The New York herald., 1922-07-02
FINANCIAL NEWS
AND COMMENT
Markets Slow Up to Snail's
Pace-Marks at New Low,
-Four for 1 Cent.

Yesterdays markets for stocks, bonds
months. Transactions IN all branches
were not only very light but exceedingly
narrow, rejecting the absence from the
financial district Of a majority of active
operators. It is not unlikely that the
duliness will be In evidence again on
Monday. for most OF the absentees
made plans to extend their Independence
Day holiday from Friday evening to
Wednesday morning. Movements In the
various markets were mixed and with
out any significance whatever. Some
liquidation made It's appearance in GER
tain stocks. willis others were made
strong by persistent buying, largely IN
furtherance of the bear covering move
ment started on Friday.
Transactions IN stocks were around
only a quarter OF million shares. Some
liquidation, especially In pool issues.
could be found. but the general list was
more or less firm throughout the ses-
sion. General Motors was the active
feature OF the late trading, with an ad-
vance to 14S on heavy transactions.
Railroad shares continued to hold their
gains of the earlier part of the week.
Great Northern appearing especially
strong at 77%. There were no news de-
velopments In connection with the rail-
road strike during the course of the
session. and as a consequence the trad
ing IN the rails was entirely profess
sional. For that matter, there was little
of any other kind of business in any of
the active issues. The oil stocks re-
manned unsettled, though for what rea-
son the Street is still guessing.
Copper stocks did better than at any
time in the last several days, although
their gains for the most part were but
fractional. Stock market strategists are
still clinging to the conviction that the
copper stocks are the only ones which
have not discounted In even a small way
the tremendous improvement which the
industry has undergone since the begin
nign Of the year. Prices for these shares
are materially higher. of course, but
their advances have been slow and
without feature and at present levels
they give little indication Of hav-
ing reflected what has been going on
within the industry. Stories of big
copper merger to be concluded probably
in September still persist notwthstand-
ing denials that have come from official
quarters, and Wall Street has become
convinced that these denials do not mean
as much as they appear to on their
face. AS an important step and one
which would be welcomed not only by
copper producers but by consumers who
seek lower prices through the smaller
operating costs which consolidation
would effect for the operators. there
is scarcely a voice raised in opposition
! to the plan.
The cotton market was as devoid OF
feature as the stock market. Transac-
tions were very narrow and net changes
scarcely worth recording. The tone az
the cotton market at the close was one
of steadiness.
Bonds Jagged somewhat from lack OF
attention. Liberty issues were slightly
changed at the close and the general
list reflected only the extreme duliness'
which marked the session.
Foreign exchanges were irregular but
featureless, save for the establishment
of another new low for the German mark
at 24% hundredths of a cent.