twelve
months. Dun's review of business said
that "in the different basic industries
orders already booked insure active
operations for some time ahead" Br0d-
STREETS asserted that the holiday trade
year"
Wall Street was also favorably im-
pressed with the United States Govern
ments efforts to help Europe back to
sound economic position. There was a
very good demand for all classes Of
high grade bonds and United States
Government bonds were all quoted
higher.
Oil stocks were the most active Is
sues. probably because OF the announce
ment that Pennsylvania crude oil would
be advanced 20 cents barrel. A rise
In oil prices was expected but not so
soon. Standard Oil Of California and
Standard Oil of New Jersey each
recorded advances exceeding Q points.
The greatest recovery however. was
made by the lower. priced oils. Free
port Texas advanced points. Houston
Oil IS points, Barnsdall 2Z points,
California Petroleum preferred 1 point,
Cosden rs points and Sinclair II
points.
Steel stocks more than held their
! own and the coppers were active and
strong Ansconda was the leader with
a gain of 1 VI points and Cerro de Pasco
advanced / II points. The strongest Of
the Independent steel stocks was Beth
lehem Steel which gained 1as points.
Continental Can was exceptionally
strong and advanced points. The
company has just announced new
financing.
The railroad and express stocks were
well bought. American Express ad-
vanced points and Chicago and North
western preferred points. Westing-
house Air Brake was lifted nearly 6
points on 200 shares. Other important
advances were General American Tank
Car. 8 points; Coca-Cola, "a points ;
du Pont. points Kelly Springfield, ~
points Market Street Railway second
preferred, 3 points; Lee Rubber "a
points; Remington Typewriter. 2 points
Stewart Warner, 4si POINTS, and United
Fruit, 2 points.
One reason for the buoysncy in stocks
was the lifting of the pressure OF tax
sales. Tho grain market was FREQ from
liquidation for the first time in several
| days and prices were steady to firm
at the close of the year. The cotton
market was closed for the holidays.
'rhe foreign exchanges wcro generally
higher and francs continued to advance
for the third consecutive day. German
marks were strong although the state
ment OF tho Rcfschbank showed that
marks in circulation had been increased
to above. tho trillion level.