Arizona republican., 1922-04-21
Days Review of
the New York
Stock Market
[RepublIcan A. ?. Leased wIreI

NEW YORK. April 20-Business OF
| the stock exchange today began witt
many indications that the session
would establish a record in activity
and breadth for three years, but oper-
Iations Stacked yisibly during the in.
termediate and final periods.
Aside from United States Steel
which rose to 100M, its highest quot
alton in exactly two years, and the
new maximums made by other lead
ers of the industrial and railways di-
visions, the session developed nc
spectacular features.
Extreme gains of one to three
points were scored by a number OF
shares. but these suffered partial OF
entire cancellation as the day prog
ressed and the desire to take profits
became more insistent.
No restrictions to the markets up
ward course. were interposed by mon
etary conditions. Further ease was
evinced by local money rates and in
ternational currencies seemed in no
serious degree disturbed by latest as
poets of the Genoa conference, in
Guiding Russia's refusal to pay her
war obligations
The firmness of coal shares was
cited as evidence that the coal strike
is becoming less of a market influ-
ence. This was supplemented by adj
vices from centers of steel and iron
production, mostly of an encouraging
tenor.
Among the relatively few substan-
tiaI net gains were American Loco
motive, Crucible Steel. Sears Roe
buck. Montgomery Ward. Computing
Tabulating, Western Pacific, pre-
ferred, and Market Street Railway.
preferred United States Steel closed
at small loss and most of the oils
were affected by heavy selling of
Texas company and Mexican Petrol
cum. Total sales amounted to 1885,
900 shares.
For the third successive day. all
call loans were placed at 31a per
cent. Time funds We're plentiful and
private loans on approved collateral
were made for the shorter dates at
Az per cent. that same rate applying
to good names" on commercial
paper
Sterling's reaction to the foreign
situation was a decline of ss of a
cent, allied bills easing to 5 points.
Dutch and Scandinavian rates were
firm to strong and Central European
quotations were not materially
changed.
CHICAGO, April 20-Uncertainty
over developments at the Genoa eco
nomic conference tended to make the
wheat market here average lower in
price today. especially as quotations
from Liverpool showed something of
a setback The closing in Chicago
was unsettled at q net decline to
% advance, with May $1.43 TO $1.4SH
and July $1.25% to $f.25A. Corn
finished unchanged to IS a Nc off,
oats up a shade to h@A and provi-
sions unchanged TO Is cents higher.
Gossip that foreign buyers were
again about to enter the wheat mar
ket led to a moderate rally in prices
here during the final dealings. but
values otherwise throughout the
greater part of the day were inclined
to sag and there was an absence OF
any indication of aggressive demand.
Besides the misgivings due to Genoa
advices and the lower prices at Liv-
erpool, a movement here to have
grain in cars on track made avail
able for regular delivery on contracts
the same as if the grain were in
elevators was bearish factor. There
were also continued sales of wheat
to go to store here, although the
were relatively small as
compared with the supposed big
shortage required to fill the May con-
tracts.
Spreading operations ascribed to
northwestern interests attracted |
some attention in the wheat pit. The |
spread consisted in the simultaneous |
buying OF July delivery of wheat and
the selling Of September
Corn and oats prices held inside Of |
narrow limits. with trading chiefly |
of local character.
Provisions were mostly a little |
higher. in response to an early up |
turn OF hog values.