The Washington herald., 1922-02-26
STRONG TONE seen /,
AS ERRATIC STOCK
EXCHANGE CLOSES
Expectations of Further
Profit Taking Fails s''
To Materialize.
FAvORITES STRONG
Oils, High-Priced Motors and
Rails Prove Exception 20
Days Irregularities.

NEW. YORK Feb. a5.-Expecta-
tions OF further proht-tsking in the
stock market. today did not x.ats- >
risiize. An Irregular opening was
followed by a concerted buying
movement In the oil shares. and the
higher priced motors. and by a re-.
sumption Of the upward swing m
railroads These groups and a few
miscellaneous industrials constItut-
ed the only distinctly strong fea-
lures for more than an hour. al
though IL cannot be said that the
main body Of the market was less
than nrm during this period. Early .
In the second hour the buying
spread 70 previously Inactive issues. .
giving the market a general zp-
pesrance Of strength at the close.
Exceptions to the general trend
were United Retail stores, Crucibls,
Gulf States and Republic Steel.
sstesm Roller Movement.
Wall Street was disposed TO char
acteriEe the moving forces in the
ttock market again as OF a steam
roller character, but as the vigor-
Gus upward movements progressed
more definite reasons were ad-
vsnced especially in connection
with the strength in various groups
OF industrlsls and in many OF the
leading railroads. At the end OF
the week il was a matter Of cur
rent gossip that recently fornSd
combinations have participated 10
great extent in the accumulst tion
Of stocks which have been followed
by bullish demonstrations and Wig
orous upward movements. one
story that found both believers and
disbelievers was that many specU-
lative interests had formed a COM
bination in charge Of an operatUrs
who for a long time was designsted
as a bear plunger and those who
believed in these reports insisted
that this combination had most 60
do with forcing prices of a number
OF railroad stocks and special in
dustrisls TO the highest prices
touched on the movement.
Pool Interest Charged.
Another story was that the aC-
tivIty and strength in many stocks
including United States steel, Rock
Island, Studebaker and the equip
ment shares was largely due 10
operations OF a number OF leading
interests in the steel trade who hsd
Joined in q concerted movement TO
force prices Of stocks in which they
are concerned to materially higher
levels. Rock Island was named ~
particular as a stock that had been
favored by this group and IL was
also said that these operators had
a great deal to do with the per
sistent accumulation Of United
States Steel CO m non. Reports
about these mark combinations
were followed by predictions as to
extent Of advances that are TO he
made and about objective points
that have been fixed. toward which
these stocks are supposed to travel
in the near future. Ali these 70
ports and theories had a direct in
huence in causing uneasiness
among those committed TO the
short side and IL was a matter of
general understanding that in the
progress OF the upward movement
many OF those heavily short OF the
market have been compelled 10
close their contracts because OF eN-
hsustion Of their resources.
Speculative and investment inter
ests in the past few days devotfd
a good deal of their attention L"
the outlook for that group of
stocks which they classified as re-
organized railroads. Rosk Island
was a special feature in this class
and was in steady demand from
many who assume that favorable
railroad developments expected bN
wall Street generally will have a
direct influence in strengthening
the market position and dividend
outlook OF this stock.