The Washington herald., 1922-07-26

Gains Of l to 8 Points
Registered Over List s'a
At Close.

market sentiment was more optf- IS
mistic today and prices advanced -
generally over the entire list. Tosssg
ward the close gains of from to.,..
points were numerous. rails keep
Ing pace with industrisls. whiisai,
the Improvement may have re-,
nected in part a better feeling
regarding the strike situations, t. I.
undoubtedly received much OF its
impetus from the stronger tech,.,
nicai position OF the markets.
Bond buying was slightly more &C.
tive. the Libertys being the fes.=
tures. most Of them making new =.
highs for the year. Foreign issuess-
and second grade and speculative
descriptions were little changed.
Call money held At { per cent
throughout.
Rally IL strs.s.
Stocks rallied strongly durinr the
early trading In today's session
Opinion in the Street very generally
ascrfbed the early upturn 70 short -
covering and the duilness and
some fractional declines which set
in after the FIRST hour appeared for
a while to confirm that view. How
ever. before noon the rally began
again. carrying prices for q repre-
sentative list Of stocks substsn-
TALLY above yesterdays closing
hgures- About noon the rsilroad
shares were notably active for the
A.
advances Of q point or more were
common among the more active is
sues in this group.
Mster.L ---
The motors shares. which con-.
tributed q good deal 60 the weak
ness Of the market yesterday and
last week, were the leaders in the
upturn this morning. Chandler re-
covered 2 points OF yesterdays loss
Studebaker at noon was up nearly
3 points from yesterdays closing
and even Pierce Arrow. which has
been the weakest issue on the mar
ket for a week past. rallied 10 the
extent OF q point
steels-
The steel stocks. LED BY Crucible.
also staged a comeback during the
morning trading with gains in al
most every issue in this group
About noon Crucible was selling
nearly 8 points above Mondays
closing price. vanadium and Re-
public were each up q point and
fractional gains were shown nv
Lackawanna, Midvaie and United
States Steel common. while con-
tinuation OF the coal and railroad
labor troubles is bound 10 AFFECT
the business Of most Of the steeI
companies. adversely. many OBJ
servers are inclined 70 think that
government rationing OF fuel sup
plies would strengthen the position
OF these companies since Il would
assure them OF at least o minimum,
supply OF fuel at reasonable
prices. -r.
There was rood buyfne Of ne
rails this morning. probably IN an
ticipation OF the very favorable
June earnings statements which
many OF the lines win publish in
few days.
For the FIRST time In several dsys
the general trend OF the market
favored traders who believe that
the sugar companies TOT the u1ottr
part have recovered from the der
fation Of 1920 and are on the road
to substantial profits once more A.,
and issues in this group advanced
strongly this morning.
There seemed 20 be little doubt
that weak speculative accounts In
| large numbers had been shaken out
OF the market yesterday afternoon
\ and that the size OF the short in
| terest had largely increased. Many
stop orders placed by those long
of stock were reached during the
I recession and the elimination ~
] this factor alone considerably
( strengthened the technical aspect
/ Of the market. II was also re-
ported and pretty generally be-
/ lieved in the Street that some OF
the banks have been putting the
brakes on customers who have
been operating in the market on
large scale and that for a while IL
will be harder TO find money with
which to finance purely speculative
pool operations. Reports that any
considerable amount OF yesterdays
selling was the result OF the Ryan
bankruptcy proceeding were NOT
given much credence by experienced