Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-04-22
STOCKS MOVE UP
IN ACTIVE TRADING
Liquidation Well Taken by
New Buyers SteeIs and
Equipments Are Leaders.
BY STUART p. WEST.

NEW YORK, April 22.-Trading in
stocks set still more lively pace in
tho two hours of business this morn
ing.
Transactions approximated the mil
lion-share mark. which meant the
largest average hourly total of any
day so far, with the exception of last
Saturday.
This enormous turnover was ac-
companied by generally advancing
prices. especially In the industrial list,
1t was not a wild advance, but rather
a steady inpour Of outside buying or
ders, absorbing the offerings which
the Wall street syndicates and the
buyers of last autumn and winter
were letting go.
General Conditions.
1t was an equally heavy day in
bonds, with many new high records
in the railway and industrial lists,
but with libertys and foreign govern
ment issues about unchanged
The wheat market paused after yes
terday's swift advance. evidently to
see whether the revival in the export
demand was going to continue.
Foreign exchange made a rather
better response than on Friday to the
hopeful developments at Genoa. The
IL
French francs and in German marks.
the latter selling at S-100 of a cent
above the seasons low, despite the
continued rapid imitation of paper cur
rency, as shown in the latest report
of the Reischbank.
Advance Moderate.
Considering the large business VOL
ume, the days advance in stocks was
moderate. There were many gains
nf n or nj n
cases where stocks either stood still
or advanced only fractionally.
Rails Slow.
There were few groups that es-
capped the buying movement. Stand
ard rails Jagged behind. but some of
the low-priced non dividend payers
were actively bought at new highs for
the year.
Revival of the interest in the steel
merger. brought fresh buying into the
Independent steel stocks and many OF
the motor and equipment stocks
reached new tops.
The buying got into the zinc shares
more strongly in belated recognition
of the favorable outlook for the
metal.
Another Big Market.
The fact that the general price av-
erage had reached a new high at the
close of business Friday made trading
sentiment very bullish as the market
opened today.
The inference was that the specula-
tive movement had got into new high
ground and would not be checked.
certainly not over the week end.
New high records were made all
through the industrial list. With in
terest renewed in the independent
steel merger. stocks like Republic
Lackawanna and Midvale-which hah
been hanging behind for the last
week or more-were taken up.
Pullman was the leader of the
equipment shares. closely followed,
however. by Baldwin Locomotive.
Columbia Gas. after having several
times gone to Solss and then fallen
back, finally got through this critical
dend payers took little or no part in
Low-Priced Rails.
What interest was taken in the
railway group was confined to low
priced issues. The higher-priced divi-
dend payers took little or no part in
the general advance. Chicago and
Eastern Illinois stocks had a re-
been heard frequently before. that this
been heard frequently before that this
road Is going into a merger with
some of the other carriers in the
middle west. Deal talk was also re-
sponsible for the rise in Wheeling
and Lake Erie. New Haven got up
to Is on very heavy trading. This
figure was the objective which has
been mapped out for the stock for a
long time past by those who were
first to see that the company's at
fairs had turned the corner.