, 1922-12-07
STOCK TRADING
BUOYANT AGAIN
Oils Among Issues Recording
Gains at Opening of Trad
ing Today.

NEW YORK. Dec. Prices con
tinued their move to higher ground
n the more extensive dealings in to
days stock market. High priced In
dustriai shares made the largest
gains. the rails again tagging behind
the general list. Secretary Mellon's
report was construed IN the financial
district. as a bulIiah factor. sentiment
also being influenced by the more IA
vonabie domestic trade conditions. al
influenced oy increased a loRdnEa
and the latest earnings reports. and ,
bnore hopeful outlook abroad
Sales spproximated 1000. goo shares
NEW YORK. Dec IA buoyan;
! tone developed s stock prices at the
opening of today's market for food,
oil. independent steel. merchandising
and equipment shares in good de-
mand, Early gains ranged from / TO
, points. Corn products and Coca
Cola lead the advance In food shares
while Mexican Petroleum. up 3. and
Standard on Of New Jersey up IN.
headed the OIL group. Crucible and
Yanadium Steel each improved APP
proximately IL points and gains of a
point or moro also were noted in Stu
debaker. General Electric, American
Car. Sears Roehuck, Manhattan Shirt.
Van Eanlte silk. American Ship and
Commerce, Tobacco Products a.
Stores was pushed up 80 points.
Rails Jagged behind the rest of the
list but fractional improvement was
noted in Reading. Chicago and North
western were r~eactionary. Other
conspicuous weak spots were caiior.
mia Petroleum aud Continental Can.
each off more than a point. Foreign
exchanges opened strong.
Trading expanded as the morning
progressed. the rising tendency of
prices extending to groups in which
previously there had been compare
lively little activity. Realizing sales
in rather heavy offerings on
some of the leaders. notably Pan
American and Studebaker but these
were well absorbed by the fresh buy
ing power which came into the NAV
ket. The further rise in sterling ex
Change. more hopeful developments
nj the Lausanne peace conference,
the increased output of pig Iron.
which was regarded in some quarters
as fcreshadow'nS an expansion in
general bus ness and publication of
more favorable earnings reports, par
ticularly by Industrial companies, had
sa cheerful effect on sentiment. High
priced dividend paying siocka were
especially strong but there also were
a number of increases Of 2 to 3 points
in the less desirable investment Issues
Mackay companies was pushed up ga
points to n new high record for the
year and Mexican Petroleum climbed
six points above last nights close
while May Department Stores. Van
Raalte silk. General Electric. Stand
ard OIL of New Jersey and United
States Alcohol. all extended Their
earlier gains. Cali money opened at
\ per cent.
+. The market in tho afternoon con
t!nued to be stimulated by the favor
able Interpretation placed IN Secre-
iary Melons remarks and most
stocks ruled considerably higher than
in the morning. ~studebaker turned
strong and there was also heavy buy
Ing Of Baldwin. General Asphalt n
The shippings. Northern Pacific and
Great northern pfeieiESu'
were weak. Among the notaoie
gains recorded We're May Department
stores l0h to a new high level. Tide
water OIL 3; Standard Oil OF New
Jersey An; American Ice Al n
woolworth s&.
The closing was irregular.
Realizing sales in some quarters
caused material recessions in a num-
her of the leaders. particularly
Studebsker. in the later afternoon
dealings. Bullish operations, how
ever, were continued In other parts
of the list. strength of Corn Products
and Cosden Oil being the late feature
Kelsey Wheel, Peoples Gas and Cali
,fornia Petroleum were the conspicu'
Gus weak spots, all yielding ~ to 4