The Washington herald., 1922-07-06
FIN AN CIAL
RECENT LISTLESS
CONDITION AGAIN
REIGNS in STOCKS
Burst of Activity Revives
Dull Preholiday
o Situation.

NEW YORK, July 5.-Resump-
tion of trading on the stock ex-
change revealed a substantial in
crease in business over Mondays
distinctly subnormal session and
restored the market to the level
of dullness existing before the
holidays intervened. A sizable
burst Of activity and some strength
was apparent at the opening but
as the day wore on trading fell off
and price changes toward the close
were mostly small and irregular.
Mexican Oil shares developed weak
ness on reports of salt water in
the Toteco pool. Bonds were firm
with four Of the Liberties making
new highs Call money opened at
AZ per cent and was reduced to
AZ during the fourth hour and to
4 per cent before the close.
IndustriaIs Firm.
Contrary to expectations, such
strength as developed in this morn
ingis stock market was principally
among the industrials and not in
the railroad shares. Many traders
came down town in the belief that
the action of the maintenance OF
way men in agreeing to a post
ponement of their walkout would
result in a heavy demand for the
rail issues but in this they were
disappointed. There was some
buying Of the rails at the opening,
but the demand was filled within
. NIa|
railroad stocks relapsed into dull
ness and the small gains which
some issues had made at the open
ing were for the most part lost.
In the fndustrials. on the other hand
some pronounced gains were noted
during the first hour. Dupont
Powder, which bids fair to replace
Mexican Petroleum as the market
sensation. scared to 157 before
noon. up to 13 points from Mon-I
days close.
CrucibIe.
The Crucfble stock was one of
the lndustrials which distinguished
itself by a 2-point upturn before
dullness and a softening tendency
set during the second hour. There
was no news in connection with
the company's affairs to account
came into the stock shortly after
the opening. but the short interest
in this issue is supposed to be
standing to their guns and there
are. occasional rumors of a cam
paien against them.
Studebaker opened up full
point this morning and afterward
advanced much higher but failed
to hold its gain up to noon.
Chile Copper.
Chile Coppers statement. show
ing a deficit of s1.103,105 for the
first quarter OF the year as COM
pared with a deficit of s1.036.2SS
for the corresponding period OF
1921. In both cases after all ex-
penses. charges and reserves. was
generally regarded as the last Of
the bad news from the copper COM
panies.
Consolidated Gas advanced to-
above 119 this morning before the
reactionary tendency set in
throughout the whole market.
There is a large short interest in
this issue pending the increase in
the supply of stock which will be
bought about by conversion of the
company's notes in August.
steel Situation.
Prevailing uncertainties In the
steel trade have. according to the
Iron Age. been intensified by the
events Of -he past week. The
prospects for a settlement in the
coal strike, which plays so large
a part in the calculations of the
industry, do not appear to have
been measurably improved by the
first meetings at Washington and
the walkout by the railroad shop
men Is likely to fortify the miners
resistance for the time being
Holidays. meanwhile. serve to cloud
the trend as to production. IT
now develops, however. that pig
iron production during June was
quite the best Of the year. the rate
averag ging 7s.700 tons a day as
compared with 74.400 tons in May.
The daily capacity of the furnaces
active on July l, was. Furthermore.
$500 tons, as against 1880 tons
on June l. No let-up is apparent
IN the pressure for early delivery
Of steel products and prices are
firm. with that of pigiron slightly
higher on account of advances in