Evening star., 1922-01-20
BUYING Of STEELS
FEATURES MARKET

NEW YORK. January 20.-Gulc
States Steel resumed its sensationsl
advance at the opening of today.
stock market. The first transaction
showed a three-point rise TO So. dupli
eating yesterdays maximum pric,
After reacting one point. the stoc
rallied to 81, new high record.
Replogle. which is prominent
mentioned in connection with one ..
more proposed mergers of Independ
ent steel companies, suddenly Sho
forward on a succession of dealing
to Al, a gain of l01s points.
Within the first fifteen minut"
Crucible, Midvale, Vanadium, r.
public and Colorado Fuel register.
gains of 1la and points. 9th
stocks, including prominent rails ~.
specialties, were irregular.
Many Shares Change Hands.
Approximately 600,000 SHARES chan
hands during the morning and
character of the dealings was 7
miniscent of the exciting war peri"
Gulf States rose to 9o1a, bur bro
exactly 90 points on denial that Fn
interests were seeking control. r
plogle reacted points to "a. wipi
out the greater part of its gain. ar
related shares eased | to points.
Sugars. shippings and textiles wei
among the few other issues TO di
play more than ordinary strength
rails. oils and coppers becomini
heavy.
Gulf States rebounded to 1Si2 be-
fore noon, other steels rallying / IL
2 points Call money opened at :"
per cent
Suggestion of Merger.
Today. under very different condi
tions in the business world, II Wa
again the suggestion of merger deals
munity. 1t is known that some Of
these stories are well founded Ne
eotiations for a union of the lnde-
nendent steel producers have been in
progress for more than month ana
are believed to be approaching
conclusion But just what companies
are involved and at what prices their
stocks will be taken in are matters
which probably have not yet been
determined and. not being settled.
they afford plenty of room Tor the
Indulgence of speculative magma
tion.
There is nothing new. either, about
the reports of some sort of copper
merger which despite persistent deniais
the street is disposed to believe
But the discussion of possible deals
between the Cuban grower of sugar and
the American refiners were, for the most
part, "a brand contributing to the mar
ket situation today.
Back to Normal.
The fireworks were over after the
first hour. From then on the market
settled back into more normal
movement. The remarkable thing about
the later trading was that II should
have been so shaken by the CUR
States Steel episode and by the signs
lot inn in 10
steel and sugar shares. Had the IN
side position been at all vulnerable.
il could scarcely have stood SO severe
q test.
AS it was. after the violent reaction
following the early jump in the first
favorites of the day, the market went
back to its now familiar series of
group movements. One after another.
and squite methodically, there were
taken up the motors, the feathers
and the oils. But the diversion of
interest into these new quarters did
not impair the strength of the ola.
The sugars and the steels pushed
ings.
O6erings Are Absorbed.
There was some profit taking in late
afternoon dealings in stocks, which
was quite to be expected after such an
advance as had occurred earlier in
the day. But these offerings were alb
sorbed with very little reaction. and
interest was sustained by the ap-
pearance of fresh buying in new di-
rcctions not so much exploited.
In the last hour the shares of fer
tilizer companies and kindred issues
were taken in hand. likewise the bis
cult stocks. Meanwhile the oils were
very strong, and earlier favorites.
like American Sugar and the steel
stocks, made their best prices in the
trading toward the close.