Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-11
TRADING LESS ACTIVE
ON STOCK EXCHANGE
Prices Open Higher, Advanc.
ed Point, and Then
Fall OFF.
IRREGULARITIES STILL coNr1NuE
Most Interesting News Development
Is Statement Of steel Corporation
showing Untitled orders on the
Hooks
ny u. l.. IInrniini,

ny IL. L.. Bnrnini,
NEW YORK, May lO.-Priccs open
ed fraction higher this morning
then advanced point or more all
around ana then sold of. Irregular
i.y continued through the rest OF the
day Trading was less active than
yesterday when practically 1000. 600
shares changed hands. So far the
bears have gained no ground in the
efforts TO put down prices. More
over, there is large short interest
outstanding as reflected IN the heavy
borrowing for stocks. Unless the
Bears can make more Roadway than
was gained today it is likely that
the short interest Will got nervous
as considerable buying on "a scale
down by tho pools is NOW going on.
Todays most interesting news de
velopment was the statement put out
at noon by the United States Steel
Corporation showing the untitled
orders on the books on the last day
OF April The figures were 5,Oes.9l7
tons which was an increase for the
month of 602.76a Wall street esti-
mates ranged from an increas. OF
100000 tons TO 100000.
Unnllcd Steel Orders.
Todays report of untitled orders
for the steel corporation brought the
level back 100000 tons higher than
the low figures OF i.l4l.Q00 reported
at the close OF last February Tn.
. gain for April was the largest re
: ported for any month since January
OF 1920. The 5,o96.Oc0 tons at the
close OF this April compare with s.
$4,000 for the game period of last
year with l0,359,OUO in 1920, and with
i,sooOoo for 1919.
Another week has passed with tho
stee! Industry operating at subsian.
tally the same rate established in
April. according 10 today's weekly
review by the Iron Age. AS to tho
fuel situation the steel mills are
drawing on their supplies accumu-
lated before the coal strike began.
April /. and arc steadily buying from
the noHunlon operators. \ greater
strain on some OF the link in III.
chain OF production is reported with
the mills less able 10 promise de-
liyer!es and with the price trend up-
ward The general rate of new buy-
Ing is reported as less than at the
Loaded Freight CnrS.
Loaded freight cars for tho wees
ending April % mounted up To 75.gSs
an increase over the previous wo.l,
Of iilgS cars and The largest mum
Der handled tor any week OF tn.
month compared with the same
week OF las; year there was an in
crease Of $1,000. but for 1890. there
was loss o: i2.0O0. Considering, tn.
fact that tho coal strike j. on. which
cuts down freight car load,nrs ma
tcria!ly the showing reported today
by the American Railway Associa-
uon mus; be considered very fav-
CRADLE.
Governor Harding OF the Federal
reserve band talking at Birntnr-
nam tofaE, pointed out today for
the heneA, o: those who have been
e.tsiz!n= the Federal reserve BANKS
mat i was not the business %. these
banks 10 attempt 10 fix or control
prices Banks DO not croate general
conditions Sc said. but must adius,
themselves 70 changing conditions
lie recalled tile saysn hard years tha,
business men nave, been 'experlouc.ne.
adding, that this country had p,y.r
failed after periods OF trade d.pres.
sion TO display tremendous r.cpnar-
alive power. lie advised mis- hearers
u business was duh TO sord out
uaFe!ins sa'eSmen and use planters
INK IN afvertisins literally. but
!lH''ieus'y- New business couid
mus Ice created" H. said. (Which
would 10 u benefit 10 Tho tnd!vidpal