New-York tribune., 1922-04-09
Stock Prices
Rise Despite
Profit Taking
Advance in Rails More
'han Offsets Devclop-
m ment of Hcsi,ancy in
the Industrial Sharos

WAS barely perceptble s1sck-
en'ng IN pace yesterday of the for,,.ra
n'''e'heht -, OF stock prices. buoyancv in
'he railroad group more than ofrso+t;,
'ne development of hesitation on tho
part OF tho industrial leader, and +ho
average price Of fifty stocks soiny +o
new high on the advance. After n du,,
opening trading became steadily r,o.
act'Ve and transactions in the two-bo,r
session reached total in exces. -,
$4,000 shares. This was at the rat. of
z'ooo.ooo shares or better for the
normal trading day.
Persistence of the rise in tn. }.c. =,
the proht-taking and adjustment Of
Posi''oh usual to Saturday was accom-
panied by no particularly constructiv.
news bearing upon stocks, but was ss
sisted by the more favorable conditions
existing IN related markets. The for
elgn exchanges derived better tone
from the reported agreement between
IN British and French premers on the
Genoa program and were relatively
more active than on any preceding dsv
OF the week. Sterling cables climbed
70 S4.9l"s, the highest level reached or
the latest advance, and the European
Contlncntals apprcciably bettercd their
position. Marks were an execution. duo
TO the fact that whereas evidence of
united purpose on the part of the
principal Allies aids sterling, francs
and lire, It is Interpreted as diminish
ing the chances for the modification of
the reparation terms of advantage TO
Germany rather than the Allies.
Sentiment in both the wheat and
cotton markets was somewhat inn
proved, although the advances in these
commodities, amounting to fromos to
! $ cents IN the case Of the former and
TO from to q points in cotton, were
associated largely with the technical
situations in these markets Their
significance was, therefore, negligible
from broad standpoint, but the CO.
incidence OF their occurrence and the
rising trend in other markets con-
tributed to emphasize that trend
The happenings on the Stock FX-
change, however, so far exceeded in
Importance developments elsewhere as
to reduce the latter to an inc dcntal
place in the days proceedings. The
session was featured by volumnous
buying Of the better class rails. with
preference for the dividend pa wing
carriers. and further acccntuation of
the rise in fractions. indicating that
the plan Tor settlement OF Inter
borough's difficulties and the improved
outlook Of the B. Z. 7. had not been
fully discounted. Industrial shares ex-
perienced irregular fluctuations on
realizing sales, although one or two of
the speculative favorites as Mexican
Petroleum and Gulf States Steel cx-
tended their gains without relapse.
During the last half hour their
irregularity largely disappeared and
the forward movement was again
dominant, but without force or time in
which to overcome entirely the losses
made. AS a result the average of
thirty industrial stocks was down
slightly. the railroad average going to
new peak.
Investment securities were. not neg
lected in the surge to buy stocks. Trac-
tion and railroad bonds were eagerly
acquired and the Czech hosiovak SIS were
rushed up to within a fraction of par
Liberty bonds were relatively the dull
est of the list but held firmly.