Arizona republican., 1922-06-11
Financial and Market News
Days Review of
the New York
Stock Market

NEW YORK, June 10-The two
hour session of today's stock market
was featured by recurrent selling
movements, notably in oils. steels,
| equipments, coppers and rails. Ex-
| treme reactions of l to almost 5
| points We're only slightly retrieved
In the covering of contracts before
| the heavy close.
! Exceptions to the reaction, in
which signs of urgent liquidation
| were apparent at times, included
Mexican Petroleum and Republic
| Iron and Steel but those issues gave
way in the final dealings.
| United states Steel was among the
| popular shares to lose ground. al
| though May bookings showed a fur
| ther Increase of about $4,000 tons in
untitled orders, that gain being below
| general estimates.
High grade rails were carried down
| in the general reversal, but losses
| among transportations were mode
| rate Selling of oils was accompanied
| by rumors that several of the largest
| producers were contemplating a re-
| duction of price schedules because of
| the lack of demand. Sales amounted
to $4,000 shares.
Foreign exchanges continued to
weaken, aside from the London rate.
Francs were especially heavy. show
| ing a decline of 10 points from the
| weeks highest quotation and the
| Austrian remittance was at lowest
| ebb
Clearing house loans and discounts
| disclosed another actual increase of
| s37 100000 net demand deposits ex-
| panding by almost $50,000.000. The
| actual cash gain of $4,S67 900 in
creased excess reserves to $31, 100000.
| The days general news included
| announcement of a s2,300.000 gold
/ importation from Germany, the first
! in many weeks. and review of busi-
ness conditions which was encourag-
/ ing as to wholesale distribution in
| the dry goods trade.
WEEKLY FINANCIAL
/ NEW YORK, June 10-Signs that
| stocks had gone stale" presented
themselves at frequent intervals dur
| ing the week. These symptoms be-
came more accentuated in the later
session when freer offerings and the
lack of support caused severe de-
clines.
Virtually every branch of the list
was encompased in the reaction,
which was primarily attributed to
the detached attitude of the public.
| Confirmation of this latter fact was
found in the sharp falling off of
dealings.
! Certain significant incidents of the
weeks selling movement, however,
were believed by observers to bear
direct relation to the policy of con-
servation recently reported inaugu-
/ rated by the officials of the stock
exchange.
In substance. it was conjectured
that considerable liquidation eman-
ated from traders who had been eau
toned against excessive speculation
and that other extensive offerings
originated with interest which have
severed their connections with the
| exchange.
i Another reason for the weeks re-
versal was found in the revelations
arising from the legislative inquiry
into the promotion of the steel
| merger. While the details of this
| project differed in no essential from
previous undertakings of like char
! acter. the manner in which they were
disclosed gave courage to the shorts.
/ Continuance of labor disturbances
| in the coal and textile industries was
balanced by still higher commodity
prices notably in metals, sugars. tex
tiles and feathers, higher ratio of
f plOdutliOAi lHt etubcAiiOptiS ~ esN
and increased activity in many kinds
| of business.
CHICAGO BOARD
/ CHICAGO, June 10-Week- END re-
alizing caused wheat to react late in
| today's short session of the board of
trade. after firm start.
The market was almost featureless
! and closed unsettled prices varying
| from "a cent down to like advance.
July. $1145s to $1.14% and Septem-
ber, $114%; corn was unchanged 10
quarter higher and provision were
| 5 to 20 cents off.
/ A report of a prospective world s
shortage of wheat at the start tend
ed to harden the wheat market. but
values failed to hold. There was fair
buying on the dips by commission
| houses while on the bulges offerings
| increased. September showing a ten
| dency to gain on the July. A review
of the government report called at
tention to the falling down in con-
| dition in states where harvest is
about due. This was regarded as
having been caused by poor germ
ination last fall and the spring
| growth was not sufficient to fill the
heads of the many stools put out as
the result of excessive moisture.
Corn and oats were dull with prices
little changed from the previous
days close with trade almost entirely
| of a local character. Crop reports
on corn and oats were generally ia
| vorable for showers over the entire
belt, good general rain being need
ed in some parts of the central west.
Prospects of an increased move
ment of hogs had depressing ef-
| feet on provisions and prices aver
aged lower.
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