The Washington herald., 1922-04-09
ACTIVITY FOLLOWS
SLUGGISH OPENING
NSTOCK TRADING
Indication of Leveling Up
Process Over Holiday
Given.


market opened In somewhat slug
gish fashion without transactions
In some Of the active stocks during
the first few minutes. Activity
rapidly increased. however. during
the first hour and before IL o'clock
the ticker was several minutes be-
hind transactions on the floor Of
the exchange. In general. the days
trading seemed to be a leveling up
process in which stocks which have
Jagged behind during the past two
days were bid up while those which
have been conspicuous were less
active Mexican Petroleum and
Gulf States Steel. both of which
had sensational advances yesterday,
were exceptions In that both con-
tinued their dizzy career dnring to-
days trading. Local traction shares
also continued strong with great
activity displayed. The bond mar
ket continued active and strong
with special activity in Inter
borough refunding 5s and the new
Czecho-Slovak bonds on a when is
suel basis.
Money.
Money conditions continued ex-
week, but the market. generally for
time money was without special
feature except tnat it pursued its
course in an orderly manner with
a large volume of business trans
acted. It was estimated that over
10000, 900 were placed In the Wall
Street district at Al per cent on
time loans of all periods extending
terday there was an ample supply
Of additional funds at that rate.
Call money yesterday ruled at "A
per cent on the stock exchange and
AZ per cent outside of the stock
exchange. The total amount OF
money placed on call yesterday was
s22,000,oO0 from both sources. The
transactions outside of the exchange
were just about equal to those on
the floor Of the stock exchange, a
proportion that has been maintained
for some time. There was an ex-
cessive supply Of money in both
quarters yesterday. s1,5oo!ooO being
left unloaned on the stock exchange
with large amounts of available
funds outside of the exchange re-
naming unemployed.
Gulf states steel
Leading interests in Wall Street
were called on to devote a good
deal OF attention to Gulf States
Steel because of the heavy buying
and violent advance in that stock
yesterday when IT made the great
est gain recorded on any of the in
dustrials. Accumulation of this
stock has been in progress at fire.
quent intervals since 1t sold below
80 only a comparatively short time
ago, and 1t was current report this
morning tina many of the interests
that have acquired large amounts of
the stock on the upward movement
had concentrated their holdings and
worked together in addition to the
accumulated STOCK Some OF these
interests state that the company is
now working to over so per cent
of capacity and that its earnings
have increased to a considerable
extent partly because Of proceeds
of sales of surplus ore and power
and byproducts. These interests
attached most Importance to esti-
mates of the reserves of railway
material which, according to some
of their statements, run into, very
large ngures-
InterborouEh.
Some interesting incidents were
brought out in connection with the
sudden display of activity and
strength in Interborough issues in
the past few days Many of what
are regarded as well-informed in
terests in the Wall Street district
were heavy sellers Of Interborough
stocks and bonds on Thursday be-
cause OF a belief that the manage
ment of the company had decided
to take definite steps to secure a
modification of the Manhattan
lease Those who believed in these
statements put out short lines of
substantial amounts and were
taken by surprise when the state
ments were published yesterday
morning carrying notice of new
measures intended to give the sys-
tenn relief from the burdens under
which il has been struggling for
so long a time. Those who are
supposed to be fully informed
about the matter told associates
that the action now expected to
RO into effect was not decided on