Arizona republican., 1922-03-10
Days Review of
the New York
Stock Market


NEW YORK, Mar. 9.ATrading in
the stock market today was acute but
attended by frequent intervals Of ir-
regularity The trend of financial
and commercial aevents continued
favorable.
Financial tendencies were the only
noteworthy exceptions, although the
initial setback in that quarter was
largely retrieved later Heaviness Of
British and allied remittances in the
early dealings was aseribed to dis
appointment at the declination Of the
United States government TO partici-
pate in the Genoa conference.
More price advances in finished
steel and iron were announced by in
dependent producers. Reports that
the United States Steel Corporation
his taken cognizance of this situation
| to- the extent of meeting these ad-
yances were denied.
Advices from centers Of the auto
mobile industry referred to the ma
terial increase during the last fort
night in the production of cars and
| trucks and another general upward
revision of sugar prices accompanied
| the more stable market for that com
| modify
Specialties Of the chemical and ,Af-
| filiated groups, Studebaker, Sinclair
and several of the dividend paying
rails featured the markets progress
sive side, but foreign oils. indepen-
] dent steels and several OF the equip
ments were backward. Sales amount
ed to 100000 shares.
| The IA per cent opening rate for
| call loans was soon reduced to 4 per
cent in the open market and 3ik per
! cent in private offerings. Two and
three months money was offered at a
| fraction under ~ per cent, but the
longer naturities remained firm at
! per cent.
On the late rebound sterling rose a
| fraction over yesterdays final price.
French, Belgian and Italian rates
were 5 to points better and the
Norwegian rate was very strong, al
| though other Scandinavian bills we're
| lower with the Dutch rate.
CHICAGO BOARD
| CHICAGO, Mar. 9--Swift down
turns in the value Of grain resulted
from heavy selling. today, largely due
to ending of the drought which has
affected the Southwest. Wheat
closed unsettled. cents to 6% cents
net lower, with May $f.36 to $1.S6k
and July $117k to $117S. Corn
finished 2&02% cents to 3h cents
down, oats off 1M1b cents to "a a
"a cents, and provisions at a setback
OF II cents to 20 cents.
With snow and rain I'm Kansas,
Oklahoma and Texas said to be ample
to bring up all wheat yet alive and
to assure excellent growth with right
weather conditions hereafter, IL was
quickly apparent that the buying side
OF the wheat Nlnarket was big dis
advantage. Smallness of farm stocks
of cereals. as shown in the govern
ment report, had been evidently for
the most part discounted in advance,
and although moderate upturns in
price took place at the opening, the
mapority of dealers were soon seen
to be pressing 10 sell.
In particular the selling out of. two
big holdings of wheat, one for an
Eastern and the other for a Chicago
operator tended TO bring about gem
eral liquidation. Acute weakness in
the May delivery was feature ow-
ing 10 the closing out of spreads be-
tween that month and July, and be-
fore the day was over May was down
more than cents from yesterdays
finish and IA cents from recent top
figures.
Corn and cats gave way I'm SYM
pathy with wheat For the time be-
ing the corn market appeared to have
no good support except from specu-
lators who had previously been sell
ers and who were therefore in a po-
sition to take profits.
Lower prices on lard at Liverpool
together with the break in grain
values here weakened the provision
market despite an advance in hog
values. II