The Washington herald., 1922-05-17
IRREGULARITIES IN
CHANGE OF PRICES
RULE STOCK MART
Independent Steels Give
Ruling Influence; Cop
pers Have Good Tone.

sew YORK. May 1s.-Irregulsr-
ity'tn price changes marked the
trading in today's stock market.
with the Independent Steel issues
still the dominant influence. and
the general list inclined to follow
the fluctuations in the steel stocks
resulting from the announcement of
the terms Of one merge and the
rumors based on the fact that q
meeting was in progress at which
another combination were to be
discussed. Copper stocks exhibited
thesbest tone of any of the major
groups. The rails were in the main
dull, and oils inclined to weakness.
There was some bidding up of spe-
cial stocks which ordinarily appear
on the tape only at long intervals.
United Retail Stores was the days
conspicuous example of this kind.
Irregularity also marked the course
Of bond prices. Call money ruled at
3h per cent all day.
Character Unchanged.
This mornings stock market did
not differ. in any essential. respect
from the character of the trading
. during the past three days. The
shares of independent steel COM
recently announced merger and
those. which have been merely men
toned in the combination talk. at
tracted to themselves the greater
part Of the speculative interest and
furnished a large part of the trans
actions reported on the tape. In
general these shares sold up at the
opening. following the rather pre-
cipitate break late yesterday after
noon. but shortly encountered SELL
ing orders which were only filled at
prices. a point or more below the
mornings high.
ConsoIidated Gas.
With the last legal obstacle out
of the way Consolidated Gas Is now
in a. position to make the most OF
its excellent earnings, both from its
own operations and from the euui-
ties which il possesses in the un-
distributed surplus of some of its
subsidiaries. Some plan of sharing
this surplus with its stockholders is
anticipated before very long. al
though there are several different
versions current in the Street of the
form which the distribution will
take. Good buying was observed in
the issues this morning. and the
Q.
the face of irregularity in the gen.
eral list.
After handing down a number OF
decisions which were of inteest to
Wall Street. the Supreme Court Of
the United States adjourned yes
terdsE until May 90. The court
failed to hand down decisions in the
Resrffng and Southern Pacific cases
which have been before the tribunal
for several months. and the outcome
Of which. especially the Reading
case. is awaited with much interest
As the court is likely to adjourn for
the summer following the session
of MAY 30. a decision in these two
important cases Is confiden ntly
looked for on that day.
While the opinion is rather free
ly expressed in some quarters that
the short interest is still of propor-
tions 10 be reckoned with as a mar
ket factor. the borrowing demand
for stocks is generally reported to
be less than during the decline of
last week. The short interest In
crucible is reported to have been
by no means eliminated during the
up-swirE last week. and many be-
Heve-th A new short interest has
been building up in Studebaker dur
Ing the past few days. However,
such short covering occurred has
not strengthened the power of re-
sistance Of the general list. and. as
one commission house put il. the
market is plainly in need OF some
more definite bullish incentive than
- supplied by the discovery of oil
on a sulphur property or the for
nation Of new speculative cliques
in specialties that have had poor
r,SrketS"