The Washington times., 1922-06-09
STOCKS
AREFEATURE Of.
EARLY TRADING
Push Forward to Higher Prices
In Continuation Of Advance
Started Yesterday.
BY w. 8. COUSINS,

Service.)
NEW YORK, June 9.-Strength in
the sugar and scattering oil stocks
was the feature of the stock market
in the early trading today. which
| was, on the whole. In larger volume
and at slightly higher price lcvel
than in yesterdays session. From
the outset the sugar stocks showed
a tendency to push forward to
higher prices, in continuation Of the
advance that was initiated on the
| marking upward of raw and refined
sugar prices. American Sugar Re
| filming made an early gain of one
point to 80%, Cuba Cane Sugar
common added nearly a point al
1S&; while the preferred sold up tC
385. Cuban American and Maniti
Sugar were fairly active at the Level
Of yesterdays closing prices. Amer
lean Beet Sugar advanced to q new
high above 40.
In the figures submitted by the
Federal reserve banks today Is seen
| an explanation for the growing ease
in the call loan money market. De
spite the moderate decline in reserve
| ratio for the system as a whole. the
New York banks ratio advanced
from S5.5 to $50, indicating q de.
cline in member banks rediscount'
ing operations, and also pointing to
the fact that the absorption OF funds
for speculative purposes has not
been at the expense OF the COM
mercial and industrial interests OF
the Metropolitan district.
Marland OIL and Refining was one
Of the most active Of the oil stocks
in the first two hours, selling UP 2k
points to a new high at AN. This
company recently completed ex-
tensive developments on the See
lease Of the Tonkawa field. from
which 1t secured two wells, produc'
ing respectively $500 and 1900 bar
rels daily. Mexican Petroleum ex'
hibited some of it's old time buoyancY
in the early trading today, selling
up near 141; Pan-American was also
active around 72; Royal Dutch at "a;
Sinclair Oil above 38: and Standard
Oil Of New Jersey at 1S4h, Pierce
Oil was again weak, selling In large
blocks below 8.
The motor shares were again fea-
tured by Mack Trucks and Pierce
Arrow. both of which showed fruc.
tional gains. Mack Trucks first pre-
Corn Products was strong and ac-
tive on reports that the company
Edgewater plant probably will be
opened next month. The company Is
now operating at IS per cent capacity
and its earnings for the first quarter
amounted to $3.47 a share on the
common.
Sinclair's rise to 3S%, a new high
for the year, was in response to
heavy buying as a result Of President
Harding's statement, in which he
assumed full responsibility for the
leasing Of the naval oil reserves OF
Wyoming and California. Sinclair
has made good progress in the de-
velopment of these tracts.
Hydraulic Steel at 13 and Pennsyl-
vania Seaboard at 11&, were the
leaders in the low priced steel stocks.
buying Of which has been more or
less allied with the underground
rumors Of special developments with
marvellous possibilities for profits.
Railroad stocks as a whole did not
enter actively in the active trading
circle, though whatever price
changes occurred were in an upward
direction. Atchison was fractionally
higher at 99h: Southern Pacific at
SO; st. Paul preferred at AZ; Reading
at 75h; Western Maryland. second
preferred at 21A, and Pere Mar
quette at 32h. National Railways Of
Mexico second preferred was over q
point higher at 6%.
New York Dock was active today
at a new high at 46.
Call money loaned and renewed, all
classes. at per cent, throughout
the morning session.