The New York herald., 1922-09-02
FINANCIAL NEWS
AND COMMENT
Million Share Day Sees Trend
of Stock Prices Upward
Gas Group Depressed.

The usual pre-holiday slackening OF
interest in Wall Street markets did not
occur yesterday: Indeed, trading in
the stock market was on a larger
scale than It has been for some time
and the total Of sales was more than
100000 shares. This heavy trading
was done with some irregularity in
prices. but the trend was still upward
and large gains were numerous.
Although the reparations crisis has
not been a big factor in Wall Street.
good deal of the buoyancy In stocks
yesterday was undoubtedly due to the
relaxation Of the strain caused by the
acute situation in Germany. The deci-
sion Of the Reparations Commission to
grant a respite on payments amounts
to six months breathing spell for
Germany. The foreign exchanges
rallied sharply in response to the news
and French Government and munic-
ipal bonds rose with the price of francs.
The stock market probably would
have been more uniformly strong but
for one or two developments affecting
individual corporations. Public utility
stocks suffered serious setback as a
result OF the order of the Public Ser
vice Commission reducing gas rates 8
per cent on the average to sl15 a
thousand cubic feet. AS a matter of
fact. the reduction means little in
nj -
Gas Company. but probably it will
mean large increase In the good
Will OF consumers. Nevertheless, the
ruling caused heavy selling in Con-
solidated Gas and Public Service OF New
Jersey. resulting in a loss OF IA points
by the former and 2i4 points In the
latter. Brooklyn Union Gas also de-
clined more than . points.
The railroad and coal strikes which
nave been gradually losing their force
as market factors. had little or no
erect on stock prices yesterday Wall
Street seems to think that both strikes
are practically settled and that the be-
ginning of next week will see the shops
and mines again back TO normal. The
action OF some OF the low priced rail-
road shares and the semi-speculative
railroad bonds showed that the re-
ceivership OF the Chicago & Alton was
eth uppermost in the trading mind.
Tho Erie issues weakened to the cx-
tent OF ia points for the common stock
and there were loses slightly smaller
on the two preferred issues
On the other hand the better rails
gave convincing demonstration Of
strength. Chicago Rock Island e
Pacific perhaps attracted the most at
tention by It's rise of "a points on a
turnover OF some 22.OCO shares. Chicago
Norta Western was another we'll
favored Issue. The oil shares, which
We're prominent on Thursday, con-
tinucd their upward movement in the
early dealings. but wavered later.
Mexican Petroleum. at least, was de-
cidediy weak at the close.
Few reasons could be found for the
sharp advance in Mexican Petroleum
on Thursday save for the trapping of
a. fairly large short interest in that
stock and the expectation that within
a month or two the Obregon Govern
ment will be recognized by the United
States. Some OF tho industrial special
ties were strong notably Atlas Powder,
Liggett & Myers. Jewel Tea and Rem
ington Typewriter. The sugar and
copper shares were in demand.
The ruling OF the Federal Trade COM
mission aginst the proposed merger OF
the Midvale. Republic and Inland Steel
Companies lost its sting as n market
factor. United States Steel common
advanced to within easy distance Of
its years high. In the face OF a bullish
condition report from the Agricultural
Bureau. showing a decline in condition
OF from 1oS per cent. to 81 per cent. in
month. cotton prices broke badly.
Call money renewal rates We're AZ
per cent. and there was later an ad-
vance TO . per cent.