New-York tribune., 1922-09-01
Stock Prices
Again Show
Upward Trend
Standard Shares Strong;
Equipment and Public
Utility Securities Continue
Rise; Mex. Pete Up 10

advance az will the speciality stocks in
which speculation. is usually most acute
and the inherently strong position of
number OF representative standard
shares gave TO yesterdays trading on
the exchange an aspect OF greater ad-
herence to the rising tendency recently
IN force than a checking of gains
against losses would justify. The ap.
proach OF settlement of the anthracite
coal strike was of general application
as constructive factor, and announce
nent that funds had been deposited
for payment Of Interborough's interest
created specific favorable responses in
the securities market. But there were
other influences in the news working
to unsettlement, as the Chicago G. Al
ton receivership, and the decision in
two situations being closely followed
by the financial district, the repara-
tions difficulty and the Federal Trade
Commissions inquiry into The pro-
jected merger Of independent stesi
companies, was deferred until after
trading terminated.
OF the important advances, the rise
of more than ten points in Mexican
Petroleum could be attributed solely
to pool activity, and a similar condi-
tion held true of other specialties.
The equipment and public utility
stocks, ON the other hand, went higher
under the influence of more basic con-
sfderations than the speculative cur
rents of the moment. Industrial shares
on the whole performed better than
the railroad group. The steel stocks
were hesitant on expectations of an
adverse decision by the commission,
justified by the subsequent event, but
firmed as traders minimized the effect
of complaint being issued on the
theory that it would be in direct OPP
position to the Supreme Court decision
| ON United States Steel. Chicago G. AL
ton securities lost further ground on
heavy selling, the common closing ~
points and the preferred more than
points lower, but the receivership was
recognized as an isolated incident and
caused no more than hesitation in the
cheaper rails.
Acceptance by the Reparation Com
mission of the Belgian proposal,
whereby Germany is relieved of actual
cash payments for the remainder of
the year, does little more than afford
temporary compromise, but the ac-
tion went beyond the limits indicated
in the advices received during the ses-
sion. 1t has tempered the immediate
crisis, but its approval as last re-
sort gives little assurance of an early
effective agreement on the reparations
question. The foreign exchanges were
weak almost throughout, as the un-
certainty of acquiescence by France in
moratorium continued, but rallied
slightly at the finish.
The session in bonds was coIorless.
except for the unloading of Chicago e.
Alton issues. Fluctuations were more
irregular Of late, possibly because of
the firmness of money. Call loans re-
newed at ~ per cent, the highest
since August II, and the rate was later
raised to S per cent as preparations
we're completed for to-dsy's payments.
Cotton was reasonably steady, but
the course of prices reflected hest
fancy on the eve of publication of the
Governments crop report. The close
was unchanged 30 8 points lower. In
the wheat market the September option
went below 81 on commission house
liquidation, unsettling the market and
causing net losses of " to B cents.