Arizona republican., 1922-02-24
Days Review Of
the New York
Stock Market
[Republican A. P. Leased wireI

NEW YORK, Feb. 2S-The stock
market today rose almost steadily
in its early and intermediate stages
TO higher levels on the largest and
most varied dealings of the year but
fell back sharply in the final hour.
The reaction followed an advance in
call money from to per cent.
Gains ranging from large fractions
TO "a points were made at the out
set. Advances were extended to as
much as s points Before profit taking
and the money furry made a pro-
nounced impression.
A large part of the increased busi-
ness evidently originated from the
professional sources and orders re
ceived by commission houses over the
| holiday These were augmented by
short coverings especially in steels,
equipments and oils.
Many of these issues achieved the
highest prices of the year. United
States Steel being the most conspic
uous example but that stock forfeit
ed it's gazing OF la points, closing
unchanged. Chandler Motor, at
net rise OF u points and Canadian
Pacific at gain of 81 points. were
among the few important stocks to
resist pressure. Sales amounted to
1,175,000 shares.
Passing OF the dividend on Republic
Iron and Steel preferred because of
uncertain business conditions was
announced at the close of the mar
ket. Other developments of the day
such as better trade prospects and
more favorable railroad earnings were
among the factors which gave impet-
US TO the long account. International
credits were again influenced to the
I long account. International credits
were again influenced by the strength
of British exchange, demand sterling
making another new top at 4415s
as much as 4.42 being quoted for ca
bles. All continental rates moved with
remittances on London. excepting the
| Belgian and Dutch bills, these re-
acting TO S points, respectively. The
| Canadian discount continued TO fall,
exchange on Montreal easing TO PA
per cent.
CHICAGO, Feb. 23--Persistent sell
ing due to rains in the southwest
made wheat today average lower in
price. The market closed unsettled at
So cent to g cent net decline, with
May at $1.44 to 1.447s. and July ;1.24%
to S1.247s. Corn finished Il to s1
Ia cents up, oats unchanged to Il
cent higher and provisions varying
from unchanged figures to 35 cents
( advance
Assertions that a wonderful inn
provement in the outlook for the do
| nestle winter crop had been effected
/ by rains in Texas, Oklahoma and
Kansas led to a material setback in
wheat prices here at the opening, but
sentiment among traders became muc
divided later as the result OF talk
that ice was forming over the fields
because OF zero temperatures which
had followed the rain. With quota
/ tiOns at Liverpool and Buenos Aires
showing compare tive strength, an up
turn in prices here ensued.
However the rise brought about in
creased offerings from commission
houses and carried values downward
1 again during most of the remainder
I of the session.
The fact that Chicago wheat prices
were so high as to encourage ship
Z ments here from Kansas City was re-
! sponsible for some OF the late SELL
| ing. Notice also was taken OF an in
/ crease of 1,642,000 bushels for this
week in the worlds available supply
/ total.
New high prices for the season
were reported in the corn market
I Expectance Of a decided fall in the
amount Of corn arriving in Chicago
was largely responsible. The oats
/ market was governed for the most
part by the action OF corn. Provis-
/ ions ruled higher in line with hog
values despite a good deal OF east
ern selling which grew out OF clos
ing of spreads between lard and cot
ton seed oil.