Arizona republican., 1922-05-02
Days Review of
the New York
Stock Market
rRepubIIcan A. p. leased wIre1

Republican n. p. Leased WireJ
NEW YORK, May Industrial
and commercial advices published
over the weekend recess combined
with the bullish literature" issued
by a majority of the commission
houses gave impetus to the further
advance of stock market prices to-
day.
The movement was unever for the
most part, however, seasoned shares
again being regulated to compara-
tive obscurity by the greater promi-
i1ence of speculative issues. These
mainly comprised leaders of the oil,
motor, independent steel and copper
groups.
Specific instances Of unusual ac-
tivity and strength included Asso-
ciated and Pacific Oils. Standard OIL
of New Jersey, Studebaker. which
threw off the disappointment shown
at the failure of the directors to de-
clare an extra dividend, Baldwin
locomotive, international Paper pre-
ferred and I4ackawanna, Gulf States
and Republic Steels.
There were numerous additional
gains of / to points among spe-
cialties, shippings, chemicals, and
utilities, the latter embracing Mon
tana Power and rails. S lie S
amounted to !, 10000 shares. making
the twenty second consecutive full
session in which transactions ran
into seven figures.
Railroad tonnage for the preced-
ing week showed a moderate de-
crease in the middle west but this
was balanced by geenral business
gains in that section as well as at
more remote points, notably south
western territory.
Dealings in foreign exchange con-
tracted because of the policy in Lon
don. but the firm to strong tone of
leading remittances denoted a more
cheerful view o fthe conference con-
ditions at Genoa. Steadiness of
anthracite issues offered hope of an
early solution of problems arising
from the coal strike.
Money rates continued to reflect
heavy shifting of funds in connec-
tion with May payments. Cali loans
opened at four per cent but advanced
to AZ per cent at midday. Renew
ais of short time loans were effected
at recent quotations. but the longer
maturities were in little demand.
At $43212 demand sterling was at its
highest quotation for over a week
French, Italian, and Belgian bills
rose 8 to points. but Scandinavian
rates again reacted. Far eastern bills
were strong, the Shanghai rate ris-
ing in the face of the more serious
military disturbances in China.
CHICAGO BOARD
CHICAGO. May settlement OF
May contracts for the delivery of
wheat here began today without any
of the spectacular acconpaniments
which had been talked about of late
rs likely to be seen. For at least
the time being no shortage of wheat
supplies was apparent. Deliveries
We're on liberal scale, totaling
I25O,000 bushels, very near the
expected, and were readily taken by
helped to lift values. The market
closed unsettled IL to rs net
higher, with May s1.415s and July
SI2Sb to $1.2SK. Corn finished z
to l cent higher, oats unchanged. to |
g cents up. and provisions varying /
from unchanged figures TO a rise of |
20 cents. It was a practical GER
tainty before the wheat market |
opened that there would be no de- |
lay in rendering wheat freely to |
houses which desired to pay for the /
actual grain. 1t was also evident /
that there would be no difficulty in |
disposing of the wheat so offered |
Under such circumstances and with I
a month ahead for further settle I
ment of May dealings. the rank and |
file of traders turned attention to /
July and September business and to /
factors other than the immediate |
supply of wheat in Chicago.
Signs Of continued foreign demand
for wheat became the dominating in
fluence and with bullish domestic
crop estimates current tended to
send prices moderately higher. Ac-
cording to one authority. the aban-
doned acreage of winter wheat was
11.6 per cent, and the probable yield
perhaps 10000, 600 bushels less than
was harvested last year. Export
sales today were figured at upward
Of 100000 bushels. On the other
hand, the United States visible sup
ply showed only small decrease,
212, 900 bushels.
a.