The Washington times., 1922-05-29
NEW HIGH PRICE
Marks MADE IN
EARLY TRADING
Stock Market Exhibits Both
Strength and Buoyancy
at Opening.
By w. s. COUSINS.

ny w. .. SOOSINo.
Copyright, 1922. by Cosmopolitan News
Service.)
NEW YORK. May ga bullish
market for stocks, particularly the
rails. prevailed at the opening of
the new week. Under the influence
Of a heavy accumulation OF buying
orders, induced by Saturdays strong
closing and the uniformly favorable
reports reaching the market from
home and foreign resources, the
market exhibited unusual strength
and buoyancy and new high price
records were established in various
sections of the stock list.
The 1872 per cent reduction in the
wage scale Of the maintepance Of
way workmen was not as large as
expected. but II the railroads fare
as well in other labor classifications
they will have their pay schedules
back to the rates which prevailed
prior to the $600,000,000 increase
OF May, 1920. With only a moderate
cut in freight rates and with pros
poets of increasing business for the
immediate future. the financial
status of the roads has undergone
remarkable change for the better
and railroad stock should naturally
reflect this improved condition.
The bullish demonstration in rail.
road stocks in the first hour carried
Southern Pacific to a new high at
93k, Rock Island to 46%. Baltimore
and Ohio to 49&, Chesapeake and
Ohio to 50. Reading to S2s. North.
western to 76A, Norfolk and West
or % II Ok. tr.l.
New York Central to 91%. In a num-
Der OF these issues. however, the
prices registered at the opening
proved to be the best Of the morning
session.
An equally strong showing was
made by the tobacco and the sugar
stocks, as well as a number of the
specialties. American Sumatra. by an
advance OF Az points to Al, was the
feature of the tobacco stocks. and
National Enameling, uP6& points to
53%, made the best showing of the
speciality group.
The remarkable improvement of
the financial status of the American
Sugar and Refining Company, com.
bined with the general stabilization
Of the market for raw and refined
sugar. has resulted in a good demand
for sugar stocks.
Mexican Petrolem and Pan -Ameri.
can were both at their highest mar
ket rating today, the former by an
advance Of IA points, to 1891 and
the latter by a 2-point rise, to 69Ia
Phillips Petroleum at 55h. Pro
ducers and Refiners at AN. and
Marian at 35h, also represented new
high price levels for this year. The
oil companies are now enjoying the
period of unprecedented prosperity
and their future prospects were
never brighter than at present. The
Phillips Petroleum Company, which
has attracted considerable attention
in the stock market in recent
months, earned in April S790,000. or
at the annual rate of IA per cent.
against dividend requirements OF .
per cent. WHY'S Overland featured
the low priced motors today, by an
advance OF over a point to a new
high at 10. Studebaker was mac
tive around 1249s; slightly below the
years high. and Maxwell was steady
on a smaller volume. Republic Mo.
tor Truck sold at a new top figure,
at 1913. The steel and copper stocks
did not figure largely in the aggre-
gate of the transactions of the morn
ing session, though high prices pre-
vailed for these stocks. Republic
sold up to 7SA. near the opening and
Kennecott and Inspiration Coppers
made top prices in the copper group.
Call money rates prevailed at 4
per cent, all classes, new and re-
newal.