The Washington herald., 1922-05-20
FINANcIAL
GENERALLY HIGHER
PNCESDOMmNATE
NSTOCK TRADING
Steel's Recovery to Allows
Par Regarded as Inn 9
portant Factor.

NEW YORK. May n.-rradtns fn|
todsys stock marker was MARKED
by another Increase In the volume
of .transsctions accompanied sy|
generally higher prices In nssriyI
all groups OF stocks. TIE break
common always hailed a. a marke y
innuence Of Importance was per
hsps the outstandIng event o. I'D
day. particularly as steel eontinued
its advance TO above iei. but almos
equally Impressive and In many a.
spects more important was thd
strength In the majority OF ths
railroad issues and the sctivftl
which this group exhibited IND
shares Of the independent stse1
companies were stiil active bu(
price changes in this group v~r9
relatively unimportsnt and they nd
longer dominated the trading. Th&
bond market also exhfbfte1
strength and volume. the only su
ception being the foreign isrus
which were dormant A rsxhs}
marked easing on money rates va
a material factor in the days mar
ket operations. call money faIlin.
To per cent after opening st ~
The az per cent rate was resumed
shortly before the close be~sver
while the rate on time loans VA
also marked down, funds for u
shorter msturities being svsllsbi
st less than 4 per cent for the Ore
time In nearly I've yeara
Dariy Mayt Bree4 s.l ssp..~.
This mornings market va. IN
broaoest and strongest In mAn{
weeks with Steel common resunlI
ing the position Of market leader.
ship and not only breaking throurl
par for the second time this yes
but carrying the advance NOR
than q point further IN q larre
volume Of snsaoesonA the seen
was set for a buIlish demonstratsor
and trsdsrs on that side made IN
most Of IT, Nearly every Kroup d
stocks was taken In hand and ne
highs for the year were made b
ing. Independent steel tssues we'd
not 90 prominent az they hav
been during the past fe~ days. q
though they were by no mean
neglecaed- Coppers continued stron
at the high levels estaslssheo yes
terday: there was . revival IN N
rally; several Of the oil Issues mad
new high, and % ala General Nd
tors.
The opening was marked by RID
activity IN the rail issues at frs<
tionslly higher prices D>lavsr
Lsckswanna and western. hev
ever. opened up more than a poir
and vss advanced soother point b
fore the end OF the nrst hour. Tn
floating supply OF this stock
small and Q relatively small volur
OF buying 10 required 70 drive n
was accompanied by a report IN
spbeta ntial extra dividend some q
Inmates of the amount being
high as 30 per cent nCion Plcid
which many market observers COZ
slider 20 be selling out OF line VIII
the other standard dividend psj
, ing rails was another strong spd
advancing nearly q point Ac1vi
In New Haven continued and Soutt
ern Pacific advanced to within
fraction OF the years high Aft
action which the Interstate Cor
merce Commission win take =
gsrdinG rstes, traders w~rs oirc
latng q rumor yesterday eha the
will be no rate reductioa at al
New securities offered this ve
vfll total only about tbt.ooo.oce. Il
smallest amount Of new Issues o
fered here In any week since Il
middle of April with Offering
Sl<l.ooo. 900 last week. tl7o. .ooo. o.
the week bsfore and tfi6.eoo.e o
during the last week Of Aprfl. 4
pause In the Succession OF new
sues wss welcomed by dealers VI
have been enabled 20 make q TO-
deal Of hesdwsy on the accunui
tions which were SeginninG 20 pi
up on their shelves
The stock market established
new high average for this NOV
ment in yesterdays trading a
thereby made a record In the dur
ton Of an upward mo~sment