The Washington herald., 1922-01-19
MARKED STRENGTH
IN llDUSTRIALS
FEATURE STOCKS
Irregularity in Other
Parts of List Likewise
Characterizes Mart.
MOTORS ARE STRONG
Coppers, Steels, and Sugars
Strong After roft-Taking
Reduces Early Gains.

NEW YORK. Jan. is.-Pro-
nounced strength in certain groups
of industrial stocks with 9me ir-
regularity in other parts of the list
characterized the stock market to-
day. Trading was active. Motor
and equipment shares were the fes-
lures in the early trading. some OF
these issues advancing from / 20 >
points. After profit taking had re-
duced these gains strength ap-
peared in other groups. such as
the coppers. steels and sugars. Ad-
vances among the latter class were
helped by another rise in the price
Of Cuban raws. Activity IN bonds
showed a falling OF and quotations
were slightly lower. Call money
was at az per cent throughout.
Goal Ia Long side.
For a time in the carly trading
the efforts of traders TO get on the
long side Of motor and accessory
shares amounted 10 a mad scramble.
Studeoaker and Chandler. the tive
stocks which started the movement
several days ago, made only small
gains while the others were beiur
brought into line. The big gamers
were international Motor. Pierce
Arrow. Bosch. Stromberg. Peerless
and Cleveland. The advice 10 buy
the last named stock came from
the same source as the bullish in
formation on Chandler last week.
Cleveland and Chandler are under
practically the same management
and both are reported 70 have
realized good results from the re-
cent automobile show. After the
early rise the motors. in common
with nearly. all other stocks that
had shown strength, reacted on
profit-taking.
Retrospeetiss.
The stock market of the past
week has upset the calculations OF
some observers who are usually
rated as the shrewdest IN the
Street. When stocks failed TO move
forward right after the first OF the
year brokers and traders went over
to the bear side in ever increasing
numbers until about a week agU.
sentiment was really pessimistic.
But even though IL was felt that
the market had no Incentive for
going forward bear operators were
unusually cautious in their commit
ments and the rank and file OF
traders. while believing that the
trend would be downward. pre-
fered to leave the market in pro-
fessional hands. Last Thursday the
market turned upward suddenly
and without any reason traceable
20 current events. Observers who
started TO talk general reaction as
FAR back as early December have
been converted to the belief re-
Gently that there Is still room for
substantial advances in many
stocks: that the present movement
has, for its purpose a more even
balancing Of the various groups OF
stocks. The spirit OF caution has
not vanished. but has relaxed
enough TO permit o. discriminating
commitments on the long side.
The financial community was In
terested today in a report that ef-
forts were being made to meet the
New Haven's s2T.5ss.Ooo debenture
maturity on April l by an extension
of the loan. IL was rumored that
negotiations are now under way
with a view TO extending that por-
ton Of the loan still outstanding in
French franc denominations and
that IL this move proves successful
| the same program VII be tried
with the dollar bonds.