Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-02-10
TRADING NARROW;
SPEC|ALT|ESLEAD
SteeIs Reflect Further Pool
observation-disclosures
Fractional.

NEW YORK. February 10.-An-
other drive against the shorts in
steels, rails and motors marked the
resumption of trading on the stock
exchange today. United States Steel,
yesterdays strongest feature, was the
only noteworthy exception, opening
Lackawanna, Gulf States and Replosle
steels reflected further pool opera
. tons with United States cast iron
Pipe, the latter gaining one point.
Rails were bought in expectation
that the government may grant creo-
its for their rehabilitation.
MARYLAND Oil, Industrial Alcohol,
pierce-Arrow preferred and Adams
Express also We're strong.
Minor Rails Strong.
United States Steel reacted a point
before meeting with more tnan lhoo-
crate support Mexican Petroieuil'
New York Air Brake, Corn Products,
Goodrich, American Tobacco and
Famous Players common ana pre-
ferred were / to l II points unuer yes
terday's finals.
Southern Railway preferred was out
of line with other rails snoMins ,hs
casional pressure. as asalnse Wy
strength of Seaboard Air Line pre-,
ferred, Pere Marquette preferred anu
Minneapolis and st. Louis.
Cast Iron Pipe common ana pre-
ferred were the only speclaltles 10
.ytend their advance. Motors, equip
ments and coppers forfeited fractions
Call loans opened and renewed INTO
next week at 5 per cent. ="
bonds, especially French ana Scan
dinavian issues, were strohs. -
SIS rose 81 per S10o.
Price Movements Confused.
Price movements today. were more
dow
week For the first time the whea.
market ceased to follow the iorelsll
exchanges. Wheat had had its IL cents
A bushel rise in the same perlou INA.
sterling had moved up 10 cents III .ie
mound But today the reactloh III
sterling and the other exchanges con-
tfnued, while the advance was Fisof-
ousIy resumed in the wheat pit
The stock market was strong LOT
most of the induStrialS and all the
rails. until the publication at noon OF
the February figures of the Steel Cor
Itoration'S tonnage. THESE showed Il ae
creased in bookings during January OF
1886 tons, whereas an increase had been
eXpected. On this steel common broke
sharply, and for half an hour or so
carried with it the general list. Inc
decline was. however, checked Wthout
.IifficuIty. and in the afternoon flourish
operations were resumed IN numerous
individual stocks.
Wheat and Exchange.
The wheat trade was more lnnuenc-
ed by weather reports unfavorabie to
the new crops than it was by the
consideration of the foreign demand.
Current wheat exports are, IN 1act,
comparatively small.
The action of the wheat market to-
dav, in face of the fall of exchange,
should not. however. be interpreted
as minimizing the Importance of the
past fortnight's recovery in the lat
Ter market as an ultimate influence
upon the demand for the American
wheat surplus.
The liberty tax exempt az had not
finished, in Yesterdays sharp upturn.
their response to the calling in of the
victory gas. They rose another full
point today, making a total gain Of
over two points since the Wednesday
closing. Still feeling the effect of the
recovery in French francs, the French
government IS reached 102, which
was their high record. made last No
vember.