Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-03-03
STOCK MARKET
ACTIVE AND Strong
Many Equipments and UtIll'
ties Join in High-Price
Trend. ..

NEW YORK, March 3.-Gains OF i
to points were made by various is
sues at the active and broad opening
of today's stock market, even the
.teeIs going forward. despite yester-
days suspension of the Sloss Sheffield
: preferred dividend.
Leaders of the early advance in
! GUIDED Crucible. Gulf States, Lima Lo-
Connective. Computing Tabulating,
tieuston Oil. American Wooden, Amer
tcan Sugar South Porto Rico and Con-
Iinental Can.
Investment rails rose only frac-
tiOnally, but secondary shares, nota-
= bly, Ann Arbor preferred and New Or
leans, Texas and Mexico, gained Ia
and points, respectively.
Excepting German marks, all Tor
eign exchanges were higher In pre-
1iminary quotations.
Selling for profits was in evidence
during the morning, but the market
strengthened and became more eN-
pansive. Many equipments and utili-
ties were added to the long ilSt OF
higher prices. New York AIR Brake,
Consolidated Gas. Laclede Gas. West
ern Union and american Telephone
rose 1 to gig points.
Steels. sugars and specialties. the
latter including National Cloak and
Suit. Remington Typewriter, Otis Ele-
johnson gained l to , L points
Oils also were higher by l to 3
points, Transcontinental excepted.
That stock was hquidated in blocks
of 1000 TO 10000 shares at a decline
of l. points.
Buying of rails was limited to low
priced issues, especially Ann Arbor
common and preferred and Western
Pacific, Canadian Pacific showing
moderate pressure.
call 0npnp6 Az, cent.
REALIZING SALES.
All markets were more or less at
fectcd at intervals today by specu-
lative realizing sales. This selling
did not impair in all instances the
,notc of underlying strength which
the past month. The stock market
stood up rather better than the rest
under this trial of its powers of abb
sorp1ion. However, even in stocks, it
was a very selective movement A
large part-in fact. more than half
the list-was scarcely taken up at
all. In the groups picked out for
attention pools and special operators
found no difficulty in marking up
prices.
for the year, not because of any de-
velopments in the immediate trade sit
uation- but merely in consequence of the
growing feeling that the old surplus of
and that the replenishment of stocks
throughout the world will necessitate by
summer a considerable advance in sugar
quotations.
Tire shares were favored by reason
Of private reports that most of these
companies have been doing very much
larger business since the first of the
year tnan they were in the correspond
ing period of 1921.
Rate Drop Features.
The most important incident of the
day was the further lowering of
money rates and the prompt response
TO this decline which came in the bond
market. The reduction of the rate on
standing loans from 44 to Az per
cent had been foreshadowed by the
per cent quotation late yesterday
ON loans for the day only.
\ 1t was rather interesting that this
easing Of stock exchange credit
should have come in face of the signs
of AN increasing demand for money
elsewhere.
This demand was instanced by the
further expansion in note circulation
and the fall in the reserve ratio re-
in its weekly statement.
1t is easy to understand the con-
nection between these growing de-
mands upon the banks and the re-
ports of gradually charging mer-
camille business. But the question
is now whether, in view of this sit
uatiOn, interior institutions will feel
like accepting Wall streets reduced
bid or whether they will not start
drawing down their New York bal
anceS-