The Washington herald., 1922-06-10
FINANCIAL
BELATD SELLING
BY SHORT ELEMENT
SENDS STOCKS OFF
Speculative Faverftes An
Lose from 1 to 2 PointA
Money at 8 Per Cent :

NEW YORK, June s@Durfng me
FIRST half Of the day On the Stock
Exchange dullness continued ana
prices were little changed. being
perhaps slightly higher. In the
afternoon. however. short selling
broke out with the result that
many speculative leaders losf one
or two points before the close. On
the Increased volume Of trading
sales ran mp past the 1000 900
mark. Gilt-edged bonds and Tinted
States government issues held hrm
and other securities IN this depart
nent were Irregular. Cail money
renewed at 8 per cent. another low
since April. 1913, and remained AZ
this figure throughout.
speeuiaffvs I--.es.
Prices OF many Of the specuis-
tive fssues showed Improvement
during this mornings session OF the
stock market. but the volume Of
transactions was no larger thnn
yesterday. There was proft-tskine
also in Consolidated Cas- and this
issue was weak during the nrst
hour. rallyfng. however. before
noon. The sugar issues continued
TO be the outstanding group. prsc-
tically all the stocks IN this cate
gory moving forward IN response
to the marked inrrovemnt during
the last few days In the price OF
raw and refined sugar. stndebai1er
and Mexican Petroleum. generally
regarded as leaders Of the more
speculative stocks. were both wen
bought during the morning and ad-
vanced Substantially. The rails con-
tinued to be neglected. The less-
ened volume Of trading during the
decline OF the past week has en-
couraged many market followers in
the belief that no general reaction
is TO be looked for Just now and
sentiment In the commission houses
was more cheerful this morning
than in several days
Corn Prednct.
Corn Products followed up fts
strength OF the past few days with
another advance this morning. II
IL little more than q month ago
that aggressive selling forced this
issue below par and traders were
repesting to one smother reports
that the company's business was
disappointing. shrewd market OBJ
servers ascrfbsd the move at that
time to the attempt Of cerain in
terests 70 pick mp more OF the stock
| at lower prices and subsequent de-
velopments seem 20 have vindfcafed
heir Judgment At any rate, II is
now reported that Corn Products Is
] operating at better chzn s5 per cent
| Of capacity and that che company's
/ EdgewateT plant closed several
months aro. 10 % be rsopened
shortly. Earnings for che current
| quarter win amply cover che divi-
dend on the common stock. ncrurd-
! ing to report
Exrh.nr~
The major part Of the Sicw GO
the arIied curreucies ernbodisd m
the banlers decision st Par1s ct1nf
q German reparatiens loan h I'm
practicable IN the face Of Frcnrh
opposition 20 an unrestricted sr-
1 ecution OF the condition ueces..ry
for a successful notar1on n1zce
itself felt in the late eradfnr ye--
terday and the early trHd1nr rhfs
morning. In the case Of German
marks the maximum depression co.
CURED at the close Of Yesterday
session when heavy selling csrriet
the price down 20 o-SS Of q cent-
which is s points below the recsut
high. This morning SUFFICIENT buy
ing developed to czry the Quoea~
tion mp to o-slS Of a cert French
francs, however. added 90 yeserr-
days losses. sinking to 500 cents
before rsIlying 20 e.07H ceuts.
italian IRE also suffered materially,
but sterling was comparatively
steady at s4.tgK. The other con-
tinetals were slightly lower and
Austrian kroner. which are under
going another speTl Of acute weak
ness, declined to a new low Of
o.0o& OF q cent. Brazilian ulIlrpis.