Evening star., 1922-06-28
SLOW, BUT STEADY;
SOME FEATURES
Dull at 0pening-No Press.
ure to SeIl-GeneraI
Asphalt Leads.
BY STEWART p. WEST.

NEW YORK, June est wal
another quiet day on the stock ex.
change today.
Professional efforts to get nrice,
down were resumed at the opening
where they left of the previou,
night, but met with very little sue.
cess. Some stocks went down another
nair point, but in the general lisl
there was an absence of real sell.
ing. which quickly impressed trader,
operating for the dsoline.
by the end Of the first half houl
snort coverings had set in, and by
afternoon the list was for the mosj
There were few features in th,
movements of individual stocks.
interest died down considerably in
the Mexican oils and their place oi
ieadership was taken by Genera
Rubber shares we're helped by III,
| sharp rise in crude rubber prices, an.
ticipating that attempts to restrict
the output, which for a long time ha,
oeen expected. would have favor.
able issue.
Brooklyn Rapid Transit bonds and
stocks came in for more attention a,
the result of the quite extraordinary
! showing which the road made for the
month Of May.
Exchanges Weak.
Foreign exchanges were again de.
pressed with sterling Off sharply and
francs and marks well down TO theiI
recent lows
1t might have been supposed thai
the declaration of the soviet represen-
tative at The Hague that Russia would
recognize pre-war debts. provided these
were fairly adjusted would have had
good effect.
1t happens Russia is not now the OBJ
)ect OF solicitude. Rather II is Ger
many which holds that position because
OF the very fear which exists in in
ternational banking circles regarding heI
aoliity TO meet the next few month";
installments Of the reparations without
the help Of a foreign loan. The onI,
recourse apparent is further dilution oi
an already enormously deprecated paper
currency.
Crops Watched.
The weekly weather bureau report
was OF unusual interest in view of the
supreme importance Just now Of weather
changes in the calculations Of the grain
and cotton trades 1t appears to have
been favorable week for the winter
wheat harvest and for the development
OF spring wheat. but on the other hand
drought and expected heat threaten
trouble for the corn crop If not shortly
relieved.
Government authorities made it stip
palmer that the cotton market has
been counting altogether 100 much on
injuries from rainfall. Its statement
was that dur'ng the week cotton had
made very GOOD progress all through
the belt. and particular advance in
Texas and Arkansas.
Bonds and Money.
The rising tendency was checked. al
1aon far fha k4;-
vestment bond list. High-grade rail.
way mortgages. the feature of preced.
ing days. were, as rule. slightly
lower. and there was no attempt made
to renew the advance in the liberty
group. European government issues
were unchanged They have been less
sensitive to the decline in foreign ey
changes than on other occasions thin
year. With only two more days 10
complete the ingathering of funds for
the midyear corporation payments. il
was not surprising that the call money
renewal was fixed again a per cent.
Even this section Of the money market
however, was easier. in that the most
of the new loans later in the day were
made at Z per cent.
General Asphalt.
The most practical explanation for
the strength in General Asphalt
which was feature again today is
that some of the big traders who
cleared a large sum in Mexican Pc.
troleum have been putting their
profits into Asphalt stock. Asphalt
makes the same appeal that Mexican
Petroleum does, for both are 'mys.
terry stocks and as such susceptible
to wide fluctuations.
General Asphalt figures as an oil
stock when the oils are on the move.
as the stock of road-making COM
pany when projects for highway i'm
provement are prominently before the
public mind The twofold aspect
makes the shares doubly attractive
from a speculative point of view.
American Bosch Magnetic.
Bosch Magnetic dropped below 10.
which was quite bit under the bot
tom reached during the general mar
relatively weaker than Stromberg
and other of the motor accessory
shares. The decline. however, ha q no
unfavorabie Significance so far as the
property is concerned. The company's
business has been picking up rapidly.
Brooklyn Rapid Transit.
Fresh buying of Brooklyn Rapid
Transit issues came upon the heels OF
the May report. This was an even
more remarkable statement than any
hitherto put out. 1t showed after all
operating expenses. taxes and fixed
charges a surplus of $465,256 for the
month, and a total for the eleven
months ending May 81 of s2,s15.Ss3.
May is a fair average traffic period.
Consequently IL is a reasonable calcu
lation to multiply the May figures by
twelve in order to arrive at what
B. r. T. is earning for the year. on
less than IS a share on the stock.