Arizona republican., 1922-06-20
Financial and Market News
Days Review of
the New York
Stock Market

NEW YORK, June 19.-Aside from
a few speculative favorites, whose
strength was traceable TO technical
conditions, trading in today's stock
market showed no material alteration
from recent unsettled movements.
Dealings were the lightest of any full
session in many weeks, scarcely to-
taling $4,000 shares.
Further spectacular movements in
Mexican oils were the outstanding
features. Mexican Petroleum, lead
ing first at a premium OF 1-S2 pc,
cent and later at 1-16 point, scored
an additional extreme advance of IL Y
noints to the years record prlce OF
1881. closing at a net gain OF IA =
points. Pan American a and =
shares, General Asphalt, Standard
Oil of California, California Petro-
leum, Pacific Oil and Houston oii
were . to 4 points up at their pest,
but eased substantially under reallz,
ing. Steels, equipments, motors ana
shippings followed the same uncertain
course, gross advances OF l TO "a
points in those issues suffering I'M
nairment in the last half of the ses-
sion. Studebaker. one of the days
foremost features, retained oniy
Although last weeks report of the
clearing house banks disclosed the
wears high record for actual loans,
and discounts, calls on money re.
nained easy, The initial rate OF 3
per cent was lowered to "a per cent
shortly after noon and recent quota
tions for 80 and 60-day loans were
unaltered.
Steady reactions marked the day s
trading in foreign exchange, the Brit
ish rate falling almost cents from
last Saturdays final price. French,
italian and Belgian bills dropped 10,
10 and s points respectively, the
German mark approximated .o3O ana
declines among neutrals ran from
TO 20 points.
CHICAGO, June 19.--N it'll harvest
ing widespread and weather auspi-
cious, the selling side had the advan-
tage today in the wheat market
Prices closed heavy, IS to rs cents
net lower. July s110 to s1.101s and
September $110& to s1.10N. Corn
finished Il TO Z cents down, oats
unchanged, ss to y cents higher ana
provisions unchanged to II cents up.
Rapid progress in harvest operations
was made evident by reports from
New wheat was being received at 81.
Louis and threshing was going on IN
Illinois. Nebraska also sent word
that cutting of wheat had started and
would quickly become general. Big
arrivals at Kansas City, 473 carloads
tended to further weaken the marker
here. an inference being drawn that
the carry over of old wheat in the
country was greatly in excess OF what
most traders had supposed.
No aggressive buying ensued ana
exporters and millers in particular
seemed to be holding back from any
attempt to purchase except on hand
To mouth basis. Larger world ship
ments than during the previous week
had something of bearish effect and
90 likewise did a decline in sterling
exchange. Final quotations were at
nearly the lowest level of the day, no
stimulus appearing to follow an
nouncement of a liberal decrease Oh
the visible supply.
Corn went lower with wheat, ana as
\ result of an unexpected enlargement
of the visible supply. oats, however,
were lifted trifle. owing to un-
favorable crop reports.
Changes in hog values governed the
provision market.