The Washington herald., 1922-05-24
LATE LOSSES MAR /;
EARLY EIRMNESS
IN STOCK MARKET
Predominance of Frac-
tional Declines Results
From Reaction.

NEW YORK. May 23.-with trad
ing somewhat less active and sales
running around i.5oo.oo shares.
the stock market again showed
strength in the morning and then
sagsed back in the afternoon. Dur
ing the strong phase gains Of
point or two were numerous but
fractional declines predominated Al
the close. There was some disposi-
tion TO blame the reaction on re-
ports that railroad circles sntici- /,
pate a 10 per cent reduction in
rates. but as industrials suffered
most this explanation hardly seems
likely one. what appears more
probable is that the market moved
with reference to its technical pos-
tion and professional influences
Call money held at per eens-
throughout and bonds were nrm
with several strong spots
Higher st openins. ~
The reactionsry tendency sx-
hibited during the last hour yester-
day did not last overnight and this-
mornings market opened at higher
prices. which were generally well
maintained during the morning
trading. Irregularity developed
toward noon. however. in many
groups. and some Of the railroad
shares cancelled their advance
earlier In the day. with the excepy7
tIon of Erie. which continued its
advance in q large volume OF trans-
actions. the rail issues were less ac-
tive than during the past few days,
Among the industrlals q fresh crop,
Of rumors regarding the indepeno-
ent steel mergers resulted in some
buying of the stocks supposed to be
concerned in the combination sne
substantial advances were scored by
Republic and Midvale. There ws>
decided tendency 70 irregularity
in this group also, however.
FURRY in Dividend Run~.
Announcement that the director.
/ OF Computing g-Tabulating- RECORDING
Company had declared a quarters
dividend Of s1-50. thus placing tbs
stock on a 9 per cent basis as com
J
1917. was followed by a furry 81
the stock. which advanced sharp
on a small volume Of transact
The company earned ts.7s on It's
/ zoo. 900 shares Of no-psr value stock
in 1921 as compared with Sll.s3 per
share in 1920. For the FIRST quarter
| Of the current year, however. In
creased business has brought earn
ing back 20 the 1920 level
Erie still puzzles the wlseacres
There is a large section Of waii
street which is usually able 10 fur
nish some more or less ingenious
reason for the market movements
Of almost any stock, but inquiries
as to the reason for the sharp ad
vance in Erie shares during IN
past three trading days elicit fror
this source only some very vagl
remarks about pool operation
Obviously. a strong group must b.
buying the stock. but the real ques-
| tion of interest is the reason for
their doing so. While Erie's show
ing for the nrst quarter Of the year
was most encouraging, subsequent
months are likely to ind the road
among those affected by the coal
strike and in addition the strike is
likely TO make a big hole in Erie,
other income for ls22. Altogether
the stage setting seems hardly
favorable for a mere market opera
tion in the stock. when comparisons
are made with some OF the other
| railroads
Money came down 70 per cent
at the opening after getting up to
per cent before yesterdays close.
Bankers declared that yesterdays
furry was the result Of the action
of out-of-town banks in calling for
balances loaned out here. Gail
money was again declared 70 be in
plentiful supply this morning. al
though there was some calling Of
loans early in the day.