Evening star., 1922-05-23
SOME HESITATION
IN STOCK MARKET
Buying Operations Said to
Cover Profit Taking
Elsewhere.
BY STUART p. WEST.

NEW YORK, May 23.-The rate on
call money renewals was advanced
today from 3h to per cent. but the
incident passed unnoticed in the Sc
curity dealings.
The important thing is not the quo
tations on bank balances loaned out
from day to day, but the rates on
fixed loans, and these were not
| changed either Monday or today.
They remained at the minimum
levels reached toward the end of last
week
The most notable feature about the
trading in stocks was the way the
market lost It's excited appearance of
other days. Slacken of the pace
was altogether hopeful sign
Otherwise the days operations were
precisely the same sort that have be-
come familiar - up bidding of some
stocks, while realizing sales went on
in others.
me result was mixed price move
ment. but with the most important
changes on the side of advance.
Fries In Demnnd.-
There were number of interesting
incident in individual issues. Erie
securities. both bonds ane stocks
were in keen demand again for no
other reason. however. except a
somewhat belated recognition of the
change for the better in the COM
pany's earnings.
The Eries have always appealed
strongly to speculative Imagination,
representing as they do the one big
trunk line leading out of New York
the bonds and stocks of which are
quoted low
Always there is the suggestion of
some other system being attracted by
! these circumstances sufficiently to at
tempt TO obtain the control
Another incident was a sudden up
| rush in Republic Iron and Steel, due to
nothing more than gossip based upon
the separation of the Youngstown Sheet
Tube from the proposed six-company
merger.
The idea is that now others may
break away and be sought as members
of other combinations. With these and
few other exceptions, there was not
the same driving force back of ndi-
vidual movements that there had been
| on previous days. From q professional
symptom that the market should nave
Quieted down. 1t seemed to point to-
| ward a lessening of interest on the part
of the outside public. Profit taking
sales increased in volume as the day
went on.
Utah Copper Company directors meet
next week to act on the dividend. In
view of the resumption of mining and
the recent Improvement in copper
trade conditions, the street is dis
cussing the possibility of an increase.
In quarters associated with Utah
affairs it is not absolutely denied
that the rate will be raised. The sub
! ject is simply treated as an uncer-
| tainty which will not be settled in ad
vance of the meeting. with the
chances rather against than in favor
of such action.
Some people have been predicting
! confidently that the Kennecott Chile
copper merger was on the point Of
announcement. There is no encourage
ment, however. from authoritative
sources, for any expectation of the
sort. The deal is under consideration.
New York. Chicago and St. Louis
was one of the features of the low
priced rails. This move was based
upon the very good showing which
the road has been making SO far
! this year Reckoning from the re-
suits of the first quarter and allow
| ing for seasonal variations. Nickel
Plate is earning over SIT a share.
while paying So.
The same banking interests which
took over the NiCkle Plate from the
New York Central have recently
| Erie and Western. There has been
| a good deal of buying OF the lat
ter's stocks on the theory that these
new people will make a similar sue
cess of their latest acquisition.
Standard Oil of Kentucky direc-
| tors are scheduled to meet later in
| the week and place the stock on a
| dividend basis. In some quarters
the belief is that the dividend will
be the same as that now paid by
Standard Oil of Indiana. or 81 The
par value Of Standard of Kentucky
| stock was recently reduced from 500
! to s25.