Evening star., 1922-03-14
STOCKS CONTINUE =:
ACTIVE, IRREGULAR
SpeciaIties Occupy Attention,
But Rails Lag-Some .
Gains Extended.

NEW YORK. March 14-The up
ward movement in selected or spe-
cial issues was continued at the open
ing Of today's stock market, traders.
paying no attention to further un-.
settlement abroad
Many OF the representative rails and
industrials were unquoted in the ini-
tial dealings. Such miscellaneous is
sues as Remington Typewriter COM
mon and second preferred. Kelsey
Wheel, Public Service of New Jer--
sey, United Railways preferred and
Replogle Steel were among the active
and strong stocks.
Secondary rails were featured by
Ann Arbor preferred. Chicago and
Eastern Illinois preferred and Chesa-
peake and Ohio at gains of one 10
almost 2 points.
In its main essentials the early
market followed the irregular move
ments of the previous session. For.
mer favorites were dull and rela-
lively unchanged, while numerous
minor specialties were active and
Utilities. especially Market Street
Railway preferred and prior pre-
ferred, Consolidated Gas, Brooklyn
Union Gas and Manhattan Elevated
extended their gains by to points.
Automobile SuDSluldTleS, cSpSSidiiF
Bosch Magnetic and Stromberg Car
buretor. strengthened. Cast Iron
Pipe, Vanadium and Nova Scotia
Steel averaged ! point gains.
Sugars and allied food shares were
again in demand, but buying of OILS
centered in Cosden and Mexican Pc
troleum. Call money opened at per
cent.
Foreign Exchange No Factor.
~ in Oh in
how much of a factor in calculation
the recent fluctuations in the foreign
exchanges have been. Before New
York was open for business sterling
drafts had touched 4.27l2, a decline
OF another 3 on the day. loss OF l,
only 10 above the low of the year,
reached in the middle of January.
Yesterday the wheat market had
been very sensitive to the drop In
exchange rates. but it made no re-
sponse to the further weakness this
morning.
Cotton options went lower again. but
for reasons not connected with the
exchange movement.
Stocks and bonds had given n"
heed at all yesterday to the break in
English. French and Italian rates and
they were equally unconcerned today.
Even United Kingdom 5ia per cent
bonds of 1922, which have been de-
pendent for their recent high prices
upon the fact that they are a call on
sterling at 40. recovered sharply
the greater part of the previous loss.
Speculative Swing.
The plain reason why, with the ex-
ception of the grain market. the
severe recoil in the exchanges has
had SO little effect is simply that
the downward movement of the past
fortnight is the result of specU-
lative swing quite as excessive AS
was the jump to 4.44ts.
There can be no question that the
slender surplus against England in
the merchandise trade Is far out
weighed by the invisible credits,
leaving a large balance on the in
ternational ledger in favor of Eng
land and against the United States.
With this showing, there disappeared
whatever ground for skepticism
there might have been regarding the
reality of change in the Anglo-Ameri-
can financial relations indicated by
last months 2o-cent advance in ster--
ling The fact that the descent of
the exchanges was unchecked show
ed that 1t was not politics which was
the cause at work, but the collapse OF
an overburdened speculation plus a
rush of new commercial bills from
export interests which saw their
market rapidly slipping away.
Again the stock market. as indi-
vidual shares were pushed ahead, ran
into heavy profit-taking. and the aft
ernoon movement was thrown into
considerable irregularity. but the
dominant note was the confidence of
the speculative syndicates that the
situation warranted continued efforts
for higher prices.