The New York herald., 1922-05-04
FINANCIAL NEWS
AND COMMENT
Stocks Popular With Traders
Strong-Heavy Buying
of Oils.


great deal OF strength in issues which
had attained special popularity with
traders, while among others, railroad
and Industrial. business dragged and
prices were rather sluggish. The con-
centration of heavy buyi0g orders in
petroleum shares. Standard Oils. Pacific
OIL and Associated OIL again leading.
brought a larger turnover than that OF
Tuesday, and advances among them ran
from 2 to more than 6 points. Several
specialties shared in the rise. but 1,
was noticeable that many rails and steel
issues were soft and for the tenth OF
eleventh consecutive day the market
acted as though a large volume oc realiz-
ing sales was being put through under
cover of upbidding of oils. Call loans
were renewed at Az per cent. Their
later quotations disclosed no advances
from that level and an increase OF offer
ings in the afternoon suggested that the
temporary May demand was being Of
set by the return to local banks OF
checks sent out last week by corpora
tions.
The continuous advance of leading oil
company stocks In the last week indi-
Gates an evening up process in the mar
ket, irrespective of the effect on specula-
ton Of a firm crude oil situation and
possible consolidation of petroleum conn.,
NAMES in certain sections of the coun-
try. 1t will be recalled that in the pro-
tracted rise of automobile, railroad
eouiprnent, steel and RAILROAD stocks In
the early weeks of this spring oil stoc6s
swung through fairly. wide ranges but
did not make progress commensurate
with others. Texas Company, as an ex-
ample, during all of April fuctuated be-
tween AZ and AZ approximately, and
Yesterday gained about half as much as
It did last month. Evidently spectators
who neglected favorable points Of the pc
troleum industry when there was 80
much cheering news about steel and
automobiles turned to oil shares when
the block passed of the others late last
month. The markets. desire to walt FOR
fresh incentives before resuNing recent
sneculation for the rise of transporta-
ton and manufacturing company issues
has been pate-it for considerable time
sThe outJ6ok for steel and iron
product.oI, was not made altogether
clear In this weeks trade surveys.
Tdere is unquestionably a large ana
>nnsa tisfied demand for steel, especlaiiy
In territory centering in Chicago, ana the
Anril iron output felt no III effects OF tne
coal strike. But sufficient difficuity mas
heer exnerienced with fuel supplies In
certain steel making localities to cause
avarage operations to sag slightly as
oornared with those of last week. a
rise of $50 a ton in billets in Pittspurgn
is significant, probably reflecting IN;
creasing costs through haulage or coal
from Southern mines instead or adjacent
b,rnninous mines. The daily output OF
pig iron, reported by the IRON Age, was
60 070 tons in April, gain OF ABOUT
per cent. compared with the March
average. The stiffening OF iron prices
has not brought the composite price
~ the several grades to the highest
noint since June / of last year. the
rise in the last month being s376 a
ton.
Dealings in cotton, feature of finan-
cjal business on Tuesday, were less in
teresting yesterday, heavy profit TAX
ing checking an early upturn and leav-
ing final prices no more than 9 to 16
points higher for the day. An advance
of sterling exchange to 4.43% carried its
quotation measurably close to this
years highest level. established on
March /. and indicated that other forces
than those supplied by the Genoa Con-
ference were at work In the London
market Francs and lire were trifle
lower, as were marks.