The Washington times., 1922-06-22
Stocks
:. ADVANCE IN
80.
5. dull market
Small. Volume Of Transaction
, In Early Trading, but :
Trend Is Upward. 'ArF
By w. s. COUSINS.


''.' ... Service.)
NEW YORK. June 22.-on a
comparatively, smaller volume OF
transactions in the early trading
today the trend Of prices was dis
tinctly in an upward direction, as
on the preceding days Of this week
most of the factors influencing
stock prices were of a constructive
nature, the most prominent being
the actual reduction of the redis
count rate of the New York Fed
eral Reserve Bank, the publication
of the 1921 report of the Mexican
Petroleum Company showing net
earnings of over s26 a share on
the common, the further gain In
revenue freight by the railroads
and the extremely favorable survey
of current business conditions is
sued by the Department of Com
merce.
Oils Gain. -,
While the majority OF speculative
stocks moved within a very mar
row radius. a small number of the
oil, and steel shares broke away
from the field In the first hour and
scored sizeable gains over the open
ing levels. The movement also
spread~to the, public utilities stocks,
Columbia Gas pushing forward be,
yond 81 for u two-point gain. Gulf
States Steel Republic, Vanadium
and Bethlehem "B" went forward
far enough to make up the losses
sustained In the last hour on We'd
nesday and to establish q level al.
most equal to yesterdays high.
New York Central and Great
Northern preferred were the most
active Of the railroad shares, their
strength being shared by almost all
Of the active rails. Current re-
ports make the May gross earnings
of New York Central only about 2
per cent less than the same month
last year, despite the coal strike
and q few voluntary rate reduc-
tions. Great Northern. Northern
Pacific and other prominent roads
in that territory have profited by
the wheat and lumber traffic. while
the New York Central has been
showing up to good advantage de-
spite current handicaps.
Sugar Advances.
The advance in the price Of raw
sugar to the highest for the year
was reflected in renewed demand for
the sugar stocks, which, were in firm
position in the first part TO today's s
session. Cuban American Sugar sold
up to 241z, Cuba Cane at 17k and
American Sugar Refining at 7SA.
Mexican Petroleum was much less
conspicuous in the market today,
many traders selling on the theory
that the good news was out. The stock
opened at 174 and sold down to l7li2
after which 1t recovered to 175 and
sold between that price and l73 up to
the Attorney General that he was
ments against the steel merger could
not be construed as bear factor
against the merger stocks, and they
were in good demand at slightly
higher prices.
The motor and equipment stocks
were sold quite heavily around the
noon hour, and recessions of / to 2
points took place in their selling
prices. Studebaker decl ned from
129 to 127k; Chandler was particu-
larly weak, selling down 10 7Sh for
a loss Of 3h points. Baldwin was
down IL at 1929 and Lima Loco
motive sold down near 10S. compared
to yesterdays high at 110N. Gulf
States Steel was a good target for
the bears, who sold down to TN
for a loss of points.
Call money rates ruled at 2X Der
cent in the morning session.