The Washington herald., 1922-08-20
FINANCIAL
DIVIDEND PAYING
RAIL STOCKS MAKE
SENSATIONAL GAINS
Majority of Carrier Is
sues Sell at Highest
Prices of the Year.

NEW YORK, Aug. 19-Stocks
moved forward in Impressive fash
ion during this mornings short
session. the advances in many of
the standard dividend paying rail-
road shares being little short of
sensational. The majority of issues
in this group sold at the highest
prices of the year and not a few
of t.em gained two points or more
ever the best previous quotation.
As a whole the industrials Jagged
somewhat behind the railroad
shares but there were many strong
spots and during the second hour
of trading many of the industrials
came forward with q rush.
Call Money.
Call money ranged during the
week at 31z to per cent, lending
yesterday outside of the exchange
at per cent the same rate at
which 1t was supplied on the
board. Early in the week a small
amount of call money was loaned
outside at "a per cent. The out
side lending, however, had been
brought down to a small volume
because banks generally are not
anxious to place money at the low
rates now prevailing. The total
amount of call loans made yester-
day was unusually small. being less
than S15.00O,000.
Conditions prevailing in specula-
tive circles generally narrowed
down to representing activity of
a small trading element on the
floor of the Stock Exchange and
to groups of commission house Gus
toners. What are referred to often
as market leaders. have taken
little part in the trading during
the past week. even where closely
held stocks have been forced into
prominence and made substantial
gains. 1t was noted by some OF
the active money brokers that
commission houses just now are
carrying a larger number of stocks
than had been the case for some
time. Interests that are often be-
lieved to hdetermine market tone
and direct price movements have
apparently held to a waiting pol
icy, some of them asserting that
they would refrain from market
activities until after the labor sit
uation is definitely settled.
Retail stores Merger.
Formal announcement was made
few days ago of the completion
of the merger by which the prop
critics of the United Retail Stores
have been absorbed by the To-
bacco Products Company. Holders
of United Retail Stores had the
choice of exchanging their shares.
half for Tobacco Products ordinary
stock and half for the per cent
"A" preferred stock, or all COM
mon stock, but the large holders
of United Retail Stores took the
ordinary shares wholly in ex-
change for United Retail Stores
issues. 1t was said by those con-
cerned in carrying through this
merger that the revenue from
United Cigar Stores will provide
for all but 100000 per annum of
the requirements to meet the per
cent dividends on the "A" pre-
ferred stock of the Tobacco Prod
ucts Corporation. The remaining
revenues of the Tobacco Products
Company which have been suffi-
cient to pay s per cent on Tobacco
Products Common will all be ap-
plicable to the new Tobacco Prod
ucts common shares. The output
of the high class brands of To-
bacco Products so far this month
are reported asa double the output
of the corresponding period last
year.
Recent strength in II. r. Mallin-
son and Company is attributed to
the appearance of number Of
new interests which are said to
have taken a considerable amount
Of the stock out of the market in
the past few days.
May Grant Triple Holiday.
Wall Street for the third time
this year entertained hopes that
the governors will grant an extra
holiday. On two previous occa-
sions when legal holidays came on
Monday, Memorial Day, and Inde-
pendence Day. petitions were
signed by nearly all the active
members of the Exchange request
ing the governors to suspend busi-
ness on the Saturday preceding
those holidays. These petitions.
however, were refused. A similsr
petition has been drawn up and
will be submitted to the governors
of the Exchange on Wednesday
next asking the closing of the Ex-
change on Saturday. September 2.
which would give not only Wall
Street but all the various districts
In close touch with Wall Street a
triple holiday. as other exchanges
would follow the lead of the Stock
Exchange and triple holidays would
he granted in nearly all the lead
ing cities of the country. Since the
new stock exchange addition has
been in construction the idea pre-
walls that the governors will close
the exchange on some of these de-
sired occasions in order to tear
down the wall between the new