Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-29
MARKET NEWS
NEW YORK


STOCKS
New York, Aug. ss.-Saock pracSa
registered a s~ubstantal ADVANCE IN
todAy's market in recognition @S3S kFn,
proyemept In the industrial sdtasAcsSH
and&denalte assurance that Mo mn
mediate seizure OF railroads ana
coa1 mines vas Contemplated by the
government. Gains of l to 5 pSines
were scored by a number OF active
issues. with another long array vi
stocks breaking to new high resorAs
for the year. Sales approxiFaAsed
100000 shares.
' n advance in prices gained mo-
mentum during the afternoon in ne
spouse to a brisk demAna tor asAdlS
oils. equipments and special shares
Otis Elevator jumped Z. points, white
gains Of 3 points or more were made
by Mexican etroleum Allied Clasrhi-
cal, May Department Stones and Corn
roducts.t The closing was strong.
Evidence of increasing confidence
IN both investment and speculative
quarters was shown by the steady rise
CroWdtng OF the short interest In
steels equipments and oil resulted IN
some excellent gains when the bears
began to cover. Rails also made sub
stantial recoveries from recent haav-
mess, apparently rejecting the relief
felt owe the virtual elimination OF
the prospect for. government inter
ference. Chicago and, Northwestern
climbed 8 points while gains 4f i no i
Ia were made by Northern PACIFIC,
Union Pacific. New Haven Atlantic
Coast line, Reading. Gres, Northern
preferred and Louisville and Nash
Vile. Other individual strong spots.
all1at gains Of 2 points OF more were
Gulf Steel, American Car, Baldwin,
Pullman, American Ice, Corn Prod
ucts, +, Kayser and National Lend
There were few exceptions to the gen
eral upward trend, Consolidated GAS
dropping l 1-2 points, Jewell Tea 2
Ia, the Preferred Ave and National
renewed at 3 "a per cent
A strong tone prevailed at the
opening Of the New. York stock ex-
change today. rejecting the better
prospects for peace in the anthracite
fields and the. more favorable Indus
trial news. Steels were In good de-
mand. Crucible rising two points with
smaller gains being recorded by Q. 8.
Steel and some Of the Independent
parauvely light, slight fractional
gains being the rule. Speculative
%favorites also moved to higher
ground. Mexican Petroleum advanc-
ing l 3-8, while substantial fractional
gains were made by Baldwin and
s~tudebaker. North American broke
through to another new high at a
gain of l IA points. while gains Of a
point each were scored by American
Smelling n Remington Typewriter.
Coca Cola receded a point, presum-
ably in response to speculative disap-
pointment w the directors action
In not declaring ar extra dividend.
Buying in anticipation. Of higher
dividend payments and aggressive
pool operations caused q further
marked rise in prices in the after
noon. especially in the public utilities
group. High records for the year
were registered by many of these is
sues as we'll as numerous other indus
trials. North American improved s
LIZ points; Western Union 3-4;
Cluett-Peabody 8 Ia and U. 8. Pipe
Common and pfd. Famous Players
and United Retail Stores 2 to 2 Ia,
points. Jewell Tea pfd. extended Its
break to 10 points while Atlantic.
Gulf and Marine Preferred, were also
depressed l to Il 1-2 points.