The New York herald., 1922-06-07
FINANCIAL NEWS
AND COMMENT
Stock Fluctuation Erratic and
General Drift Lower
Sterling Advances.

The history OF the stock market yes
terday was vested in the rather erratic
and indefinite fluctuations of a score of
industrial issues and few rails, while
the remainder of the list drifted to frac-
tionally lower levels than it did on Mon
day. The absence of positive specula-
tive impulses of general application was
disclosed in the fact that as two or
three members of group of stocks ad-
vanced others of their group declined.
In cases in which real strength ap-
peared. as in Consolidated Gas. Brooklyn
Union Gas, Lake Erie and Western and
Toledo, st. Louis and Western, par
ticular Influences attached to good earn
ings, merger possibilities or other ex-
pected dispensation from the gods of the
marketplace supplied the basis for ac-
emulation. The bond market was less
colorful than stocks. but Liberty 3iss
reached a new high ievel above par. and
several industrial companies securities
especially those bearing stock convert
ibility features. were IN fair demand
The market for listed bonds was much
duller than the one for new offerings as
bankers reported satisfactory receptions
for all blocks of bonds issued thus far
this week
The foreign exchange market and
matters appertaining thereto were made
interesting by the early upturn of ster-
ling to a new maximum ut 4.50A a few
transactions being reported at 4.51 for
sight drafts; report by the German
Reichsbank that in the week ended with
May 81 circulation had increased by
the extraordinary total of 1900. 100000
marks, one of the largest weekly ex-
pansons of this remarkable year for
was continuing her remarkable foreign
trade record by increasing her exports
In April as compared with those of
March at the same time that imports de-
clined.
| When 1t Is considered that Frances
export balance Of 100. 900. 900 francs in
| the first quarter of this year was the
second favorable one for similar period
in eighteen years. the April result was
all the more noteworthy and suggestive
Of a continuing effort to increase sales
and hold down purchases in other coun-
tries. Sterling headed into what looked
like realizing sales at the upper levels
and before midafternoon the rate had
| been carried back to less than SO.
Continental quotations. except francs
\ and marks, were Arm. The Reichsbank's )
swollen currency issue might have been
! considered as a demonstration for the
/ benefit of the assembled bankers In
| Paris suggesting the need of stabiliz-
! ing loan. 81 But the expansion was start
| ling only In respect TO the size OF d
weeks growth, as the tendency has been
manifest for year. and neither TAXA
ton plans nor Internal borrowings nave
! helped to stop 1t.
News that certain steel prices had
been advanced 81 ton by middle
Western producers made survey OF
recent price movements yesterday rather
| interesting In the last ten days meas
| urcabIe advances of prices for copper.
netroleum, wooden cloths, rubber and
sugar have occurred, and, with the gen.
eral level CT wholesale quotations higher
| at the end of May than at the opening
of that month, it Is evident that op-
! ponents of railroad wage cuts Will nave
some talking points when they oppose
decisions by the Railroad Labor Board.
Cotton and wheat moved in opposite
directions. the former rising IL to ~
points coincident with recessions OF y
to 1N cents a bushel in wheat futures:
evidently much pressure FROM short
sellers helped carry grain down. as
report forecasting s70.oo0,0o0 bushels OF
, wheat this year is expected tomorrow.