Evening star., 1922-02-27
TRADING IS ACTIVE;
NEW HIGHS SCORED
Steady Buying of Rails, Oils
Equipments, Shipments
and SpeciaIties.

NEW YORK. February e7.-I.as
weeks active and broad upward
movement OF popular issues mad J
iurther substantial progress at IN J
opening of today's stock market
Rails, motors and oils continued ID
feature the rise. several of the see
ondary transportations, as well a
Studebaker and Sinclair, making higiI
records for the year
American Locomotive. General EIecj
tric, American Wooden and Mark Q
Street Railway prior preferred roSJ
L to almost . points
Foreign exchanges were buoyart lrI
me preliminary quotations, rcfircitnd
relations.
Trading became feverishly activa
| during the morning, the first hour ]
sales approaching 350.00o shares,
steels resumed their rcacronary
course of last week, Bethleh. IA.
crucible. Gulf States and I.ackal
wanna losing X to . points.
This was more than Offset. however
by steady buying of rails, oils. eGuir-
ments; shippings and prpmnci (
specialties. Canadian Pacific, Tex.
and Pacific, Missouri Pacific corl,n"r,
and preferred. Pere Marquette AID
| chicago and Alton gained L To IL.
points.
Standard Oil of New Jersey, Mexi-
can Petroleum. General ASphait
Royal Dutch. Shell Transport. Ne :
camille Marine preferred and Amer :
can International rose l to points
and Sears, Roebuck. May Department
Stores and California Packing made
similar gains.
Call money opened at ) per cent.
Buying Is General.
The buying movement WAS ac,i.sIy
resumed in all directions. with the open
ing OF the new week. On tn" stock ~
change the advances continued AL
though intersperSed with periods al
heavy profit-taking and partial re-
action.
Another extraordinary rise occurred
in the foreign exchanges. with sterling
up TO cents more and with similar
new high Records for all the other al
lied rates.
This simultaneous advance in the fog
eign currencieS was accomplished again
by an enthusiastic demand for foreign
government securities, both those dcall
in in London and Paris and the ex-
ternal loans in New York.
This very general buoyancy sigri-
fled the conviction that even the va
rious striking upward movements OF
the last six weeks had not yet meas
urcd the possibilities of world eco
nomic recovery suggested by deVel-
opmentS since the first of the year
No doubt operations in all the mar
kets contain d large element Of pUr.
speculation. but it is speculation
based upon sound principles.
The quick disposal of the $4,000 OCT
guilder Dutch loan WAS an incident
of the day which demonstrated that
available investment resources Ar.
far from exhaustion, despite the enor-
nous drafts upon them during the
last six months.
Liberty bonds went higher. espe.
O. 8 i.
Call money was still maintained al
3 per cent.
Nearly all the brokerage advice.
which went out from Wall street this
morning were bullish on everything
but the steels. This group was dis.
criminated against on account of IN,
disappointment felt at the passing O,
the Republic Steel dividend and tn,
accompanying statement that th'
company, despite the apparent turi
for the better in the steel trade. wa
still not operating in black figures
There was heavy selling Of Crucible
Republic and Bethlehem B., with
rather sharp break in Lackawanna
Steel common, selling eN-dividend o
IL per cent. held its ground better
Vet did not resume its place of leader y
ship.
Until today copper shares had moi
participate ted sn the bull swing which
has been in progress for nearly 2
month. They had hung behind be
cause developments in the copper
trade We're disappointing. Instead o
the I5-cent copper talked of arount
Christmas time. the metal had beer
going down steadily since the frs
of the year-from IA TO l27s cents
However. there was prompt respons'
today. when announcement came tina
the Inspirat ton Copper Company hat
resumed the production of concen
trateS-
Although it will he three month.
before the Inspiration reaches aul
quantity output, the news that OPP
erations were to be recommended had
a favorable effect. 1t was taken Il
reflect the judgment that copper con
ditiopS We're better than they seemed
and that this would soon be shown II
the price OF the metal