The Washington herald., 1922-06-28
STOCK EXCHANGES
ACTIONS DIVERSE ]
AND NCONCLUSIVE
Small Losses General,
With Mexican Petrole- %
um Reacting 9 Points. :

NEW YORK. June ,7.-Movements
IN todsy's markets were diverse and
incopciusive. The rate Of trading
was, furthermore, generally AZ a.
low level In stocks the turnover
Appropriated that OF yesterday. but !
the declines which ruled a. the day =
drew TO close were rather great y
er in magnitude than yesterdsy-t...
advances. Mexican Petroleum re-
acted some points from the pre-.
vious close. and losses OF ! poines,
or more were fairly frequent
throughout the rest Of the list
Bonds were irregular with the giit.s.
edged issues firm. After opening ~ q
5 per cent. call money was reduced :
20 ~ toward the end Of the fourth >,
hour. -
Declines Rule Trade.
Except in the case Of a few indi- Il
vidual issues declines were the rule
during this mornings trading ;
while there was no real weakness o.
the net movement OF many issues ?
up TO noon revealed losses ranging.
from fractions 20 2 points or more.
The rails for the first time In sew
eral days moved rather sharply
downward. St Paul preferred lost
over 2 points. Norfolk and Western
declined a point and a half in tho
face OF the most favorable earn
ings statement the company has
ever issued: New York Central
broke nearly points. though Il :
recovered more than half the loss
later. and Baltimore and Ohio. Pere
Marquette and Rock Island all
yielded a point or more. Union Pa
cific was the only prominent excep-
ton. advancing nearly point and
remaining strong. while the other
rails sold of.
American Smelling and Refining.
ing genius at the annual meeting OF
the American Smelling and Refining
Company held this morning. and the
war dogs which were expected 10
be introduced on the scene when
the contest for proxies began six
weeks ago were not in evidence.
Leaders of the faction which hss
been opposing the management for
the past two years issued a state
ment claiming that they had
achieved what they set out 20 ac-
complish and harmony reigned-
Crude on stoeks-
Statistics published this morning
regarding stocks Of crude oil and
its products on hand at tn. end Of
May and consumption during that
month. gave evidence Of no clear
cut trend IN this somewhat puzzlinC -
situation. On the one hand. con-
sumption increased materially. but
stocks OF crude showed another in
crease as compared with the supply
in sight at the end Of April. Ap-
psrently there was nothing in the
situation thus revealed to encour- -
age holders or prospective buyersbl
OF the oil issues. for most Of them
sold of during the morning. :
The railroad earning statement '
announced this morning coulb
scarcely be said TO indicate any very I
great general Improvement in the
situation Of the carriers. but they
varied from the highly favorable
report Of the Norfolk and westerr
TO the operating dencit shown by
Lehigh Valley. The latter, Of
course. was not unexpected. in view
OF this compsny's dependence on
coal trsfie Baltimore and Ohio.
however, which is also q large car
rier OF coal. made a good showing b.
Prc~p~cts Of Rail strike.
while railroad oricers seem
still firm in the opinion that last b.
minute developments will occur
which will prevent the calling Of a
strike by the organizations which