The Washington herald., 1922-06-04
FFNANcIAL
MOST GAINS LOST Z
AS PROFIT TAKING
ENTERS EXCHANGE
Oils Register Higher.
Rails Advance, But
Fractionally.

NEW YORK. June s.-stocks were
firm during. the first hours tradinx
this morning both rails ana indus-
trials scoring advances over yester-
DAYS closing prices. with the en-
ception OF Wheeling and Lake Erie.
which advanced nearly a point al
vances In the rails were fractional
only while number OF Industrial is
sues showed substantial gains, Most
of NE oil group continued 20 register
higher prices There was a good deal
Of proft-tsking before the Close. how
ever, and many OF the days highs
were not held. Bonds were nrm IN
fhe main but displayed no pronounced
strength -
Trading in foreign exchange opened
with br1sk demand for eterfinr
which quickly carried the price BACK
10 the high level reached yesterday
before the closing reaction set IN. Con-
tinental rates. meanwhile. showed a
reversal Of the trend Of the day be-
fore and irmed up Considerably. rstn.
OF from ! TO points being common
French francs and Italian lir, found
good market and German MARKS
also made some Improvement. Volume
OF trading in the market generally
was more spirited than is usual for
| Saturday
Nothing Of especial interes, came
N the overnight news TO affect the
commodity markets. Cotton was
subjected to the usual profit taking
over the weekend which I, .h.o-e.1S
In fairly good fashion ana rnssnts,r.S
good undertone. July contracts
Opened al 2o-so cents. points ahove
yesterdays closing and after some
reaction recovered 10 a price clore 10
uhe level Of the day before. October
was lower at the start but also pic<ed
W IN the later trading and late nrioes
! showed small change from FRIDAY.
SohSoerable liquidation appeared IN
July wheat which carried the nr,ce
on nearly points early ana Octohe-
was also heavy Better weather re-
ports Influenced some selling
Brokers making a SPECIALITY of
banking accommodation undersfood
10 be fully Informed about financial
eondliions agreed in the view thar
une h1ing OF the renewal rate for car
money yesterday at 5 per cent. the
highest since February 81, had a pur-
P"se IN a desire 70 retain out Of town
money IN this market and prevent
D olsappearance from the Street
| Durng the remainder Of the a.
]
market in large volume ana a. ~.
close over $4,000. 600 uere ,es, a.
brokers hands because Of inabiI,tv -
ma Borrowers for all the o1r-ipgs
.hat mao been brought into the hoard
IL was generally understood bov-
eNer' that Important factors heInad
cause a degree Of tension in the nost
Ie" Gays. Among them was the
necessity for providing for ,ar 49,
ments IN this city on June / as v,s,l
as meeting the requirements ,o- g.
teiest payments on the same dsy srb.
transfer OF Bank Of Comrner-n -
! recently was understood 10 bay, -.
se'tied yesterday also calling TO- a.
paHrheht OF a considerable amount ~
money oy concentrated grou,
Ihere was little feature TO the -
money market the tone being arrne-
per cent being bid for so-day
money and "a per cent for lonp.r
psn out ample supplies could be
oo,slned AZ those quoted rates
~ was Insisted by some ~ ,b,.,
who had been corcerDaS - sl
important stock market o,e-,,s,
that conditions now eyys,t,.
radically different from ans. co,5,-
tions that Wall Street bss - -
lore known. Trading At ti-nes -
J become or an excited chsrarte. -
cause Of the absence OF a xupnr,, ~
of onerinEs at near preyiousr,- -
Nalling levels and this absence -
STOCK or other securities had hen
. commented on In connection ,,-f.h
'he position OF the outstanding
snort account. In recent davs cor,-
2 nlhatlons of few operators ana 80
board room traders had been pawer-
III! enough 70 cause violent sd.
Nances In stocks which hsv. been
/ often heard TO move and whose
I large capitalization made the-, ~
| wleidy elements in a generally sc-
tive market
Motors.
Advances which occurred &, r,o-
tor stocks. carrying some Of thor,
up TO new hiEh records FOR the year
were accomplished BY reports ~
continued Increases in earnings ~
many corporations. Martin Parry
which was prominent feature IN
the past few days. was directly in
huenced by reports Of coming rlose-
relations between that conpanv ana
other important corporations in the
automobile Industry and II was
stated that these trade adjustments
nave been effective in adding
4 largely 10 the business on the ror,-
pany's books. The COMPANY is ,,-
larSing Its Bodybuilding raracitv
in anticipation OF expected business
from various sources. Including
Z these referred to. The Nav earn
inGs OF Martin Parry reached a new
nigh record and estimates are that
the revenues Of the company VIII
increase considerably in the coming
month.
OIL Merger Rumorx.
There were all sorts Of rryuors
during the week Of impending r,er-
gers OF oil companies. the one at
tracing most attention being thar
OF the Phillips Petroleum Cor1ra-v
with another large oil nrodurin-
and marketing organization. with
the result that Phulins stock
touched a new. high quotation on
I volume transactions. II was said
that the buying % this stock came
from inside interests who are con-
versant with the details of the r-o-
posed plan. but IL was i7npoxsf1le
to obtain any definite Official irsor-
nation as TO It's progress or fnai
: outcome.