The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-07-09
SPECULATIVE LIST
and RAIL SHARES
SUFFER DECLINES
Oils Display Weakness in
Characteristic Satur-
day Session.

I'VE" 1OTNhy Cine
ness characteristic of a warm Sat-
urday morning in midsummer
ruled on the Stock Exchange dur
ing the two hour session. The VOL
ume OF business done was small and
traders were not inclined to attach
particular Importance to the trend
Of prices for this reason. There
were moderate declines in some OF
railroad shares and also some of
the speculative issues which forced
their way into new high ground
during the week just past. The oil
group showed somewhat pro-
nounced weakness. A fair volume
Of trading was reported in the bond
market with prices generally main
tanning the firm aspect Of the past
few days.
Time Money.
Brokers making a specially of
time money had the important an
nouncement to make that Industrial
activity and prospects of a broader
manufacturing and mercantile busi-
ness had been a factor during the
past week in causing contraction
Of the supply of banking funds in
the Wall Street district. withdraw
ais were on much larger scale than
the public had knowledge of. one
bank alone losing s6.OOO.Oo to the
West while other banks are losers
Of money in large volume to va
rious other parts Of the country but
In nearly all cases Withdrawals rep
resented the employment of idle
money by manufacturing and other
business interests. Yesterday there
was a moderate amount of calling
of loans but the turnover was not
extremely large, the amount placed
On the floor of the New York Stock
Exchange being close to $50. 900. 90
On an advance in the call money rate
20 per cent against low Of I
per cent early in the week.
Funds in Demand
Funds were in much larger de-
nand in the past few days than
hey have been at any time since
The beginning of the year. A good
Zeal of time money was wanted
yesterday. but the supply was not
sufficient to meet all requirements.
Actual bus ness was transacted in
sixty days. ninety days a Id four
and five months. money at AZ per
cent and six months money Was
'oaned at Az per GEM.
Market Conflict.
There has seldom been a time
when there was such d conflict be-
:ween active market forces as was
shown in recent transactions in in
1ustrial and railroad issues on the
Stock Exchange. The week which
which was broken by the Fourth Of
July holiday. included a good deal
81 varieties in market tone. weak
less pre- falling at times in some
groups for special reasons. while a
powerful demand was in supply and
advances were forced in a number
If stocks in connection with accu-
mutation for definite purposes. Ad-
TanCes IN Standard oil issues at
:racting attention yesterday was at
:ributed to covering of shorts put
out in the preceding week. while
The lack of buying in Mexican Pc
:roleum was loked on as evidence
hat the short interest had been en-
.irely eliminated in that stock max
.ng it easily Influenced by the re-
ports which came Of an impairment
IF sources Of supply in the Next
IAN field by the appearance of salt
water.
Pred ctions about div dend action
we're effective in causing agGres-
iive buying in several issues. Louis
Vile and Nashville was Directly in
iuenCed by the assHrtICSs that a
stock dividend Of so per cent is
close at hand. The demonstration
Of Studebaker was accompanied by
positive statements that an extra
dividend will be declared On that
stock at the end Of the Month anC
National Lead had an incentive for
bullish activities on statements that
dividend distribution on Il will be
increased.