New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-04-18
Rail Stocks Up,
Industrials Off
I'm Active Trade
Average Price Of Shares of
the Carriers at Years
Highest; New Record for
Individual Securities

100000 share session on the
Stock Exchange yesterday, with wide
fluctuations in quotations, caused by
conflict of the public buying interest
and operations of pool leaders and the
professional element at large. gave to
the market for speculative securities
a distinction not previously achieved
during the current forward surge of
prices. Dealings in the first hour.
when buying orders piled up over the
weekend furnished new vigor to the
advance, amounted to we'll over half
million shares. and the later trading,
fulfilling the promise that this held,
carried transactions to 2,001 900 shares.
the largest aggregate since April. 1920.
In such a market there was no need
for reference to the days developments
outside of the exchange, the movement
proceeding virtually or self-contained
impetus. The early rise was succeeded
by almost as sharp reaction in the
speculative leaders as selling to estab-
lish profits and the efforts Of the
professionals to keep the situation in
hand became effective. This break in
the advance. noted chiefly in oil shares
and other industrial stocks, was accom-
plished without curtaiment in activity
and was in turn supplanted by the re-
turn of more settled conditions and
frmer quotations. Attention had been
diverted to the railroad stocks mean
time. and their upward movement fea-
tured the afternoons trading. The close
showed the average price of twenty
railroad stocks at new peak for 1922,
while the average for thirty industrial
shares Was only slightly off. Gains in
the rails more than balanced this de-
cline, and the average for fifty stocks
at S2.06 was UP another notch from
the years previous best. The number
of individual stocks dealt in reached
457, the greatest in the history of the
exchange.
Money conditions exercised con-
structive influence upon the security
markets. call funds ranging down from
to per cent, although 34a per cent
was the minimum on the board. Of
more significance was the arrangement
of thirty and sixty day loans at Az
per cent on a liberal scale. Judge
Gary's remarks at the United States
Steel Corporation meeting failed to
attract as much attention as would
have been the case had the material
he presented not been already fairly
we'll known in the financial district.
The experience of the bond market
compared favorably with that of the
stock market. Transactions were heavy
and advances substantial in many in
stances. Trading here lacked any at
tributes of the spectacular, but the re-
suit was the attainment Of new high
mark for the movement by the average
price Of twenty-five bonds.
Without leadership from London. the
| foreign exchange market nevertheless
encompassed considerable activity and
Sterling closed with gain of z cent
and the Continentals generally were
higher. Francs and lire once more
went into new high ground, the former
rising points to 9.3712 cents, and lire
| 1912 points to 5.56 cents. Marks also
gained appreciaby. Announcement Of
the signing of treaty between Ger
many and Russia vas an event sub
ject to varied interpretations, but its
/ influence marketwse was for the
| moment constructive.
Cotton was aided by the rising for
eign exchanges and improved reports
from the trade and closed 81 to 81
points up. Wheat, after Saturdays
squirt. was subjected to profit taking
but the net decline in prices was only
| q to PA cents.