Arizona republican., 1922-06-17
Days Review of
the New York
Stock Market


NEW YORK, June 16.-Recen
acute unsettlement in the stock mar.
LOT made further progress today
,l,.;cos of many speculative issues
again breaking sharply after al
s,.s,y- period of the list was disposed
- make M some of its lost ground
Liquidation offered from that o.
Yesterday and the early period OF tnt
wceI< in that it was directed more
generally against the low priced ralls
majority of the food speclaities
minor motors and several OF the maj
order and chain stores issues.
Texas and Pacific was the mar
target falling almost four points OF
a String of offerings which included
drop of one point between sales
ST Louis Southwestern preferred
wheeling and Lake Erie preferred
Lake Erie and Western, Rock lslana
Pere Marquette, Atlantic Coast line
and several of the prominent trans
continentals were lower by TO IN
Elsewhere the reversal which was
at its height at midday effect gross
declines of L to points, chemlcals
secondary equipments, coppers' tex
files and tobaccos easing as stop loss
orders were uncovered. Almost the
one constructive stock OF the day
was Mexican Petroleum which maze
=. gain of S15 points to fhe hlgh rec
ord of 143A. Sales amounteu ~
1,075,000 shares.
Continued ease of call money rates
was negative influence, being based
mainly on the light inquiry. The
opening rate of 312 per cent was
shaded to 8 per cent in the early
afternoon. ,
ForeiSn exchanges without eXcep-
tion reflected more clearly the un-
settled state of economic conditions
abroad. Sterling fell 1ls cents, al
lied remittances lost 6 to 10 points,
ne1trals were lower by 8 to 10 points
and the Austrian rate developed luz
thor weakness on cables which OIL
fered little hope of an early loan 10
Chicago Grain
CHICAGO, June 16.-Blg export
sales led to upturns today IN lhe
value of wheat. The market closea
first - to IL cent net higher WIFE
July to III to Ills and Sept. III 9s
10 111%. Corn finished * to Il OH
TO a higher, oats A@ss to Il up
and provisions varying from un-
changed figures to rise OF = cents
II was estimated that Seaboard ex-
norters had purchased a total OF
900 600 bushels of wheat here today
and Yesterday. According to one au-
thority this buying cleaned up the
bl1lk of the wheat taken on May de-
livery by a Chicago trader. Another
influence was the fact that no forced
selling had followed yesterdays de-
cline and that domestic corn reports
from the Southwest continued to tell
of damage from hot weather and
from premature ripening. BESIDES,
advices from India said rains had
been disappointing, confined mainly
ia the west coast During a tran
sient 1uh in demand for wheat about
midday the market suffered a sharp
set back July delivery touching a
new low level for the week. Strong
houses here and in the east, though
became active again on the buying
side of the market causing prices to
finish at nearly the top point or the
season. Threshing begins in Illinois
on Monday. Kansas City on the
same day expects to be receiving
new wheat.
Corn and oats were ruled emery
by the changes in the price of wheat.
Crop reports about oats were less
favorable than of late, the grain
heading on short straw in parts OF
Illinois.
Despite increased warehouse stocks
the provision market finally re-
sponded somewhat to INTERPRETATIONS
on hogs.