The New York herald., 1922-05-18
FINANCIAL NEWS
AND COMMENT
Stock Market Broader-Turn-
over Larger-Coppers Strong
-Midvale Up.

The stock market had no dull mo-
ments yesterday, with a continuous
demonstration of strength among cop
per stocks. broadening of general busi-
ness with large expansion of the turn
over, compared with other markets OF
th~ week and a final sharp upward
surge OF Midvale shares to 7 points
higher than their lowest quotation OF
Tuesday. With the speculative follow
Ing already keyed to a high pitch by
steel merger developments. It was nat
ural that NIidvale's bulge should arouse
thoughts OF possible development akin
to the unexpected absorption OF the
Lackawanna Steel Company by the
Bethlehem Steel organization.
Dealings In stocks entirely over
shadowed events In other markets Cot
ton receded below Tuesdays final prices
excepting the May option. which is prac-
tically cash contract. The present ac-
tive demand for the staple for imme-
diate delivery was displayed in the rise
u,
a new high level for 1922. Grain QUOTA
tions were slightly irregular and foreign
exchanges acted similarly. the latter iap-
parently making no effort to discount the
results of the proposed Hague confer
ence. The same money rates prevailed
as on Tuesday. call funds being
plentiful at 31a per cent.
The strong advance of copper stocks
several gaining a point to 2 points, sug-
gested that the market was acting as
did steel shares two months ago. when
it became clear that large orders for
steel and iron were being placed. The
copper price. however, has not recorded
in its movements anything except a
gradual expansion Of consumption,
whereas the March buying OF steel and
the rapid increase OF operation from 55
TO 20 per cent. of capacity was a revela-
ton of changed conditions In the in
dustry. Speculation in copper stocks has
been stimulated by rumors of mergers
involving several large producers with
properties in this country and South
America, but the history of this years
market made 1t logical for that group
to be involved in the rise sooner or
later. The fact that several companies
have increased their output substantial
ly since the end Of March carries its own
information about growth of consump-
ton and a not immaterial item has been
the enlargement Of sales for export.
The weekly steel trade reviews con-
- g. -. .tAE1 L.
respect to the call for early deliveries.
The desire OF buyers to get their ma
terials in hand. the Iron age notes. is
bringing premiums and in addition to
the effect of that force on prices, In
creasing coal costs are advancing steel
prices In certain sections. Nevertheless.
coal production Is slowly growing and
the United States Steel Corporation,
while maintaining operations around 76
per cent. of capacity. has drawn to q
small extent only on its stocks accurnu-
lated prior to the beginning OF the strike,
seven weeks ago. The automobile indus
try is a larger consumer of steel this
month than II was in April and struc-
tural orders continue to expand.
Car ioadings in the week of May 6
were 755.749. decline OF 2,537 COM
pared with those OF the preceding week
but an increase OF 34.027 compared with
those Of the corresponding week OF 1924.
Again there was in the week OF May 6,
an increase OF coal loadings, amounting
to 22o cars. but the severe effect which
the strike has had is shown in the de-
cline in loadings of 40 per cent. from
the aggregate in the first week of May.
1921. The movement of merchandise
freight continued to make an excellent
comparison with that OF n year before.
but was nearly 1000 cars less than il
was in the final week OF April.