The Washington herald., 1922-01-22
TONE
WIPES OUT PART
OF PREVIOUS GAINS
N. Y. Traction Securities,
However, Supply Market
With Features.
COPPERS ADVANCE
Dividend Payers and Lowest
Priced Issues Gain From
ThuF
One TO Three Points.

NEW YORK. Jan. 2l.-Part OF
yesterdays extensive gain in the
stock market was lost by a major
ity Of the issues actively traded in
during the two-hour session this
morning. The market was not
without its strong features. how
ever. for IL was TO have been e1-
pected that the overnight optimis-
tic statements bearing on the trac-
tion situation would be reflected in
higher prizes for stock OF the
Greater New York companies. The
copper stocks were given the same
kind Of support that resulted In the
general rise in the issues Of sugar
companies yesterday. From the
dividend-psying issues down TO
stocks of the lowest market rating
the coppers moved forward record
ing net gains OF TO , points. To-
days chapter in the Gulf States
steel AFFAIR was a loss Of points
from yesterdays closing. 26Iz points
from the high level reached on FRI
days sensational advance. The
other steeIs reflected general profit
taking along with the oils. motors
and miscellaneous industriaIs. Frac-
tionaI losses were noted in the rail-
road list.
Review Of Week.
Covering OF shorts apparently
had much TO do with violent ad-
vances in many stocks since the be-
ginning Of the week, but this COW
ering apparently did not come from
what has been so often designated
as the wall Street district. Reports
were current yesterday and the SEN
sational movements in many indus
trials that those speculative COrpo-
rations and establishments WHOSE
business consists wholly Of trading
against customer accounts must
have been put in an extremely NuI-
nerable position by the change
which came 10 some OF these estab-
lishments since the beginning Of the
year had made buying in OF stocks
60 cover shorts for their account an
imperative necessity Rumors were
current for several days past OF
further disasters in. addition 10
those Clready recorded are pending
among those who are prominent iu
this character OF business. II was
suggested that the whole situation
may be the result OF an organized
arrangement in which many impor-
tsnt interests Joined 20 bring about
this very condition
Merger RumOrs.
Rumors and reports about pend
ing mergers became more definite
in the past few days. when there
were semi-authorized statements in
regard to the proposed consOlida-
tions in the sugar industry. and
some Of those concerned in the
management Of a group Of impOr-
tsnt COpper-produCinE companies
which are now practically held by
one group Of owners. II was ca
pected that formal announcement iu
regard to the steel merger that has
been under consideration for 50
long a time will be made within a
few days.
Money.
Another period Of comparative
stringency was passed through in
the money market during the week.
when callN money on THURSDAY
moved up from AZ per cent il re
newal rate. TO 6 per cent before the
close. This movement followed
calling Of loans on a fairly large
scale. hut money brokers attributed
the contraction and aScommodation
To a withdrawal Of funds from this
city which they thought was 4 nat
ural sequence to the decline I'm tho
money rate 10 , per cent a short