The Washington times., 1922-11-02
PRICES
SHOW GAINS IN
EARLY TRADING
Practically Every Department
Goes Forward in Vigorous
Fashion.
by w. r. COUSINS.
Copyright. 1922. by Cosmopolitan
Na~s Saryipel

News Service)
NEW YORK, Nov. 2.-If from nc
other reasons ahtn the technical
condition of the market, II was gen
orally felt that stock prices were
due for at least a moderate rally
from the low levels to which they
had been pushed by teh heavy sell
ing that has been In evidence I'M the
last two or three weeks. Profess
sional traders on both sides OF the
market are losing no time In reap
ing the benefits OF decisive quick
turns in the price list, and AT prevail
ing levels there Were shorts at cover
and bargains ODE picked up by
those who are still committed ~ tht
view that prices will work eventually
higher.
1t is generally agreed that this is
no time for pyramiding. as the
sharp turns in both directions
quickly wipe out the bulwarks OF
paper profits that have been bui
up. And IL Is the cagerness oI
traders to jump with the market
that accounts for the alternating
which may change the whole com
pleXion of the market on successive
days, or even on the same day.
Practically without exception
prices of the speculative leaders
pushed forward vigorously in the
first hour. after an opening that
showed wide gaps in comparison
with the previous close.
1t was evident that the squirt
which featured yesterdays closing
period had not been completed. and
that additional buying orders had
accumulated over night, whlle
gains OF a pp'nt or two were in
evidence, compared with the previ
GUS close. comparison with ycster'
days low prices revealed advances
of from to g or points. Bald
win, for example. rose from l2I 10
1907, s. O. Of New Jersey, 205 TO
21li9; Studebaker, 1913 to l26is; t,
$. Steel, 1895 to l05; Industrial
Alcohol. ssh to T0A; Pan-Amer.
lean. $50 to SS7s; Union Pacific
l43 to 145is Gulf States Steel. S5'2
to S9la: Marine preferred. 5li2 Ia
53A. and Retail Stores, IN 10
SlS. These comparisons show the
general extent of the recovery. but
whether or not il can he continued
or sustained remains TO be seen.
Rails Active.
Rails and industrials were by all
odds the leaders in market activity
in the morning session, though a
small number OF the equipments and
motors made good bid for public
favor. Can and WoOlen stocks, In.
dustrial Alcohol and MallinsOn. stu
debaker. Anaconda and Marine pre-
ferred all made good progress in
shaking off the bugabo that has
apparently held them back in recent
sessions.
Motors were stimulated by the re-,
port that the October production of
motor vehicles had exceeded the Sep
tcmber output by about 20 per cent
and this at a time of year when de-
mand is supposed to be falling off
There was also considerable improve
ment in the movement OF used cars.
Standard Oil. of New Jersey, sold
up to 2l4t2, an advance of nine and
one-half points over yesterdays low
Other stocks in this movement in
cluded Continental Can at 95, Man
haitian Shirt at 5Sas, Baldwin al
l31 4. Houston Oil S2ia. American
Can was also demand on reports that
this stock is to be placed on per
cent dividend basis. Since it's organ
ization twenty-one years ago this
company has not paid penny tc
stockholders. but 1t has built UP an
extremely profitable business
Call money, per cent.