The Washington herald., 1922-05-11
STOCK LIST LOWER
ASPROFESSIONAL
ACTIVITIES RULE
FRACTIONAL Losses Pre-
dominate, Speculative
Issues Suffering.

NEW YORK, May IO.-Trading in
stocks showed another falling of
in activity today. sales approximat-
ing only 100000 shares. Activity
was tnostly of a professional char
actefEand offerings were taken at
concessions. Toward the close frac-
tional declines were again the rule,
but number of the recent specula-
tive favorites were off 1 point or
more. Dullness also made itself felt
in ths bond market. Libertys re-
maifddg firm. but foreigns being ir-
regular and speculative description
heavy. Call money opened at 4 per
cent and was raised to "A per cent
during, the fourth hour.
sTrade Volume Smaller.
The volume of trading during the
morning hours today was greatly
reduced. and there were at times
long pauses between transactions
as reported on the ticker. Prices
were generally firmer at the open
ing, but both strength and activity
oozed away as the morning pro-
gressed. so that by noon fractional
recessions were the rule. The morn
ing's news, including a bullish crop
report, further advances in gaso-
Hne prices, and a more moderate
tone in the dispatches from Genoa.
was generally interpreted as favor
ing bullish activity. but the enthu-
sissm was short lived. The oil and
copper groups. however. were high
er. though without any great ac-
tivity at least. as compared with
Ia ef fro - he oil 1G
Westinghouse.
westinghouse Electric. normally
one of the less active issues, led
the market this morning with
Transactions in the first hour Of
some 10000 shares, the price firm
ing Ispoint. There was no special
announcement to account for the
strength and activity in this stock,
but il is generally believed that
westtBghouse has been securing
great deal of business during the
pastsfew months. While there has
been no actual change IN the rates
for time money, thirty-day funds
being, still quoted at per cent
and loans for longer maturity avail
able at AZ per cent. the amounts
offered are larger and lenders are
now willing to extend accommoda-
ton for six months at the "A per
cent, rate.
According to current gossip. the
spring housecleaning being conduct
ed By the committee on business
CONDUCT of the Stock Exchange is
by no means completed, and it
would not he surprising to find sew
eral Arms in liquidation before long
as ssresult of methods which do
not meet with the approval of the
auth6fities.
The Statement OF untitled tonnage
on the books of the United States
Steel Corporation at the close OF
business on April 80 was generally
regarded as very satisfactory by
the fnanciol community, the in
crease being slightly more than
eOO,oee tons over the booking for
the previous month. Third Avenue
stock Joined Brooklyn Rapid Tran
sit in ran advance this morning. B.
r. T has been bid up several times
during. the past few weeks on the
strength of reports of better earn
ings. but this is the first time that
Third-Avenue has been in company
with the Brooklyn.
In spite Of the many predictions
which have been made of a bull
movement in the rails which would
assume the proportion of the inn
provement in the industrial issues
since the first of the year. specu-
lative interest in this group has
contipped to diminish. TIE reason
OF course. lies in the impending
freight rate decision known to have
been under consideration bv the I.
c. G 'for some weeks past, and an
nouncement OF which has been ex.
pected daily since the first Nof the
month
Tnhlled steel Tonnage.
An Increase of 100000 tons in the
untitled orders of the Steel Cor
poratfon during April exceeds BY
approximately 25O.O0O tons the gain
in bookings during March. The
present amount of untitled orders.
5.O9s,eOO tons. is the largest since
the end of last June. The improve
ment has been achieved. further
more in the face of a higher rate
of operation. the comapny's plants
having worked during April at
something like 40 per cent of ca
pacity-
This rate of operation. which
lately has been Lapproximated by
the leading independents. has been
maintained during the past week.
The rate Of buying is. according to
the Iron Age, somewhat less than
during April. but this is attributed
TO buyers being covered for sew
eral weeks ahead and to producers
being well booked up. Prices are
nrmer, particularly in the case of
pig iron. which is easily affected
by the rise in coke prices. The coal
strike. however. is not yet an en-
barrassing factor as far as steel