The Washington herald., 1922-04-25
MINOR VARIATIONS |
ULTOfRRATC'
STOCK EXCHANGE
Firm Opening Succeeded
BY Evidences of =
Profit Taking.

NEW YORK. April ft.-sto.l,
prices underwent considerable rur-
tuations today. but the range Of Va
ration was not particularly broad
and price changes for the most nsr,
were not importat. Trading con-
tinues at a rate Of somewhat bet
ter than 1000. 900 shares a dav A
nrm opening was succeeded BY eyi-
dences Of substantial proft taking
Firmness returned by noon, bu, ar.
other recession In the Afternoon l,st
the whole list distinctly irreFular
Fractional declines predominated
but a number OF issues displaVed
marked strength. Among these wa,
New Haven, which advanced nearly
4 points. The bond market wa,
firm throughout with local trae-
tions the features. Call money con.
tinued to loan at an per cent untu
near the close. when the rate vrss
lifted to per cent The increase
follows Just a week Of al per cent
money.
Usual Resctssn Premature.
The Tuesday reaction appeared
nearly twenty-four hours ahead OF
time this week, for it bef1n inn
been established this morning and
continued until noon New highs
were established durinf the early
trading in several specislties. but
the movements in these stock
failed TO bolster the general list.
and within an hour declines OF a
point were general in most Of the
active stocks. Much Of the selling
was reported to be the result OF
taking profts in stocks bought
some time ago at substantially
lower prices, but there was also a
considerable amount Of short eel
ing. stock was well absorbed. how
ever, and about noon buying came
into the market which resulted !n
fractional Improvement in quota
tions.
New Haven Atvsnoe..
In spite Of the reactionary tend
ency Of this mornings market re-
sulting in the marking down OF
some Of the dividend-payInE rail-
issues a full point, heavy buying
Of New Haven carried the stock 10
new high price for the year. In
fact, New Haven established itself
as the market leader during the
morning trading, transactions in
the stock to noon being greater
than those in any other issue listed
On the board. The company
bonds. which advanced materially
last week. continued strong. as did
the New York. West Chester and
Boston AIS. which bear the New
Haven's gusxantee and which have
recovered some 20 points from the
years low price.
Two directors meetings are
scheduled for the current week
which will be watched with interest
by the market fraternity. First u
interest is the Studebaker meeting.
when the action taken will indicate
the policy OF that corporation on
the question OF what IL 20 be done
with the substantial surplus which
several months OF profitable opera
t!on have piled up. The Street has
apparently decided that common
shareholders are in line for q per
cent extra declaration In quarters
which are believed 20 be IN fairly
close touch with the Affairs OF the
company. Il is said that President
E-skine Is opposed TO an extra
dividend at this time. believing that
the interests OF all concerned can De
served under present conditions by
retaining a large surplus.
The other meeting which may pro
duce developments OF interest f.
that OF the Pennsylvania directors.
scheduled for Wednesday. While Il
is not generally expected that the
PennsylvRnis bid will increase the
present dividend rate OF per cent
at this time, yet the splendid show
ing Of the company during the first
quarter OF the year, coupled with
the generally known desire OF tn.
directors to resume the old rate r.
6 per cent as soon as possible. SUI
fee to keep Wall Street interested
in the action taken. In this connec-
ton IL is recalled that President Res
stated in the companys annual re
port issued a short time ago that
the dividend would be restored 20 .
per cent basis just as soon as
conditions warranted the change