The New York herald., 1922-09-01
FINANCIAL NEWS
AND COMMENT
Stock Markets Tone Irregular
oil Shares Advance on
Bullish July Report.

A pre-holiday spirit developed m
Wall Street yesterday and trading was
reduced in every market save that for
stocks Speculation in stocks contin-
ued on n fairly broad scale, the volume
Of trading being only slightly below
the totals of the previous day.
No news OF any Importance that
could be used to promote further In
terest In stocks was produced during
the day. Prices were changed mostly
in an evening UP process for over the
approaching holiday. In some stocks
the result was lower prices and IN
others. particularly those hiding a short
interest sizeable gains resulted.
More interest was manifested In the
attitude OF the Federal Trade Commits
sion toward the proposed steel consoli-
strike situation or European affairs.
Wall Street was apparently optimistic
yesterday over the outlook for an early
settlement OF the labor troubles. 1t
was generally believed that the anthra-
cite miners would return 10 work early
next week
The possibility OF an unfavorable ri.i-
ing against the proposed Midvale-Re-
Elected in irregularity in the steel
group. However. the statement that
the merger plans would go forward no
matter what recommendations were
made by the Federal Trade Commits
sion had the effect of restoring conf
dence in the steel stocks and they re-
covered their balance before the market
closed
1t was suggested that the steel mer-
ger could not be opposed without re-
opening the United States Steel case.
The report that the trade commission
would ask for a reopening of that case
received little attention, as the Su-
preme Court already has refused the
Attorney-General a rehearing of the
case.
A spectacular upward movement in
the oil group. led by Mexican Petro-
leum, enlivened the afternoon and a
short interest of no mean proportions
was uncovered. The rise In Mexican
Petroleum carried that stock up more
than 10 points and the other oil stocks
were active and strong in sympathy.
The movement in the oil stocks may
have been based on estimates by a
Government bureau of increased Pc
troleum consumption during July which
placed the daily average consumption
at a new high point. Incidentally the
daily average production of oil in July
was less than in June.
Except for weakness in Chicago and
Alton stocks and bonds and a decline in
Chicago Great Western shares the rails
were uniformly strong, showing that
the receivership for the former road
had made no impression on Wall Street
sentiment. The Chicago and Alton re-
ceivership, as matter Of fact, was
considered a matter concerning no one
outside OF the interests involved and 1t
was not doubted that buyer probably
will be quickly found for that valuable
property.
Call money opened at AZ per cent,
the highest renewal rate in weeks. and
then advanced to per cent
The foreign exchanges fluctuated in
rather aimless fashion. displaying any
thing but confidence in the outcome of
the latest reparations effort. Opinion
in Wall Street was pretty evenly di-
vided on the German moratorium ques-
ton. with one side favoring a compro-
mise on a short term moratorium and
the other independent action by France.
However that question was ignored as
a market factor.
Cotton was quiet pending the i'm
portant Government report to be made
to-day.
The comparative statement OF con-
dition OF the twelve Federal Reserve
banks showed a slight increase in gold
and fairly large increase in bills dis
counted.