The New York herald., 1922-08-19
FINANCIAL NEWS
AND COMMENT
Stock Market Continues Up,
ward Swing-Pool Opera
tons Bolster Prices.

A strong investment element made its
appearance in the security markets yes
terday and bonds. while not tremen-
dously active were un6er steady ac-
cumulation all day Railroad bonds
were the leaders and many of them got
into new high ground Tor the year. This
is the first evidence of a demand for
investment issues in a fortnight or
more and as an important development
overshadowed BY a wide margin all
other factors.
In the first place, whatever part the
labor uncertainties may have played IN
the stoppage Of investment purchases
has apparently been overcome and the
sentiment reversed. Secondly, any fear
that the recent lack of interest in bonds
might indicate stiffening OF the credit
situation and consequent higher money
rates was removed.
In the stock market the persistent up-
ward trend continued. although the evil
dences Of public participation which
were so plentiful on Thursday were
more or less lacking. Owners OF
stocks. however, showed no more dis
position to sell yesterday than they have
on any other day in the last few weeks
and as 2 result what demand did make
its appearance was sufficient to put
leading issues from one to three points
higher.
The speculative community appeared
to look with favor on President Hard
ing's assertion that the right of the IN
dividual to work must be protected AT
all costs and that the countrys trans
portation lines must not be tied up. Buy
ing of securities assumed new impor-
tance after publication of the President
message and many of the leading issues
made new high marks in the last hour
There was considerable evidence ol
pool operation in the market. particu
| larly among some of the more highly
speculative issues, but this was more h
the way of encouragement to the public
than anything else. Nothing is cal
culated to bring outside buying into tht
market as quickly as spirited advance;
| in the leading issues of a speculative
character and shrewd pool managers
realizing this. believe the present to b.
an ideal time to plant in the mind o
| the speculative public the seed which
begets confidence and buying power.
United States Steel common was one,
more the feature of the day with al
advance to 104h, the highest in mor
than two years.s Steel for the monen
seems to have regained its position a:
market leader which it lost after tht
collapse of the big bull market nearly
three years ago.
With the exception of some of the
Mexican oil stocks and issues In which
specula tion in the last few days was
somewhat overdonc stocks moved gen
orally higher. There were few weaa
spots which were unexplained. Notable
among these was Worthngton Pump
which at one time was off more thar
five points from Thursdays close. Some
profit taking ensued in those stocks
whose recent advances we're greateI
than the average.
The money market showed new sigr:
OF easiness. Renewal rates were fixe
at 3 4 per cent. which proved to be ~,
high figure of the day. A late declin
brought the call rate down to per cent
Liberty bonds were slightly higher. re
gaining "A part of recent declines.
The market for cotton futures wal
exceedingly active, and in the early
trading gain of so points was scored
In the late trading. however. all of thi:
advance was wiped out, and at the closs
the various options were from 6 to i.
points off on the day.
Sterling exchange experienced mod
crate reaction from the high figures D
the last few days. French and Belgian
rates. too,fwere slightly lower while tn
German mark continued its uninter
rupted decline making another new low
under eight hundredths of a cent.