The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-02-04
ADVANCING PRICES
AND ACTIVE TRADE
ON STOCK CHANGE
Pool Activity and Short
Covering Remain in
Evidence.
BOTH LISTS GAIN
Many Securities Show Ad-
vances of From ] TO 8 Points.
4ia96 Call Money.
BOTH LISTS GAIN

NEW YORK. Feb. 5.-active trad
ing and rising prices continued ir
the stock market today. Industrial
specialties were the features ana
signs Of pool activity and short
covering were still in evidence.
Gains of substantial fractions were
the rule among both industrisls
and rails. but a number OF issues
showed advances OF from 1 20
points. Business in bonds spread
out over a broader list with the
more speculative Issues strong. Lab
ertys were heavy. Call money
opened at 81 per cent. fell 20 at
about the end OF the noon hour,
and TO AZ early in the last hour.
Status Of West
where does the West figure IN the
present-day stock market speculs-
ton? This Is a question 10 which
market critics attach much impor-
lance when they arc appraising
present and prospective buying
power. For a week after the Chi
cago bank incident became ksown
the West pursued a policy OF ac-
tive bearishness and after that iio-
uidation was completed the senti-
ments OF the West did not change
but action gave way to inaction.
Wire houses know by actual eIpe-
rience that the interior is neither
buying nor selling stocks to any
great extent and their private sd-
vices indicate that besrish senti-
ment still prevails. Better things
/ are expected in the near future. In
some quarters Il is believed that
( the first signs Of a revival OF buy
] L. - 4.
seen shortly. especially 10 the re-
covery in wheat prices continues.
Low Grade Issues Feature.
While the strength Of industrial
stocks during the morning hours
was accompanied by a rising tenn
dency in standard dividend paying
rails. the really notable gains were
made in low grade issues. The fea-
ture was a rise Of 81 points in Mis-
souri, Parific preferred bringing the
price up TO rs. as compared with a
high Of 4Sh late in November. and
with a low OF 43k in January OF
I this year. The main factor respon-
sible for the rise in this stock from
33iz last spring has been a per-
sistent rumor TO the effect that the
resumption OF dividends might be
fADtfAGu AZ luz Aoea =
understood 10 be well fixed with
cash. Texas and Pacific went 60 a
new high above so and ST. Paul
preferred was I'D a point. New
Haven made a new high at lsh. as
compared with 12A early in JRnu-
airy when the Street was extremely
pessimis;ic on the. score OF 1922 ma
TURTLES.
The Stock ExchanEe list contains
two stocks. both named "Texas"
and both holding speculative at
Effectiveness on account Of a side
line. For a long time the price Of
} Texas Company stock has reflected
the prospect OF a dividend TO stock
holders in the form OF stock Of a
new company 10 be formed for the
purpose of handling sulphur proper
ties. Up TO yesterday the distribu-
ton was expected momentarily. but
/ the filing OF a suit involving the
company's sulphur properties is
calculated to act as a handicap to
the execution of this plan. The
other company is the Texas Gulf
sulphur Company which, as may
he judged by the hame- is essential e
ly producer OF sulphur. Gulf
Sulphur stock has been influenced
recently by reports to the effect
that the company is drilling FOR oil
on its properties.