The Washington herald., 1922-05-05
.N.YSTOCK TRADE |
BROADENS AS0lS|
CONTINUE FEATURE
Activity Remains Intense
But Recent Advance
Appears Checked.

NEW YORK May q. Although
oil shares continued TO be a fea-
ture Of the stock market today.
trading -oroadened out. somewhat
In the oils the activity was intense,
but the advance in prices wn
checked. Toward the close. IN fact,
these issues were heavy and gen
orally lower on the day. The rest
OF the list was irregularly lower.
Gilt-edged bonds meRnwhils held
firm, and certain Of the speculative
descriptions showed weakness. Lo-
cal fractions were. however. again
strong. Call money opened at +h
per cent, and was reduced to Per
cent during the fourth hour.
Strength in the various oil stocks
both Standard and independents
again featured this mornings mar.
ket. as has been the case for sew
erh days past. Standard OIL o.
New Jersey was the star perform
err but several OF the independent
stocks were close on its heels
toward noon there was some broad
ening Of speculative interest. ant
quotations OF oil stocks on the tape
were fairly well interpreted with
records Of transactions in other sc.
curities. Some OF the railroad
stocks, notably Southern Pacific
were more active than they have
| been for several days.
Some idea OF the importanc,
which the OIL shares have assumed
in the market recently may b,
gained by a comparison OF IN,
number OF shares Of these issue,
traded in during the FIRST two hour.
Of this mornings market. Up 4,
noon total sales OF Texas oil wer,
only a few hundred shares shor
Of the $4,000 mark, while more thar
$4,000 shares Of Sinclair Were sol,
, 81 the board during the same p.-
, Rod. United States Steel common
is. OF course. no longer the specu-
lative leader that Il once was. bu'
it is still among the most actlv,
issues on the board under norma
conditions. This morning, however
transactions in Steel CONNER
amounted 10 only $500 shares. les;
l than one thirteenth the volume q
trading in the most active OF
/ shares.
Newspaper Bond One1nE.
Newspaper bond Issues are some
thing new in the investment sscur
ity market. and the Offering D
S2.5oO.Ooo 2O-year first mortEar,
siz per cent sinking fund bonds o..
the Minnesota Tribune Corparv
| publishers of the Minneapolis TT.
I bune. made this morning BY Ha.
sey. Stuart and Company. Inc. at
tracted a good deal Of attention
] ~ -
! mortgage on all the property u tn,
Minnesota Tribune Company. am
/ also by first MORTGAGE on IN,
property of the Manistique Pulp an.
/ Paper Company, which is owned D.,
/ the publishing company and from
| which the latter receives It's SUP
ply OF newsprint. The bonds wer,
offered at par. to yield Ga per cent
International Mercantile Marine
Before he stepped ashore FROM
I the Homeric. early this mornir=
. President 7. A. s. Franklin. of rut
! International Mercantile Marin.
/ proceeded 20 demolish some Of IN,
theories which have been advance.
] lately to account for the buying n
: the c"mpanys stock. which mas
. forced both Ccmrrs- -rrr
issues 20 new high levels. Mr.
] Franklin denied u.-.srl.
any ARA nSement has been made. u:
Is in prospect. for the trausis. q
this country 81 surplus earnings ~
the British subsidiaries 50 as 60 -.
able the company TO pay the hsr-
dividends upon the cumulative pro
ferred stock. and he was equal .
Z certain that no enlargement % IN.
: company's activities in the dire.
tion Of Russia or elsewhere is con.
/ templated at this time