The Washington herald., 1922-06-18
FINANCIAL
STEEL SECURITIES
| RECORD GAINS IN
SPECIALITY TRADE
Mexican Petroleum Shows
Gain of 8 Points With
Other Oib Firm.

NEwsroRK, June i7-Tradins
In stocks was largely q speciality,
affair with volume somevhat un-
der the usual short session. The
opening was Irregular with atten-
tion largely centered in Mexican
oil stocks as a result of news Of
favorable settlement Of Mexican
bond interest matters. Mexican
Petroleum, which gave the shorts a
hsrd time yesterday and gave en-
couragement to the whole list be-
fore the close, opened with a fup.
ther gain. 1t ran up 10 l4s shortly
tfter the opening Of the second
hour and then reacted but a late
price showed gain Of over 3
points. Other oils were firm. Aside
from this the independent sceeis
attracted attention. with advances
OF from a large fraction TO two
points. Republic. Lackawanna.
hidvale, Crucible and Bethlehem
were the leaders. Steel common.
after early weakness. also nrmed
up. Rails showed were generally
steady but there were several
weak spots. Bonds did well. with
further advances by the Mexican
issues.
Money Market.
Important events were recorded
In the money market during the
past week, the chief feature being
the decline IN the renewal rate for
call money on Monday 20 the low
est rate since November 4 1918.
Later the market became firm but
yesterday eased off again when
call money loaned at 3L 10 : per
cent on the stock exchange and
was in supply outside of the ex-
change at "a per cent. Time mon
ey was In less supply and business
was smaller than during the pre-
cedinR week but a little activity
entered into the time money mark
ct yesterday when four hve and
six months money loaned At az
per cent and early July maturiae
were placed at 5L7 per cent.
Expected Rate Reduction.
Interests concerned in financial
accommodation had a strong belief
that the Federal Reserve Bank rate
will be reduced from Ih 20 per
/ cent on Wednesday. According TO
statements made on the Street. this
]
terests and has been Established
specially recommended by Call
/ fornia bankers. The action OF the
Bank Of England in reducing its
| discount rate on Thursday 90 the
lowest since January. 1914. Is ex-
pected to have an influence on the
course OF the Federal Reserve Bank
ofncials in the matter
lecture in the Wall Street ais.r e
all through the past week as 20
the speculative forces which I'm
PEELED prices To decline SO sha~-'-
on Monday and in the past two
days. II was said by some that
much Of the supply was forced OF
the market by the retirement OF
some brokerage firms from Stock
Exchange connections but IN one
case at least Il was said bv mem
bers OF the firm concerned that nc
stock had been liquidsted By that
firm or by its characters. There
were some Indications that a good
part OF the pressure that caused the
stock market unsettlemeut had
come from speculative combinations
including operators persistentIy
market but there was no evidence
in the stock loan market of any
suhs'ant'al al increase in the borrow
inE demand
Many Of those who are included
in the rank and file Of Wall Street
are just now hoping that the New
I York Stock Exchange authorizes
Will grant an extra holiday on the
Monday intervening between sun
day and July 4, giving a triple hol-
iday to the wall Street district. No
formal petition has as yet been CT
culated but II is understood that
some Of the members OF the New
York Stock Exchange will prepare
a petition for signatures and pre-.
sent IL TO the governing commit
at the last regular session Of the
season on June 2S The president
Of the New York Stock Exchange
has arranged to leave for Europe
on that day.