The Washington herald., 1922-05-16
PROFIT REALIZING
IN INDEPENDENT
STEELSfEATURES
Losses of From 2 to
Points Mark Group.
Irregularity Exists.

NEW YORK. May 1s.-Pront-tsk-
ing In the stocks OF the independent
steel companies was the ouutsnd-
ing feature OF the day on the Stock
Exchange. The movement was In
evidence from The start and gath
cred strength during the last hour.
Losses Of from TO 4 points oc-
Cured in this group. Much Irreg-
ulsrity existed over the rest Of the
list during the morning, The con-
dition persisted to the close. but
recent speculative fsvorftes. such as
equipments and motors lost a point
or two. Sales ran to about 1,oeo,-
600 shares. Bonds were relatively
quiet and also were irregular Call
money ruled at az per cent
throughout.
Cheerful Mood Evident.
WaIi street began the week in n
more cheerful mood than Il has IN
some time. The attitude OF the mar
ket fraternity was in strong con-
t to sentimnt a week ago when
the teeling Of uncertainty which
Illuminated in the sharp breaks Of
Ay ana Wednesday was quite
ppaen,' This mornings market
was still under the stimulus which
came to the market las, Thur,d,y
with the announcement of the Beth
lehem- m-Lackawanna steel merger
but there was a broader ,cope 20
the trading and the influence Of the
steel merger was not so dominat-
ing. Most OF the independent steel
ISSUES reacted a point or more, he
havior not 20 be wondered at con-
siderinE the extent and sudden
ness Of the upturn in this group, but
with this exception prices generally
held up well during the morning
and may issues showed fractional
Improvement
Merger Discussions FIND Fsy,r
Discussion OF mergers, possible
probably and otherwise, IN the IA
vorite indoor sport IN the financial
district at present Scarcely a sin
gle habitue OF commission house
customers rooms but has his own
theory as to the next combination
TO be announced. II Is generally
believed that notwithstanding the
detection Of Lackswanna. the six
company steel merger which has
been rumored for several weeks
viii go through. This h supported
by the statements Of those believed
to be in position 20 know some
thing OF the plans Of the interests
concerned and also because a third
conb'nation is believed to be the
only salvation certain Of the in
dependent companies in view OF the
fact that they must now face two
strong combinations instead Of one
In fact. IL would not be surprising
TO see those who have hitherto held
out for what the other members OF
the proposed combine regard as i'm
possible terms revise thir demands.
Combinations in the steel trade
naturally bring to mind the copper
companies as a field for possible
combinations and there is a good
deal of discussion OF the possibili-
ties which the group holds out
However. nothing authoritative has
been heard on the subject As re-
CARDS the oil shares. rumors are
more definite. It is generally be-
lieved that changes in the control
OF more than one company have
been taking place during the past
two months.
Coppers Well Bought.
Meanwhile. there was good buy
ing this morning IN all the copper
issues. centering on Kennecott
This last. however, was based on
something more tangible than mer-
ger rumors. the reason for strength
in the stock being generally
ascribed to what are regarded as
good prospects for the placing of
Mother Lode conditino stock on q
dividend basis within a short time.
This company is one Of the low
cost producers, as Is also Utah Cop
per. and Kennecott owns 81 per cent
Of Mother Lode shares and has a
substantial interest in Utah. Even
al present prices, both these COM
ranies are said TO be marketing
their output at substantial proff1s
and their position makes the out
look for dividends on Kennecott
sufficiently definite to cause accu-
mutation OF the parent company's
stock