New-York tribune., 1922-05-18
Copper, Steel
Shares Lead
Stock Upturn
Average Prices Go to New
High for the Year; Mid.
wales Rises More Than
4 Points; Specialties Up

Stock prices moved forward yester-
day with much spirit In broadening
market, steel shares being forced to
Ndivide their recently acquired leader
ship of trading with the stocks of
the copper companies. Incentive for
the rise In the latter division was
drawn by the professional traders
from reports of increased consump-
ton, dwindling surplus and evidence
/ CT determined efforts on the part Of
1.-the leading producers to win back the
business lost during the war period,
when the metal was devoted mainly to
emergency purposes. The advance in
the price of silver to new high for
the year was also constructive in re-
lation to these stocks, as many COM
panles also produce this metal, nor
were the possibilities Of mergers lost
sight of in the speculation Of the
moment.
Midvale was temporarily. the mar
ket favorite in the steel group, netting
rise Of more than four points on reports
that the company would be taken into
the enlarged Bethlehem organization.
Interests engaged in working out the
six-company amalgamation denied
these rumors, but the market could
not lose sight Of the fact that such
step would involve merely consumma-
ton of plan visualized some time
ego. The generally better tone sup
piled basis for vigorous bidding up
CT the specialties in which pool opera
tons are dominant and the net result
was the establishment of new peak
for the year for the average price of
fifty stocks. Railroad stocks Jared
better than earlier in the week, rising
on an average Of half point, but were
still we'll below their top for 1922. The
average price level of thirty indus
trials climbed more than a point to
20 new high level.
The situation in investment Sc
ourlties developed a slight change for
the better in the absence Of heavy new
offerings and under the influence Of
continued easy money. Trading in this
section of the securities market was
still inclined to irregularity however.
No better measure of the position
Of the foreign exchanges can be fur
Hished than by citing the fact that for
the third day in succession sterling
cables closed without variation from
s4.44&. Francs, lire and marks
shaded off trfle, while guilders again
went into higher ground. Strength of
the Far Eastern exchanges was signifi-
cant in connection with the advance in
silver, rejecting improved conditions
in Japan, India and other Asiatic
countries. There was no augmenta-
tion Of the flow Of gold to India from
this country and bankers doubt
whether this movement can be re-
garded as more than a passing phase.
Cotton prices turned back from the
advance, but the reaction was not i'm
pressive. Wide fluctuations were the
order Of the day chiefly in an effort
to adjust the premium Of the old crop
over the new crop months to the spot
cotton situation. The close showed
the May position points higher and
other months from 10 to So points
lower. Wheat was irregular, tending
downward on reports indicative of
weather favorable to the crop. May
closed without net change, declines Of
from sa to Is cents being shown in
the other options.