Arizona republican., 1922-04-25
Days Review of
the New York
Stock Market
[RepubIIean A. ?. leased WIrel

NEW YORK, April 24.-Various is
sues of miscellaneous character
were included among the new higk
records made in the stock market
today, although the sessions opera
tions were characterized by much ir-
regularity, due largely to professional
pressure.
Quoted values tended mainly up
ward at the outset, but the rise met
with extensive offerings of steels
popular oils, motors and allied spe-
cialties, utilities and several of the
dividend paying rails effacing much
of the initial advance.
Short selling was invited by last
Saturdays address of the comptroller
Of the currency before banking in
terests in which alleged extravag CANT
speculation on the stock exchange
was deprecated on the ground that ii
might cause a diversion of funds
from productive enterprises. Local
financiers We're not in accord with
the views of the comptroller, af-
firning their belief that the recent
rise of market values was based on
signs of general business and indus
trial revival 1t also was declared
that moneys now employed in Wan
street in no way restricted or cur
tailed offerings for commercial pur-
poses.
New Haven was one OF the day
consistently strong features, retain
ing nearly all of its extreme rise OF
4 points. but other rails of the same
class eased. Among the other SUD
stantial gains were Federal Mining
preferred. Columbia Graphophone
preferred, California Packing, Pos-
tum and the rubber tire group.
Nearly all the steels, Midvale ex-
eepted, oils and motors, finished at
losses extending from fractions 10
aboIt ? points, Mexican Petroleum
being under constant pressure. sales
amounted to l,250,000 shares
For the first time in week the
money market deviated from its easy
tone. Call loans held at Sl2 per cent
5 until the final hour, when a 4 per
-eent rate was posted. Time money
rates were unchanged, but suppiles
: for the longer dates were less plehu-
ful. Allied bills were firm and the
German mark rose to .04S, against
the recent low of .O34.
CHICAGO
CHICAGO. April 24.-Wheat un-
derwent an all around setback IN
price today owing largely to evidence
thar wheat imports from CANADA,
duty paid, had begun. The market
here closed unsettled, Il to 2 cents
net lower: with May $l.49N TO
45x and July $1.2Sss to Sl2S7s
Cnrn finished Il to IL a. Is cents
down. oats off Il as to y cents,
and provisions varying from 10 cents
decline to Z cents advince.
with arrivals Of Canadian wheat
at Minneapolis, announced as CON-
manding prices there Willcn snoWeu
profit. wheat traders here pecains
somewhat skeptical about CONTINUES,
lack of supplies in ChIcago 10 In
May contracts. This was especIaals
fho case inasmuch as liberal furtnef
ssb;nments from Canada were pre-
s7ic4ed if high prices on this sloe Oh
.El,a border should warrant. Besides,
,1eceipts in Chicago today totaleo ivy
.carloads. an amount far in excess OIL
what has been the rule here OF iate.
lroder such circumstances an early
sd,,ance i'm the price Of May delivery
hers failed to last and the market
.oa,, t,,rned weak for that molth as
well as for July and September
Selling OF wheat here was LED ny
1,onses with Eastern connections ana
vas apparently due somewhat TO ao-
Sance of export demand. fuftneI
tselling was undoubtedly 1noucsu,
however. by a statement from tne
nSesident OF a big grain company
here intinlating that the company
was prepared to deliver wheat on
ami standing contracts instead OF set
ling otherwise. The company mas
f,eretofore been talked of as being
perhaps the leading short interest IN
the May delivery. Nth
Corn and oats weakened WIN
wheat despite demand Tor corn o.
the seaboard and large export safes
OF oats. .4,.
Provisions averaged lower Win
hogs and grain.