Evening star., 1922-05-17
STOCKSAREF firm .
At H|GHERPR|cES
Much Broader Trading and
Sharp Advances-vPooIs at
Work-Notes.
BY STUART r. WEST.

NEW YORK. May 17.-Interest in
today's markets converged chiefly
upon the stock exchange list.
Nothing important happened in ex-
changes except In a negative way
again as on Tuesday they failed to
show any sensitiveness to the uncer-
tainties Of European politics. Both
sterling and continental rates lost a
little ground. but the decline was
quite Insignificant. Movements in
wheat and cotton were of less conse-
quence than on other days, although
the fact that the July wheat option
should be holding close to the high
est or the year. while cotton IL back
almost to last autumn's top. Is of
business outlook.
There was more life than has been
shown for the last week or so In the
bond market. The rise in the more
speculative bonds was. of course. a
companion movement to that in
stocks, but 1t was also noteworthy
that lfbertys, some of the foreign gov
ernments and rails of the strictly in
higher.
Broader Market.
Tho stock market broadened out
very decidedly as compared with the
selective trading Of other days. OPP
erations were still conducted by
Covered a a. much @ SeP widsP range rp and
eventually involved active buying. ac-
companied by higher prices, in fully
two-thirds Of the list.
Coppers took the lead at the start
and maintained a prominent place
throughout the session. 1t began to
be better appreciated that the copper
situation Is similar to that in the steel
trade in the early part Of March
Copper prices have started up as
steel prices did then, as a result of de-
pleted supplies. and there is the same
incentive for copper mergers that there
has been for steel mergers-nameiy, to
eject economies and better fit to meet
competition.
Copper and smelter.
AS the copper and smelling stocks
one after another passed their previous
nigh points for 1922 the whole market
became more confident. The buying
originated with Wall street cliques and
synaicate managers and spontaneous
"u'sioe ouylns was minor factor.
The Six Company Merger.
There continued to be quite a bit
pany steel merger today. In some
quarters there were rumors that the
merger plans had already struck a
snas ana that 1t was possible that
there would be several small mergers
1t was said that Midvale, Republic
and Inland Steel would form one
group while Youngstown and Brier-
hiil might form another. The first
named group would give both Midvale
district. something which they have
wanted all along.
Pool speelalties.
Coca Cola made a new high. going
new to be said about this move. The
inspiration on the buying side is COM
Ing from the original pool, which un-
loaded around 50. thinking the stock
was high enough. but have since
able increase in earnings. which has
come as the company has begun to
work upon low-priced sugar.
Sugar Stocks.
A little more buying came into Gu
ban American Sugar, but as q rule
there was not much doing in sugar
stocks. As yet there has been no
response to the recent advance in
prices and>to the improved statistical
position which stands behind it.
Producers and Renners,
Inc ADVANCE IN PRODUCERS and Re-
finers' which carried it into new high
ground came on the heels Of an an
nouncement that the company had
opened up new field in Wyoming.
Omcia!s Of the company sent out word
that a 40.000,000-foot gas well, rich
in gasoline, had been brought in on
q 6.oo0-acre tract operated by Pro-
ducers and owned jointly with Mid
west Refining. This enlarged the
company's gas area and insures sup
ply for the Casper pipe line
Merger DfscusaiOn.
The stock exchange was still main
ly interested in the merger discussion.
and the special strength of Midvale
Steel was due to rumors that the COM
pany might be taken into the Bethle-
em-Lackawanna combination instead
of remaining in the six-company
group.
The heavy trading in Midvale was
the feature of the last hour of bus
iness, but the whole market became
more animated as the day drew to an
end. oil stocks, which had been lag
Hing behind for week or so, were
taken up in anticipation Of another
early advance in gasoline prices
More interest was shown in the
sugar stocks, which hitherto had not
reflected the improvement in the trade
position resulting from the virtual
exhausting of the unsold portion Of
the 1921 Cuban sugar crop.