, 1922-11-09

& NEW YORK, Nov. s.-Buylng op-
k~rattous OF professional bull interests
were resumed at the ope-ing Of to-
DIS stock market, rail, oil and public
Abilities shares being most in deInand
Readiug led the advance in rails with
\ gain of IL points and Union Pacific
vas no., far behind. Standard Gu Of
New Jersey and Pan-Americsn 'B"
zach climbed III points and Pan
American "a" and Royal Dutch ! and
~ respectively. Pool operations were
held responsible for another 3& point
gain in May Department Stores and
a gain Of tx points IN varaalte SILK.
other strong spots were American
Car, Corn Products. Dupont Powder,
National Biscuit. Republic Steel
American Can, United States Realty,
Consolidated Cigar and Virginia Car
olins ChemIcal. all up ! to 3 points.
There were a few veal spots at the
opening. notably General Asphalt.
which dropped Is points and Gulf
states Steel off ~ Crucible ard
United States Steel common yielded
tractionally and Inspiration Copper
lost a point. Foreign exchanges were
strong.
The outlook for splendid holiday
trade and continued business improve
ment, moro favorable foreign news
and expansion % the ecen covering
movement were responsible for : gen
orally higher level Of prices during
the morning. gains in active issues
ranging from one to five points.
Weakness of the steel group had a
temporary depressing effect on the
buying of other industrials but this
was dhssipated later when United
states Steel common recovered its
carly loss of a point and started 20
higher ground. Dividend paying rail
road shares also we're marked up one
10 two points and there was good
manifestations of strength in the pub
lie utility. oil. motor accessory. mer-
chahdising and shipping groups.
Among the stocks which established
new high levels for the ear were
May Department Stores. Vanranlte
silk. National Biscrl., Remington
Typewriter first preferred. Underwood
Typewriter preferred and American
Smelters securities preferred "a.
Among the large gains were Ameri-
can Snuff. up 1OA; National Biscuit
up 9. and May Department Stores up
3. One of the features OF h morn.
ing's dealing was a sale of a block Of
13.700 shares OF General Motors at IA.
of 4. Call money opened at 5hs per
cent.
Various stocks which had Jagged
during the morning rise We're taken
up later. Bullish confidence increased
when it was perceived that a discon-
certing break in the General Asphalt
shares was not retardinE the progress
toward higher levels Of many other
stocks. United States Steel cross ITO.
General Asphalt slumped SIS to Il
and the preferred 4 points to so, both
new low figures for the year. Wool
worth dropped 8 points, Mexican Pc
troleum and Peoples Gas >, South
Porto Rico Sugar e2A and Central
Leather 1.
Elsewhere substantial advances
were the rule. Market Street Railway
second preferred gazing 4 points.
Loose-wiles Biscuit. Jewel Tea pre-
ferred. Computing Tabulsting Record
ing. American Ice and California Pc
troleum . TO 2h; Sinclair oQ. Hous-
ton. Cosden. Baldwin. American Can
common and preferred, United States
Realty, International Harvester. In
ternat.onal Paper, Western Union.
Remington Typewriter second pre-.
ferred, Mathison Alkali and New Or
jeans. Texas and Mexico 1 to IA.
X The closing was easy.
Further liquidation of General
Asphalt common and preferred, which
dropped ~ and : points. respective
siy. resulted In an increased volume Of
offerings in other issues. which weak
'ened in sympathy. Allied Chemical
was hammered own 5 points. nder
yesterdays close; Marine preferred q;
s~Studebaker III and Pacific oil, Amer
lean Locomotive and Cruciole Steel. l
! each. Recessions elsewhere ran from
y TO ? points below the high figures