Evening star., 1922-03-10
MARKET|SACTVE;
TRADING BROADENS
Raj! Buying Continues
/ SpeciaIties Feature Deal
+ ings-0iIs Advance.

NEW YORK, March 10.-Changes
among leading shares were limited
to fractions at the dull and irregu-
lar opening of today's stock market.
Studehaker, the most active feature
of the previous session, reacted mod
erateiy and other motors, as we'll as
oils, equipments and food Specialties,
were inclined to ease.
Obscure miscellaneous stocks, in
Guiding Remington Typewriter and
American Safety Razor, We're strong.
Prices steadied within the first half
hour on buying of rails, Norfolk and
Western. Northern Pacific and Wis
consin Central rising 1 to points.
Early quotations for foreign ex-
change again reflected unsettled po-
litical conditions abroad.
Some HeavineSs Develops.
Reduction of the Westinghouse
Airbrake dividend caused a decline
of Is points in that stock and sew
erai of the minor steels and utilities
also developed heavineSs.
In the main. however. the market
became broader and stronger during
the forenoon.
The money market favored the ad-
vance, call loans opening and re-
Lewing into next week at the un-
usually low rate of per cent.
Investment and speculative rails
rose 1 to 3 points and several of the
motors and rubber subsidiaries gained
I to almost points.
Oils rose l to points under lead
OF Mexican and Pam American Pe-
1roleums General Asphalt and stand
ard Oils of New Jersey and Cali
fornia.
Chemicals and fertilizers were 1
10 > points higher and Shippings also
improved.
Speculative Realizing.
Operations for the rise were re-
suned today. but. as usual, these were
interSperSed with a deal of Specula-
tive realizing. A large number OF
stocks were bid up at one time or
another. while in others profits Sc
cured on previous days were being
taken. 1t was the type of movement
which has now become famiilar-a
series of special upward turns rather
than any general swing forward. the
continual shifting of the active trad
ing element into stocks that are on
the move from stocks that are tem-
porarily doing nothing.
1t was stock market that most OF
the day interest centered. In other
quarters there were very few fresh
Incidents The foreign exchanges
were somewhat lower. but with no in
dications that the downward turn
which started at the close of last
was off nearly 1Oc from it's top, and
was to be carried farther.
Low Money Rate Factor.
AS was the case, yesterday, both
bond and share markets felt the stim-
ulus Of the declining money rate. For
/ ssroni me this year the quota
tion on standard call loans was re-
t,no.d 10 1 per cent, which meant the
lowest level since the summer of 1919
When this happened before interior
banks drew down their New York
balances to such an extent that Wall
street was quickly forced to raise its
bid. first to AZ and then to per cent
1t appeared plain that the invest
ment market was taking the view that
the latest fall in money rates was to
he something more than temporary.
The steel shares were not affected
by the decrease of 10O.603 tons reported
in the untitled orders of the United
States Steel Corporation during Feb
ruary. This decrease did not reflect
I upon the volume of incoming business
but rather was a measure of the in
crease in mill operations. which, as is
known, rose from around so per cent
at the start of the year to the present
60 per cent