New-York tribune., 1922-02-16
Rise in Stocks
Aided by Easier
Rate for Money
Prices Advance as Activity
Expands: Temporary Re-
actiOnOvcrcOme: Strength
in Commodities Il Feature

Activity in stocks and bonds c.-
paaded yesterday under the favorable
auspices of frecr supply vi specula-
tive funds than has been available for
many sessions. The upward trend IL
stocks was further dcvelcned. advances
being rather more general although
in the case Of individual issues o. less
moment. than during the preceding
session. while prices Of bonds we're
unusually firm A temporary check was
met in other departments OF trading
| The force OF the rise overcame this
reaction IL tire commodity markets,
aoth wheat and cotton closing higher
on TIE day. but the foreign exchanges
III dull session shaded fractonally
iower.
Interest WAS lert to the trading in
stocks by group movements rather chan
by tie gyrations of the spccialtics, a.
though the latter were not neglected.
Operations were again largely under
the direction OF the professional ele~
,nert. which, in the absence Of important
found in easy money, the good earnings
statements Of several companies and
other diversified items the material on
which to predicate a rise Encourage
ment was also derived from the improved
sentiment resulting from the appreca
ton Of the foreign exchange the ad-
vance In grain and cotton prices, and
in connection with the outlook for the
railroads and some divisions Of in
dustry. Transactions reached an ag
gregate OF 7s7, 500 shares.
A renewal rate of AZ per cent for
cell money and the subsequent avail
! ability of funds q, 3ia per cent az
tracted attention to thc money posi-
ton. This interest was acccntuatcd
b. reduction in the Cleveland Re-
serve banks rate from to Az per
cent, bringing it 20 parity with the
rates at New YORK. Boston. Philadc-
phia and San Francisco, and by adviccs
from London forccastinr cut n the
! Bank Of England's rate. The easement
locally appeared superficial and could
no. easily be dissociatcd from the
accumulation Of funds by the govern
mcut in preparation for the maturity
today Of s25s, 100000 Treasury GER
tiicatcs.
The movement Of the foreign OK
changes was without significance. the
market turning dull. due to a general
uuvillrgncss to take position.
Sterling. after brief spurt to sl.36 "
for cables at the opening. rclapsed into
inactivity and gradually slipped to
$50. Closing at s435as, its loss on
the day was limited 10 half cent
Fluctuations in the other exchanges
were even narrower.
A measure of the strength developed
in tho commodity markets was fur
nished by the course OF wheat. The
opening vas unsettled, in sympathy
with reports from foreign centers, and
a period Of profit taking sales ensucd.
The resultant decline in price was
quickly checked as buyers rallied to
its support with an enthusiasm assisted
by bullish reports on crop conditions,
news of export engagements and in
creased domestic mill demand. The
close found prices rs to 2aa cents
higher, following the establishment Of
Lew peaks or the movement. Other
grains were strong. The experience
Of the cotton market was almost idcn-
tical rather bad break in the morn
ing was succeeded by general buying
and final prices revealed gains Of from
u to % points on the day.