Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-21
MANY new HIGHS
IN UPWARD SWEEP
BuIIish Demonstration Given
Fresh Impetus Under Leader
ship Of Steel
New York, Feb. 21.-Holiday influ

New York. Feb. 2l.--Holiday inAu.
cnces, prospects Of tighter money,
profit taking sales were all swept aside
by the momentum of the upward sweep
in today's stock market. There was a
decided broadening of the speculation
with the rising trend. and In virtually
every quarter of the list the line Of
least resistance was clearly upward
A number of the leading stocks 65e,i OF
the representative and speculative class
broke into new high ground, several
reaching the best prices touched In sew
eral years.
No matter what may have been inHu-
ences or the motive, the forward swing
was Of convincing and comprehensive
character. The leadership embraced
some of the most popular favorites. in
Guiding such representative shares as
Union Pacific and others Of that type.
In the more speculative class Stude-
baker and Baldwin Locomotive were
outstanding features. Both had a pro-
nounced invigorating influence upon the
several groups they represent.
The persistent recovery in foreign
exchange supplied strong bulwark,
but from n sentimental point of view
possibly the greater inviEoration was
derived from the remarkable recovery
which had taken place in the grain
markets. This is regarded as highly
important both from a fundamental and
economic viewpoint because 1t Is felt
it. will have the same rejuvenating in .
fuence in the Western section as did
the flare back In cotton in the South
ern section last fall.
In a point Of prominence, the equip.
ments were the star performers, Bald
win Locomotive. American Locomotive
| and American Car and Foundry each
touching the high point Of the year
! The movement was communicated tC
| General Electric and Westinghouse
which likewise mnde new top figures
| But as the morning advanced 1t be.
came evident those behind the con.
structive movement were working ir
concert, making the position OF the out
standing short interest more and more
untenable. The demonstration wa!
made to appear more forcible because
the rank and file had generally LOOKED
! cause of the holiday tomorrow ana th'
natural profit taking.
The real signal for the extension o.
! the bullish demonstration came. wher
Steel reached "a, which stimulated re-
| ncwed buying Of other steel shares. N
we'll as the equipments and motors
! Sugar. leather and textile shares alst
! strengthened and swung into line, o.
did the mail order stocks. In the latter
the shorts were given hard punishment
South Porto Rico Sugar, Hide ant
Leather preferred, Central Leather
American Woolen. Sears Roebuck ant
Montgomery Ward rose I to almost 4
points.
The local utilities were the onl.
weak features, the various tractor
stocks and bonds falling = to points
as result Of the cut In the valuation
announced by the transit commission
Seneca Copper and Columbia Gas wer'
also noticeably heavy.
The market experienced a sharp set
back shortly after midday, when Mcxi
| can Petroleum suddenly dropped
! points on active selling. Rumors wer
circulated that there was another hitcl
| in the settlement of the exports oil tn:
negotiations, and Il prominent engincc
/ gave doleful picture Of salt water ii
the Mexican wells. Other shares weak
cncd sympathctically with particula
heaviness in Pan American, Atlantic
! Gulf. United Fruit, and Crucible Steel
Resumption of pool operations in Amer
! lean Ice, Corn Products and severa
of the low priced steels caused sub
seuuent brisk rally all around
Dividend paying industrials and rails
especially United States Steel. Cana
dian Pacific, Union Pacific and Reading
rose to best prices in the final hour. !
drop on call money rates to Az pc
cent gave fresh impetus to the ad
vance.
Exceptional breadth was also showl
by the bond market, the trend In tn
main being upward, especially TO
foreign issues. Belgian Governmen
6's and French Government 71a's wer
at new high records. japanese Gov
crnment 1st, I'd and 4th Ans wer
strong, the latter gaining IN points
French and Swiss municipals an,
Chinese and Chilean bonds also i'm
proved. Missouri, Kansas and Tcxa
issues again led the railway division
the I'd As gaining 4 points. and tn
certificates 2 points. The severe shrink
age in the valuation Of the local trac
tion companies made by the Trans
sit Commission caused losses of I t,
~. points, Interborough CONSOLIDATED
4h's, Manhattan Elevated As an,
Third avenue adjustments being mos