Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-04-12
BIG TRADING DAY
IN STOCK MARKET
BY STUART p. WEST.

| ID AUhfGI "ESEs
| NEW YORK, April 1.-THE princi-
pal point of interest in today's financial
situation was the response to the over
| night announcement that the rate on
the latest issue of six-month Treasury
certificates would be 81 per cent. as
against AZ per cent on the last per-
vlous offering less than a month ago.
and the lowest figure at which the
United States government has attempt
| ed any short-term financing since the
date Of the first liberty loan, in Sep
TENDER. 1917
SO large a reduction was quite I'M
| expected and it was obvious enough
| from the action of the liberty group
.hat the market was not prepared All
! tnese issues rose sharply to new high
prices PR for the year. The 3h got across
i0o Tor the first time. The rest of the
t sys were also within slender
| traction of their price of issue.
| Stocks Also Ftrmer.
, The speculative movement on the stock
exchange also received its proper in
nuence from the Treasury's action 1t
SCI the same lively pace as it has been
doinS for the lat two weeks. with the
same rapid shifting from one group to
ahother that has marked the course Of
the trading all year.
proht-taking sales were extremely
heavy and brought about downward
turns in numerous parts of the list.
most or the railway stocks felt the
erect OF this sort of selling. But the re-
| action In this and other quarters was
balanced by the sharp upbidding OF
stocks like the American oils.
The rubber and tire shares and the
toDaccos. which have not figured SO con-
spicuous!y in the more recent stages of
| She markets forward swing, were
! flrmer.
Equipments in Rally.
Equipments furnished very large
part of the business of the day, espe-
cially in the early trading.
American. Baldwin and Lima Loco
Brake and other shares in the same
group were point to points higher.
Oils Among Leaders.
Oil shares were again among the
, leaders in the market today. but a
different set of favorites from that
or yesterday was singled out. Pref
erence was given to the stocks of re-
merely producing companies.
Once it got through SO. Cosden gave
better account of itself than it has
in long while. A new pool is said
10 ne forming III inns STOCK. Whlch
will go to work on the anticipation
of increased dividends some time dur
ing the year.
Very large blocks of Sinclair were
taken around 26. but getting above
that figure. this stock, too. acted bet
ter than 1t has in some time. More
buying came into Producers and Re
finers.
The Exchange Situation.
The fpreipp eYrhanpas readily
traced such ground as was lost OH
the previous day In fact, sterling
grew closer to the seasons high of
4.44as than it has at any time in a
month. II is difficult to read much
significance into these little dayto-
day fluctuations. SO far as they re-
fleet international banking opinion
regarding the conference at Genoa
The proceedings will have to get
farther along. far enough to indicate
some tangible results. before they
become much of an influence
But at least the inference may he
drawn from the steadiness OF the OK
change market-the return of sterling
to within cents in the pound of the
1922 top and the cessation of the de-
cline in German marks. despite the
tremendous outpour of new paper
money-that the financial community
is. on the whole. optimistic regarding
the outcome.
Tires Follow Motors.
The move in the rubber and tire
shares today had been rather gener-
ally expected as the logical sequel to
the rise in the motor and motor ac-
cessory stocks.
Traders who had profits in Stude-
baker. Chandler. Stromberg and Bosch
Magnetic shifted them into Kelly
Springfield, United States Rubber,
Goodrich and Lee as soon as the lat
ter group got under way.
All these stocks shot up a point to
two points in the space of few min
utes.
An important reason for the buying
of the rubber and tire stocks was the
expectation of an advance in tire
prices May l.