The Washington herald., 1922-07-02
FIN AN CIAL
STOCK EXCHANGE
SUFFERS DULLEST
SESSION OF YEAR
Trading Extremely Inac-
tive and Confined to
Very Narrow List.

NEW YORK. July with a large
number Of traders away for the holi-
days today's short session of the
4 stock exchange was the duIlest to
date this year. Trading was so in
active and confined to so narrow a
list that 1t was difficult to distinguish
any particular trend Of prices. Frac-
tional gains in some parts of the list.
however, seemed to balance pretty
well fractional declines in other parts.
In spite Of unfavorable strike news
the rails helds fairly steady at yes
terday's last prices.
July 1 Disbursements.
Financial interests generally were
called on to prepare -or July 1 dis
bursements on interest and dividend
accounts. the payments today being
the largest on record and requiring
preparation to an unusual degree.
Yesterday over s5o.OoOOoO of loans
were called. causing another advance
in the call money rate from 4 to 5h
per cent just before the close. The
amount Of money placed yesterday as
result Of this calling In of loans
was the largest placed on any one day
so far this year. The rate for call
money during the week swung over a
wide range. first advancing to 5h
Per cent on Monday and then falling
TO 4 per cent on Wednesday, with
loans made outside Of the exchange
at IA per cent. Yesterdays upturn
carried the rate back TO the high level
of Monday.
There was a marked falling OF in
the transactions in time money dur
ing the week, due to the withdrawal
OF many banks from the market as
lenders. Many time loans for short
periods matured yesterday and were
not reloaned by the banks. the money
being held in order to provide for the
heavy disbursements today. These
loans were made with the express
purpose Of maturing just before July
disbursements were due.
III. r. MaIIinsen Strong.
Exceptional strength in H R. NAL
linson Company made that stock
throughout the weeA, and its advance
yesterday caused II to attract special
attention Some of those concerned
in its AFFAIRS attributed the strength
to the fact that its sales during he
month Of May were so per cent greater
than the corresponding month of
1921. The rapid consumption Of raw
silk was also said to have had much
to do with the increased demand for
this stock
Wall Street was full of suggestions
and rumors about the disturbing in
fences that have caused so much un-
settlement of market values since the
beginning Of the week. Inc heavy
selling of Standard OIL stocks was
looked on as q most important fea-
ture. a good deal OF comment being
caused by the pressure against Stand
ard Oil OF Indiana on the New York
Curb Exchange, over 100000 shares
Of that stock changing hands in five
days. an unusually large volume for
any securities in the Standard Oil
group 1t was insisted by some that
the selling Of these stocks represented
distribution Of holdings OF an estate
that has just been brought out Of the
supervision of the courts. In some
quarters. including leading market op-
orators, II was insisted that the ques-
tionnaire sent out by the New York
Stock Exchange was a factor in
causing selling Of many other stocks.
One of the largest operators, who re-
tired from active trading early in the
week, asserted that the question
naires already responded to indicated
that a number Of firms had steadily
availed themselves Of the use of the
stock loan market Non the exchange
as a means for carrying stocks which
were bought by them and which they
had not sufficient capital to finance
In any other way.
Speculative Interests.
Speculative interest did not give full
consideration yesterday to the ben
sfits received by American Ship and
Commerce through the declaration of
the SIS dividend on Cramp Shipbuild-
ing stock on Thursday. The American
Ship and Commerce Corporations
owns II, 900 shares Of Cramp Ship
building stock and this dividend is
equal to 81 a share on its 700. 900
shares Of stock. Buying which came
into the market was just as vigorous
in other marine snares as in the stock
Of this company, although the shipping
trade generally reported unfavorable
conditions prevailing at the present