New-York tribune., 1922-09-02
cock Prices
Again Rise as
Activity Gains
r.,,,hasis Placed ON Divi-
'''',| ,|e.ad Paying and Invest
,,,e,ss Securities; Auto
shares More i'm Favor


,s,rs reached million shaTe pro-
.:..s yessarday for the first time
800 !. go Al che broad trend OF prices
e .ssssa upward without interference
- $. ~ usual adjustments that might
,,s .sseessa upon the approach Of a
s.sS,s There was little IN the news
-, ..saprsee development Of the adj
- usless deferment for six months
A 6 necessity for q decision on the
ss.sesan uuestion might be so re-
80 The trading community has
"a lHtls attention to this situation,
s.~sver, and the news, which was con-
t,arssss only In that II aversed an i'm.
.s.sIass European crisis, constituted
,.ss,a more than notice that the situa-
In could for further term De disre-
sssdsd marketwise.
Emphasis was placed on the divideno-
-.vine and investment stocks rather
sbsa on tbs specialties, although the
,.t.sv we're In some instances aided by
.,,es anerations. In this connection
snsomobils stocks, lately In scant IA
vor. were moved NY on favorable re-
serts Of August production, under the
is.aershfp Of studebaker. The general
syfes lsysi Of the Industrial group went
4 /. rev high for the year, while the
s.ls Of railroad shares was only slight
sx,sss. re upward sweep was marked
~ sons conflicting movements in par
si,niar Isssss, mostly where develop
msuts os specific application occurred.
csnsoiidsssd Gas and others Of this
ryoss lost ground, owing to the order
eussinz rates In greater New York and
vicinity. Erie stocks were also con-
suisuously st odds with the spirit of
dc day, sll classes declining more
skan pcin. on heavy selling. Investi-
eation failed to reveal any change in
shs sead's position accounting for the
break, and the conclusion appeared in
eyisabls that the move was entirely cf
speculative origin, representing the
sEert Of professional traders to profit
BY nhsettlemsnt Of the cheaper rail
shares. In this they were of course
supported by the Chicago & Alton re-
seissrship.
Call money, as expected, was firm at
ti ID per cent until late in the day,
when the desire Of banks to place their
Mnds out over the three-day week end
ssused lowering Of the charge to 41s
par cent again. OF more significance
YES slight stiffening Of rates for
sins loans, but this failed to disturb
the market for stocks. 1t was more
II On influence in checking activity in
bonds aud inducing moderate price ir-
sssnlarisy. An advance in French
sssaes asstured.
The foreign exchanges rallied we'll
81 sas news Of the acceptance Of the
Belgian compromise proposal suspend
ing easa payments by Germany for the
remainder Of the year. The apprecia-
sloh VI francs extended to almost 20
roinfs and recoveries in the other
principal Items were about in nronor.
tlon. Stsrling's gain was more limited
iae fise was regarded as discounting
sas postponenent Of crisis and the
aaaitlohsl time allowance for reaching
sssslsnent.
Pablisssion Of the governments COT
'h report, giving the condition at 81
fa eahs and Indicating a crop WELD NJ
iHs1e'eoe bales, caused one of those
surprising movements to which specu-
ia''ss markets., whether for stocks or
'''al'lles' are subject. The forecast
'0'as'aad with expectations of the trade
as presumably, existing price levels
''''easnted an effort to discount these
.aasesasiofs. An immediate break of
..W liz points demonstrated that the
ss s1's ~ anticipation had been over
IVY. sss. subsequent fluctuations were
!. .s'sa' Ous with the balance on the side
-. ,ss'esefy, and the close was. 81 to 81
m ..'s OH from Thursdays final levels.
rs. -, meyed higher ON the news from
s' aa' netting gains of "a to IL