The Washington times., 1922-05-20
STOCK PRICES
CD FORWARD IN
ACTIVE MARKET
Broad and Active Trading
Feature of Short
Session.
BY w. 8. COUSINS,

Copyright, 1922, by Cosmopolitan News
Service.)
NEW YORK, May 20.-The stock
market in today's short session was
under the influence Of the specula-
tive enthusiasm which carried prices
forward to new high levels in the
preceding days of the week. The
opening was one of the most Wig.
orous that has been Witnessed for
many a day and under Il heavy ac-
cumulation Of buying orders, initial
prices were as much as l3s points
beyond the final ratings IN yester-
days market.
A demonstration was staged in the
Doheny stocks on reports Of new
discoveries in the Mexican territory
and Mexican Petroleum and Pan.
American rushed into new high
ground in the first ten minutes.
Sales in these stocks, with Sinclair
Oil. New Haven. Republic and Mid.
vale fairly dominated the market in
the first hour, and first prices were
somewhat improved.
Appreciation of the strong finan.
cial position of Sinclair, together
with reports of new wells IN its ter.
I)tory. led 10 an enormous demand
for that stock today AMI on heavy
transactions 1t made a new high at
36. Sinclair owns a tract in the
famous San Miguel district, which
is said to be very promising, the
Pierce Oil Company having located
a we'll that is rated as ona of the
best in Mexico.
New Haven occupied the same
position in its group as Sinclair In
the oil shares. On enormous de.
mand from various sources, based
upon reports that both Canadian
Pacific and Pennsylvania were seek.
ing to acquire control OF this com.
pany, New Haven was bid up to 81
in the first hour. Reading was an
active participant in the advance
in this section, selling up to a new
high at 50; Delaware and Lacka.
wanna scared three points more To
128 and Great Northern preferred
advanced to TN. st. Paul common
and preferred made a good showing
in today's market. the preferred
selling at ASK and the common at
3S%. Republic Steel suffered a re.
verse OF about four points wnen the
news of the withdrawal o. Ioungs'
town Sheet and Tube from the mcr-
ger was published, and Midvale got
down close to 40 compared with yes
terday's high of 43. Both of these
stocks made a partial recovery from
these low points. Trading in the
other steel shares was in smaller
volume. 1t is thought that the
consolidation plans for the five re-
naming steel companies will 10
abandoned, in which cass Bethle-
hem Steel may absorb either Mid
vale or Republic or both.
United States Steel made a good
showing at the opening by an ad.
vance to 1918, after which it re.
ceded to about l01A, at which price
most of the days transactions were
made. 1t closed at 1915.
The copper stocks were slightly
higher on a comparatively smaller
volume. Railroad stocks were IN
the lead at the close. United Cigar
Stores, which has been inactive in
recent weeks, sold rs points higher
at 1876 on a few transactions today.
Industrial and Railroad bonds
were in good demand IN that section
Of the markets. The Great North
ern 51s s. sold at 1905, the Z per
cents at 1O9L9: New York Central
SIS, at 95h, while the per cents
were sold at 1O2A.
In the industrials, Chile 6 per
cent sold at 80 and American Sugar
6's at 100S. Local traction bonds
were slightly higher.
The first Az per cent Liberty
bonds sold at $3.50, second ~ s
at S99 sc, third Al 8 at 5000, fourth
Az s at 1892, and the Victory A g