Evening star., 1922-05-26
BROADER Market!
|NDUSTR|ALSLEAD
Speculative Pools Operating
in Oils, Sugars and Coppers.
Rails Steady.
BY STUART r. WEST.

NEW YORK. May 26.-There was
no explanation for todays sudden
broadening oyt of the upward movea
ment on the stock exchange in the
outside news.
1t was merely the working out OF
position within the market itself
which had stood the test of week OF
more OF somewhat uncertain and hes!- .
tating price changes.
The way professional Wall street
interpreted the days happenings was
that speculative interests which have
been conducting the campaign of the
last four months had not relaxed THEM
control. and that whether or not they
were getting the outside response
hoped for, they were still able to mark
up prices with considerable success D
On other days these pool activities
had been devoted TO comparatively
limited number of individual stocks
mostly of the so-called specially type
But today they abruptly reached out
SO as to include at one time or anotE-
er the greater part of the list. The
principal gains occurred in. the OH
shares. ia some of the motor anH
equipment issues and the tobaccos.
Industrials Lead.
Yet decidedly more interest wac
shown in other groups, like the su.
sars and the coppers, which had beeI..
inactive all the early part of the
week.
A few of the w-priced rails were,
again dealt in in a large way. and. as
a rule, at rising prices.
The rest of the railway section.
while not prominent like the indus
trials, stood up very steadily.
This was significant in view of the
pessimistic comments which some Of
the railway heads had seen fit to-
make as to the effect of the 10 per
cent rate reduction
Even the sensitive speculative COM
munlty has got SO used to this sort
of talk that it refuses to take it at
face value.
Larger Trading.
There was considerable incrsase ir'
the volume of business also In the
bond market and prices were some-
what higher. Apparently certain in
vestment operations were undertaken
latest offer of Treasuery certificates;
II was relief that this issue was re-
stricted to S200.000,000. This was less
than had been looked for in the light
of estimates that more than twice as
much as that would be needed TO
make up the Treasury deficit at the
close of the fiscal year.
Old Leaders Stronger.
To the minds of professional trad
ers the thing. which counted most
in the situation today was the taking
up of old leaders. which for the last
week or more had been lingering in
the observation-disclosures Bald
win Locomotive and Mexican Petro:
leum. When these stocks came TO the.
front again. the idea spread that the
big interests were still as keen as
ever about the general market and
We're infusing new life into the specu-
lation.
Specially Moves. -.
Alother remarkable jump in Amer
lean Ice preferred revived discussion
about the new capital adjustmeu,
that has been in the air for soma
time. per cent cumulative
stock, on which dividends cannot be
increased, was obviously pretty high,
where it was selling today, well iYa
the sos. On the basis of simple in:
vestment return il was quite out
of line with other s per cent preferred
industrials. This gave more support.
to the notion that Ice preferred is
to, be retired either in whole. or 10
an extent sufficient to shift the ball
ance of voting power 10 the common
stock "
Crossing 60 for the first time. Coca
Cola shot ahead rapidly. The move
was founded upon the expectation OF
a dividend increase. =.