Evening star., 1922-05-02
STOCKS ERRAT|C, !.
GAINS AnDL0SSES
Independent Steels and Oils
Are Under Pressure-Free
-
Distributing Sales. s.
BY STUART p. WEST.
,ecial Leased Wire to The Star.

BY Special Leased Wire to The Star.
Influences, so far as exchange, news
from Genoa, action of exchange and
other markets were coneerned did not
have much effect on today's action
on the New York Stock Exchange.
The markets seemed more or less
mixed. At times there was consid-
erable strength, and then again there
were evidences that pools were dis
tributihg stocks, to the extent or
causing modest reactions, while else
where In the list traders ignored these
influences and actually advanced
prices and moved certain shares, ir-
respective of action elsewhere.
In the first hour there was strong
tone, following this trading slowed
down materially.
Later there were Eeversals of ! to
1H points in Standard Oil OF New
Jersey. Pierce Arrow, Republic and
Gulf States Steel.
Loses Enthusinsm.
The upward tendency predominated
on the stock exchange during the
greater part of the session but It
was still a mixed movement. The
same was true of the days bond deal
ings.
The investment market has lost the
note of enthusiasm which 1t had a
week ago when the $100,000,000 Ca
madam government issue was SO
easily taken. and the $45.000,000 New
York city stocks went to the banking
syndicate at a record figure.
To be sure there has been no re-
but the volume of business has fallen
off and the advance outside of specu-
lative issues. like the fractions and a
few of the industrials. has been
checked
Neither liberty bonds nor foreign gov
ernments have gained any ground in
nearly a month. This indicates that
more thought is being taken in invest
ment circles of the diversion of cap
1tal now available for the security mar
ket after trade has begun to require
its normal supply of funds.
Sharp Upturn.
In the speculative markets, too, the
same touch of caution was apparent to-
day as has been noted since the mid
die of last week. Certain stocks at
times were rushed forward rather
brfskly. Among these were Studeba-
ker, Chandler and Baldwin.
This activity in the late afternoon
gave the market a better appearance
and was followed by interest in Chile
Copper, Montana Power. Manhattan
Elevated, United States Rubber and
PlttSDurgh Coal, some advances OF
2 to points being registered. while
the old standard leaders Jared rather
we'll.
Steels and Oils Soft.
Profit taking continued in the in
dependent steels and oils, which have
been market leaders for some time
past.
Jewel Tea stocks responded to the
decidedly favorable news regarding
the financial posiSeon of the company.
Tho concern is now free of indebted
ness except what is needed for cur
rent bills. Payment was made yester-
day of the final $1,000 900 of the gold
notes. With these notes out of the
way it was said today that the re-
sumption of dividends on the prefer
red stock cannot long be delayed.
International Paper.
International Paper. which has been
4 laggard in the stock market. finally
got into new high ground today. Ii
was pointed out that the technical
position of International Paper was
such that it could enjoy an advance
despite the fact that the paper busi-
ness is still behind other industries.
The company stands to get back some
Of the business it lost last year, when
it had a strike on it's hands, because
the companies which got this busi-
ness now face a strike themselves.