Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-04-05
STOCK LIST FIRM,
AT HIGHER PRICES
SoId-Out Bulls Buy In Again.
Favorable Trade
Reports.
BY STUART r. WEST,

NEW YORK, April 5.-What little
tendency to reaction there had been
In Yesterdays stock market was
quickly checked this morning. From
the outset it was apparent that the
realizing which had been in prog
ress at last nights close was not be-
ing carried any further.
Plainly enough it had been only one
OF the slight setbacks that normally
occur IN every upward movement
very soon operations for the rise,
were resumed. pursuing the modern
pan OF shifting rapidly from one
group of stocks to another until
pretty much the whole list was drawn
along.
In none of the other markets were
the changes as important as those in
stocks. The bond market, although
sun very active, appeared to be paus-
ing after its slow but continuous ad-
vance. Liberty bonds held right at
aheir nigh, with some further slight
gains, and corporate Issues, while
more irregular went down little 81
any from their top.
Favorable Showing.
The most important contribution in
the way of news came with the
weekly summaries of the iron and
steel trade periodicals. II was antici-
pated these would disclose an in
creasingly Favorable situation, bur
the statement actually made showed
that in the Chicago district bookings
IN March were not only far ahead
OF February and April. but were the
heaviest since the war years.
In other districts new tonnage con-
tlnues on the increase, so that the
steel mills as whole. which at the
start of the year were operating At
barely 40 per cent capacity, are now
operating at IS. Allowing for the
great expansion in productive facili-
ties during the war. this means that
the steel trade is doing larger bust
ness than ii was in the normal years
preceding 1914.
Advance Resumed.
1t did not take long in the market
today to establish the fact that what
occurred yesterday was merely d
temporary shake-up between Two
periods of rising prices. The same
traders who threw over Studebaker
so hurriedly when II started TO break
from 119 took back their stock. The
same thing happened in Baldwin Lo-
connective.
London and Amsterdam buying
again made itself felt in Royal Dutch.
which was the leader OF the oils. To-
day Royal Dutch went up easily and
drew along the related Union Oil
/! Cast Iron Pipe responded readily to
DlE ms winch was SdlQ 10 come
trade interests. Stewart Warner was
the feature in the motor accessory
group, but its rise to 40 was not
explained by anything new in the
situation Of the company.
COppers Taken Up.
The move in the long-neglected cop
pers got under way yesterday after
noon, but was checked for the time
being by the general reaction at the
close. When the rest of the list gave
the chance this morning the buying
was resumed. Within the last few
days statements from trade quarters
have again emphasized the dwindling
supply Of thu copper metal on hand.
1t was this consideration which de-
cided the mine owners to begin oper-
atoms again.
This increased business has failed
as yet to bring such an advance in
prices as to permit of a normal mar
that the market has, for the first
time in eighteen months, passed under
the control of the sellers. Today came
the report that the American Sheet
and Tin Plate Company. which is part
of the United States Steel Corpora
ton, is about to open more plants.
|! Financial Notes.
The Dominion Steel Company today
declared the regular quarterly diyi-
| dend of x per cent on the preferred
stock, payable May l to stock Of rec
ord April Is. The Dominion Coal
Company also declared the regular
quarterly preferred dividend of Is.
! per cent, payable May l to stock OF
record April Is.
! Corporate financing in March was
! unusually heavy, with a combined
aggregate of bond notes and stocks
issued of s2S1.151.39o.
A syndicate headed by Halsey
Stewart & Co. today offered an issue
| of S4,555.000 6 per cent series B bonds
of the Metropolitan Edison Company
at 9S3..
| The annual report of the WHY'S
Overland Company and subsidiaries
for 1921 showed a deficit of s23, $50
$50, after depreciation, interest and
inventory adjustment. This compares
with deficit of s5,4S0,3s4 in 1890.