Evening star., 1922-02-21
TRADING IN STOCKS
ACTIVE ANDB BROAD
u. S. Steel Scores New High
for Over a Year-LocaI
Utilities Weak.

NEW YORK. February 21.-open-
ing prices in the stock market today
were substantially higher, regardless
Of prospects of tighter money. Traders
again favored the equipments. rails
and oils. American Locomotive,
Atchison, Rock Island. Tidewater Oil,
American Tobacco and Sumatra To-
( bacco rose 1 to IL points.
Dawson Chemical, Western Union.
| Westinghouse. General Electric United
states Steel. Crucible Steel and Ameri-
can International were firm to strong.
National Enameling, whose drec-
tors act on the dividend today, added
y points to yesterdays reaction.
Further Buying Of Steels.
United States Steel made a new
high quotation for over a year a.
9234 and stimulated further buying
Of other steels, as well as equipments
and motors, during the forenoon.
f, Sugars. feathers, textiles and mail
order issues also strengthened. South
Porto Rico Sugar, Hide and Leather
| preferred, Central Leather. American
Wooden, earsRoebuck, and Mont
eomery-Ward rose l to almost
points.
Local utilities were the only weak
features, the various traction stocks
and bonds falling to 3 points as a
result OF the cut in valuations an
nounced by the transit commission.
calI money opened and renewed
until Thursday at > per cent.
Yesterdays Action Lacking.
The striking movements Of yester-
day We're reproduced in none of the
markets today. Sterling went only
slightly higher. Fra mes and lire halt
al in their rise. In the commodity
markets, too, the upward drift abated
and cotton options went lower.
In the stock market the check was
not apparent until well along in the
day. For the first half of the session
operations for the rise went on Wig
orously in the Industrial section.
Steel shares were taken up on a
revival of interest in the negotiations
for merger between some of the in
dependent companies. Steel common
surpassed its previous high Of the
season.
New High Records.
New high records were also made in
the equipment group. in some Of the
| leather and wooden shares and in a va
riety of specialties. But in nearly all
instances this fresh upbuilding Of prices
/ lnduced heavy realizing sales, which had
Some effect as the day went on. New
f! York traction securities, both bonds
and stocks. Were badly upset by the re-
port of the transit commission on the
several totals very much below those
given on the books of the companies.
In the case of Third Avenue the es-
timated property value figured out quite
bit less than the total market value
of its securities as this has been stand
ing up 10 today.
Steel Features Incidents.
! The most important contribution
| furnished by the news of the day was
! the account of steel conditions given
I in the weekly reviews of the trade
/ journals. Buying both of pig iron
/ and of steel has been on the increase.
and the Steel Corporation for the first
/ time is operating at over 80 per cent
! capacity. 1t is evident that the heavy
I purchases to supply the railway
/ equipment makers have forced the
| hands of other consumers who have
! been letting their stocks get down
! too low.
| But the more essential fact Is the
! corroboration of the view that the
/! second phase of the general trade re-
vival is getting under way. These
! latest steel reports likewise help to
/ show that the recent advance on the
stock exchange has been a logical
! movement.