Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-05-03
TW0-S|DED Market
ON WALL street
Under Influence of Highe
Money and Stock Distribu-
ti0n-OiIS Are Leaders.
BY STUART p. WEST.

lIUIt-UlIS HTe I6dueTS.
BY STUART p. WEST.
NEW YORK, May 3.-Further sign
Of hardening in the call money mar
ket were. perhaps. of more impor
lance than anything else that hap
pened in the financial situation to
day. Following the rise to pc
cent. in new loans. the rate on stand
ard loans was advanced to ~ Pc
cent. This compares with a low %
sk per cent less than fortnish
ago.
Time money market is a fairer ties
Of actual conditions than are cal
rates, which are much more
sensitive to temporary influences. a.
Treasury Withdrawals and the shift
ing Of balances between New YorN
and out-of-town banks and so Ia
neither prime money nor commercial
discounts have hardened. The rals
ing of the call loan quotations un
heavy increase in stock exchans
and is a signal that the
time has come for more caution IL
speculative operations.
Has Some Effect.
Both in the stock and bond market
the higher call loan rates undoubtedly
had some effect A few of the oil
shares were bid up rather Violently
but these were exceptions. The priceI
was Quieter and more or
ierly, The element of wildness and
ack of discrimination, which chaTac-|
.erized the speculation of two weeks
ago. was wholly absent
Along with efforts to advnce indi-
yidual stocks there was some very
obvious unloading of others in which
speculative profits had accomplished
On other days.
The bond market was still to he
described as strong and fairly active.
Foreign exchanges were aHectea
~ what was commonly pictured as
he critical moment Of the Genoa
conference.-the time when
he Russian reply to the allies terms
was being awaited. 1t was most I'M
fortunate that France and Belgium
should have even Temporarily re-
used to join with the others in sign
realized. 1t did cause further quite
weakness in French and
Belgian currencieS, which brought a
similar decline also in Italian lire
and German marks, but later IN the
lay these losses were retrieved Tor
he most part. 1t was once more
that sterling did not
share.
Oils Are Leaders.
Speculative interests again con-
,entrated in oil shares at the open
ng of today's stock market. Domes-
lie issues, especially those mentioned
in connection with possible mergers,
we're the strongest features. Associ-
.ted Oil Immediately added two
points to yesterdays seven-point rise,
and Standard Oil of California. Pre-
ng were higher by fractions TO one
point.
Shippings continued to strengthen
and motors developed increased firm
ness. but steels. equipments and rails
moved contrarily.
American Ice was heaviest Oh the
specialities. falling one point.
Further strength developed in the
pills, Houston, Pacific. California ana
California Petroleum moving up
sharply.
Secondary Motors. Bosch Magnetic.
Stromberg and Mack Trucks also
Joined in the improved feeling.
Realizing Sales.
Realizing and distributive sales
coupled with selling by professionals
who commended that the markets
technical position warranted a set
prices after midday. Shares which
had not participated to any great eN-
tent in the forenoon rise were nam
mered down l to points under yes
terday's final figures. Mexican Pc
troleum, Studebaker, General AS
phalt, Baldwin Locomotive, Republic
nSn1ihafpd nre-
ferred. Gulf States Steel, General
Electric and International Paper were
weak
Rails Lead Rally.
The decline was later arrested by
sharp upward movement IN the
standard railroad shares. Reading,
New York Central. Southern Pacihc
and New Haven gaining ! to |.
points.
Wall Street Notes.
The sharp upbidding of Freeport
Texas stock today was attributed TO
a combination of circumstances. The
street considered it likely that the
Freeport interests had determined to
compete more aggressively against
other operators in the Texas fields
arrangement with the
Texas Company providing for the
formers development OF the TeNas
Company sulphur fields is said to he
favorable to Freeport. The s4.00o,Ooo
bond indebtedness incurred for this
work will be liquidated before the
of profits, it is reported.
Mack Truck.
Buying of Mack Truck stocks today
followed the company's report for the
first quarter. The most Significant
item of this statement was the fact
that the March earnings. which ex-
ceeded $1,000 were at rate sufti-
Gent to cover three times over the
dividend on the preferred
stock. The earnings for March were
large enough also to take care OF
the seasonal loss of the two proceed
ing months. Net profits for the
quarters after depreciation were
s255,1s7, as against profits during
the first three months of 1921 OF
S4.395. Mack's production is increas-
ing steadily.
The OIL Group.
Oil stocks were quite as prominent
as on other days, but were much
more variable in their movements
and Shell interests had acquired
large concessions in the Baku terri
tory of Russia put these stocks up
sharply in London and in Amster-
dam and caused a similar jump here
There was quite a bit of switching in
to Royal Dutch from other oils,
from Barnsdall shares.
which have been bulled largely on the
rumor, that this was the company
which was going to get the big
plums from the soviet government
l. q u 7r