The Washington herald., 1922-06-30

Rails Generally Firm.
With Oils Declining On
der Moderate Pressure.

NEW FORK. June ss-zr.nas
In stocks vAs slightly nsrs sessvs
today, sales REPRESENTATIVES, 7oe.eos
shares. but price changss oonkxnust
nnimportant and irregular. OIL
shares were under modsrsss prsss-
nre during the morning and suRsre1
fraetionai losses ON the 1ay. but
rails were generally frm- thus re-
necting the general expsctstion that
way to avoid the strike yin be
found Bonds were Irregular. win
the Hbsrtys slightly hsavy. Call
money opened at <G per cent but
had fallen TO 4 per cent soon after
the last hour started
Merrf.s se.sssr Dsu-
Whether the reason lay In the
disposition Of traders 20 await de-
vslopments In connection with the
railroad strike. which 10 expected
tomorrow, or In the unwfliinGness
OF spectators 20 make commit
ments before the holiday, ths fact
remained that trading in this morn
ingss market was scarcely mor~ se-
tive than during yesterdsy's snasion.
the dullest In several months
IL was not TO be expected that
with turnover at . minimum there
would be any startling chsnees In
the price level and quotations in the
case OF most issues hung within q
fraction OF yesterdays cios<I with
the exception Of the on group. which
sold on. II was dlficuff 20 fnd
stocks that showed chanes Of az
much as n point, and amonr the
other groups there was no concerted
movement. the fractional changes
being irregular.
The selling which came into In.
oil group this morning vas rather
unexpected by the Street and was
attributed by some to professional
attacks based upon the supposed
weak technical position Of the oils.
The advance in Mexican Petroleum
10 supposed TO have resulted In very
general covering by the short inter
est In the other oil issuea On the
other hand some shrewd market OBJ
servers denied that the selling this
morning bore any of the earmarks
OF a professional attack and attrib-
uted IL to liquidation by large hold
era Of this class Of stock
Mexican Petroleum's esrninrr
statement for the hrst ave months
Of the current year bore out Presi-
dent Doheny's prediction regarding
the company's pronts and served 20
convince at least some part Of the
Street that the recent advance in
the stock had not brought it's price
TO an excessive figure. The COM
pays statement for the first Eve
months OF this years operations
shows earnings on the stock AZ the
nj
period and n maintained for the
balance Of the year wflI produce
earnings In excess OF ssB a share for
the calendar year. The stock
opened up. rose 60 IsS. declined 20
ito and about noon was selling
st isi
Gerer.l Aspksit.
The market movements of Gem
ersl Asphalt during the past few
days have aroused a rood deal Of
interest in view Of the fact that
the issue has ben a vehicle In IN.
past for speculative operators. who
have at times moved IL vigorously
through vide range. This morn
ing IL was one OF the few stocks in
the oil group which seemed TO have
strength enough to resist the pre-
vsiling weakness.
RsfIs-
The railroad issues were dull ana
Irregular this morning. advances
and declines confined to fractions
being about evenly Distributed. tn.
only exception was New York Cen
trail. which continued the strength
and activity of the past ten day,
and advanced more than a poin,
Those who follow railroad nstterr
closely are confident that tomorrow
Will bring an announcement from
Chicago which viii defer the rail-
road strike order for some time and
furnish basis for further nerotia-
tons The meeting OF the execu-
yves committee scheduled to be held
today will not begin until late this
afternoon.