The New York herald., 1922-10-15
FINANCIAL NEWS
AND COMMENT
Stocks Higher in the Liveliest
Session of Week--Steel
Common Leads.

With week end trade reports stress
| ing signs OF business revival all over
the country the stock market developed
aggressive strength yesterday. Indeed
! tho Saturday half session was the
! liveliest period of the last week and
stocks were impelled upward under the
influence of a broad buying movement
that embraced industrial and railroad
shares alike. The only exception to the
upward movement were the Standard
Oil stocks. which continued to decline
under heavy selling pressure.
A greater degree of buoyancy than
has been seen for some time also pre-
vailed in the bond market and the COM
modify markets. The foreign exchange
market was somewhat confused with
sterling about the only unit showing an
advance.
Although It can be said that the
markets advance was in response to
the favorable reports coming in from all
the various industries which induced
considerable covering OF short commit
ments a number of tho more highly
speculative issues continued to be in
fuenced by the melon cutting talk.
The best illustration of tho fact that
stocks were bought on the genuine be-
lief that the country's industries were
fast moving into a period OF quiet pros
perity was found in the action OF United
states steel common. the real leader of
the Industrial group. Steel common
moved up 21s points to 1929, the high
est price since 1919, on total turnover
that exceeded $4,000 shares.
Ever since the steel Corporations re-
port Of untitled tonnage recently, show
ing the largest monthly increase of
orders in some time. there has been per-
sistent accumulation OF Steel common.
The enthusiastic buying of Steel i'm
parted strength to the whole list. The
strong, with Lackawanna steel. Republic
Steel, Bethlehem Steel and Gulf States
Steel the most prominent.
| A feature of the trading in the indus
trial list was the demand for sulphur
stocks, large gains being recorded by
Freeport Texas and Texas Gulf Sulphur.
Such specialtles as International Paper
| Computing Tabulating and Recording.
Air Reduction, Allied Chemical, Ameri-
can Cotton Oil. American Express,
American Linseed. American Rad ltor,
Associated Dry Goods, Fisher Body
and Remington Typewriter displayed
strength, with advances ranging from
l to points.
In the railroad group the most promi-
nent issues were Louisville and Nash
VILE, Missouri Pacific preferred and
! Western Maryland preferred. Western
| Pacific preferred was a weak spot in
the railroad group. In contrast to the
weakness In Standard Oil of New Jersey
Atlantic Refining jumped points on
an odd lot sale.
The report of the Bureau of the Cen
running only very little higher than a
year ago and was a little disappointing
to the cotton trade. However, the re-
port was ignored as a market factor in
the dealings in cotton futures.
The weekly trade reports declared that
| practically all the tests by which busi-
ness activities are measured demonstrate
that domestic conditions are improving
steadily" The main unfavorable factor.
the reports said. is the evident growing
congestion of car supply. These reports
bear OUT the view held in Wall Street
for several months that the country's
industries are slowly but surely gaining
headway. Until now, however, the stock
market had been held back to great
extent by the uncertain political situa-
ton in Europe.