Arizona republican., 1922-05-03
Days Review of
the New York
Stock Market

NEW YORK, May 2.-The stock
market opened today's session with a
continuance OF the recovery from last
weeks partial relapse, but evidenced
frequent periods of hesitation on re-
duced dealings. Sales of about ST.
100, 900 shares were almost the small
est of any full session since the early
part Of April.
Early advances mainly were con-
fined to steels and European oils.
The latter were especially strong on
overnight cables, which stated that
the Royal Dutch Shell trading group
had been granted large concessions
by the Russian soviet government.
Later denials of these advices from
various sources gave the foreign oils
and kindred domestic issues moder-
ate setback. This reaction was neu-
tralized in a measure by fresh buy
ing of equipments, motors, indepen-
dent steels, coppers and shippings.
Rails again were negligible fac
for. their lasSitiude being ascribed to
further declines in car loadings and
unofficial reports indicating that the
Interstate commerce commission soon
would declare drastic cuts in freight
rates. The only transportations to
manifest strength were Chesapeake
& Ohio and Chicago & Eastern Illi-
nois new stock.
Some of the days maximum prices
were registered in the final hour.
Leaders such as Studebaker, Bald
win. Mexican Petroleum and coppers
then were brought forward in drive
against the shorts at gains extending
. Ac,esrN
eiated Oil the outstanding feature on
its sudden rise Of points.
Eliminating the coal strike, indus
tria developments were encouraging.
Iron founders in the Chicago district
announced another advance Of 81 for
pig iron, production of fabricated ma
terials by leading steel manufacturers
rose to S6 per cent Of capacity, and
the smaller Independents were re-
ported to be operating on SO per
cent basis.
An echo of last weeks tighter
money rates was sounded in the last
quarter hour Of the stock market,
when call loans rose to 5 per cent
after having opened and held at
per cent with unusually free offerings
at the lower quotation.
GRAIN
.(tHl1ALO. May w neat aver
aged higher in price today. owing
chiefly to persistent buying of May
delivery, although such buying was
confined almost altogether TO a sim
gle house. The market closed unset
tied at the same as yesterdays fin
ish to 2A higher, with May SLABS
to s1.4S% and July $1.2Sss to $12S12.
Corn closed 4 cent off to a shade
advance, oats up Il as to 4 and
provisions varying from 5 cents de-
cline to Z cents advance.
The house which did the bulk of
the buying of May wheat was simul-
taneously engaged in selling July.
This action caused the price differ
ence between the. two months to
widen about IL cents a bushel as
compared with yesterday.
Persons who professed to know
said most Of the shorts in May were
prepared to deliver cash wheat on
May contracts when the time ar
rived and that the only other impor-
tant short interest was on the part
of millers who had their wheat stocks
hedged.
Corn and oats advanced with
wheat. but during the later dealings
something of a setback in corn
prices took place, domestic shipping
demand for corn being light and ex-
port bids out of line.
Good cash demand for meats rallied
the provision market from an early
decline due to lower quotations on
hogs.