The Washington times., 1922-05-26
RAIL ANDO|L
ST0CKSLEAD|N
ACTIVE MARKET
Market Strong and Advances
Are Scored by Industrial
and Specially Issues.
BY w. 8. COUSINS.
Copyright. 1922. by Cosmopolitan News
Service.)


Service.)
NEW YORK. May 26.-The stock
market developed strong tone in
The first hour today and in prac'
tically every department higher
prices wer- registered in the active
stocks. some Of them being the
highest for the year. Substantial
advances were scored by the in
dustrial and speciality issues.
The two factors which exerted
the major influence on the stock
market movements were the ac'
Cumulatine evidence OF an abun;
dant supply Of money and the ex.
trcmely optimistic statement OF
Judge Gary, who declared in a
public address today that the coun.
try seemed nearer prosperity than
at any time in regent years. A
feature Of the market today was
the entire absence of stock offer.
inGs at previously prevailing prices,
and it required only a moderate
increase in the demand to cause
substantial advances in the list.
Rail Stocks Strong.
Good buying featured the rail-
road stocks. especially the low.
priced issues. which have been COM
paratively inactive in recent weeks.
Wabash common and both Of the
preferred stocks sold at new top
prices for the movement. and Chi.
Cago and Alton and Lehigh Valley
also registered their best quota
tions. New Haven made a gain
Of IN. to "a. on the announceme mt
that the Federal District Court
had handed down a decision up.
holding the is per cent increase
allowed the New England lines for
through freight Reading advanced
IL. to S1k: New York Central to
9cb, and Erie to 1Sk.
On reports that the directors of
retire the preferred stock and issue
four shares of, new common for
each share now outstanding these
Issues were in good demand, the
common advancing to 1llh, while
the preferred made a new high at
9Ih. American Woolen was also
in strong demand throughout the
morning session and gained over a
point at 93&.
Strength in the tobacco stocks
was featured by Tobacco Products.
which rose two points to a new
high, at I6L. and United Retail
Stores again sold beyond SO.
Oils Active.
The oil stocks were uniformly
strohg and active, Mexican Petro-
leum advancing nearly four points,
to 137k. California Petroleum at
a new high level at 81. Cosden up
4. at 46, and Phillips Petroleum
up 1i9, to a new high at 81.
Brooklyn Rapid Transit gained
two points. 10 27. on publication OF
its April statement showing net
income of s34s,0S6, compared to
S10Z.145 for April, 1921. and for
ten months. t2.360,127. against a
deficit Of s6,2S4,203 in the same
period last year.
Marland Oil sold at a new high,
at BAN today, nearly two points
higher than its best previous rec.
ord. This company is one OF the
leading independents. All Of the
shipping stocks sold at new top
prices for the movement, the most
active being Marine common and
American Ship and Commerce. and
az a principal stockholder Of the
former, American International has
also been selling at or near it's top
level
The steel stocks did not partici-
pate very actively in the market
movement in the morning session.
though prices were for the most
part inclined slightly upward. At
l2O. United States Steel was ~
higher. Republic gained ~, at
IGN: Lackawanna ~, at Tx, and
Mldvale one point at 42X.
Call money rates prevailed at 3B
per cent.