Arizona republican., 1922-06-02
Days Review of
the New York
Stock Market
Republican A. p. Leased wIrel

NEW YORK, June Financial l.
issues. notably those under pool con-
trol were the conspicuous features
of today's stock market. Many shares
of that character scored substantial
gains. in contrast to investment or
standard issues, most of which were
hesitant and occasionally heavy.
sales amounted to 1,250,000 shares.
Erratic or conflicting movements
among rails, resulting from the re-
cent decisions of the United states
supreme court in the Readlng anu am!
Southern Pacific Central Pacific
cases. were resumed. Transporta-
tions as a group, however, contrib
uted little to the days broad dealings.
Prospective higher prices for crude
products placed the oils in the fore
front of the days operations. Many
of that division, especially Standard
Oil of New Jersey, Mexican and Fan
American Petroleums, Producers ahd
Refiners. Houston. Sinclair ana
STANDARD Oil of California, made
extreme gains of / to almost points,
these being materially shaded later.
Equipments, especially Baldwin
Ioconotive. General Electric ana
American Car, were firm to strong
and International Harvester, Stude-
baker and various chemicals, fertlllz-
ers and food specialties continued TO
improve, the latter again lncludihs
Coca. cola. Food Products and Postum
Cereal common and preIerreu.
Among the stronger miscellaneous is
sues were Columbia Graphophone
preferred and Electric Storage Bat
fery. The International \ situation
came in for more than casual con-
sideration by reason of the strength
of the British exchange. Bankers
and traders were of the opinion that
the years provisional moratorium
granted to Germany would have the
effect of stimulating this country s
foreign trade.
Aside from the probable further
result in oil schedules, prices OF raw
and refined sugars again moved up
ward with metals. Improvement III
industrial conditions was emphasized
by the greater activity reported az
automobile manufacturing centers
and increased orders of mail order
companies bespoke easier money IN
Western farming sections.
Call loans opened at AZ per cehl,
advanced to 5 per cent soon after
mid day and rose to " per cent in
the final dealings.
Time funds were scarcer and nm
tied almost entirely to 80 and 60-day
offerings.
The London exchange rate eased
at the outset, but heavy buying OF
bills forced that remittance to high
est levels in three years as the day
progressed Demand bills were quot
ed at 4.45A in the final hour and
as high as 4.45sl after the close of the
market. German marks also
strengthened. but allied exchanges
eased 2 to 3 points and Dutch and
Scandinavian exchanges were mostly
lower.
CHICAGO BOARD
CHICAGO, May 1.-Considerable
strength developed in the wheat mar
ket today owing largely to indications
of better export and milling demand,
together with talk just before the
close that black rust had been found
in North Texas fields. Closing quo
tations were unsettled, Il to Ia cents
net higher, July s1.19 to S1.191s and
September $1179s to s1.17A: corn
lost 1sGA to IS cents, oats finished
u TO q off to 1s advance, and pro-
visions down to cents.
Gossip was current that Chicago
houses had sold 1,250,000 bushels OF
wheat to exporters in the last few
days. and that vessel room had been
chartered here for 1, 900, 900 bushels of
wheat to be shipped to Buffalo. Over
night sales of export wheat here were
put at 10000 bushels. Domestic
mills appeared also to be taking
wheat. In this connection, the fact
was pointed out that Chicago was the
lowest market in the country and that
No. hard and red winter wheat on
track here was obtainable today at
only half a cent to one cent more
than wheat could be contracted for
to be delivered in Chicago during
July.
with the passing Of May delivery,
the total fresh arrivals of wheat in
Chicago today dropped to 33 carloads,
as against many hundred cars daily
of late Higher quotations at Liver
pool and bullish estimates of the Ar
gentine exportable surplus tended
also to stimulate buying. However,
bulges in price brought out increased
offerings, and so too did figures from
private crop experts suggesting a do
mestic winter wheat yield of 605,-
000, 900 bushels this season. On the
other hand attention to possibility of
a crop scare was counting as dis
tinct bullish factor as the session
came to an end Corn and oats were
depressed by heavy selling of corn.
The selling was ascribed to lead
ing long. Provisions were easier, In
line with hog values.
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