Arizona republican., 1922-05-06
FINANCIAL AND MARKET NEWS
Days Review of
the New York
Stock Market
[RepubIlcan a. P. Leased Wlrel

HepuDliCan -. r. Leased WtfeI
NEW YORK, May 5.-Renewed
selling for both accounts, in which
profit taking seemed to be most eff
fective, accounted chiefly for the in
tervals of hesitancy and comparative
dullness manifested by todays stock
market.
Dealings during the early and in
termediate periods were smaller and
more circumscribed as to separate is
sues than at any time since last
March. The more active pace Of the
latter operations, however lifted the
days total transactions to 1,125,000
shares.
Oils as a group again dominated
the list in prominence and strength,
notably the secondary domestic
( shares. High priced oils gave way in
the final hour reacting one to four
points from previous maximums.
What promised to be a formidable
set back towards the close was
checked by a sudden demand for rails,
including Southern Pacific, New
Haven and few coalers, of which
Pittsburg & West Virginia was most
conspicuous.
Tobaccos, textiles, sugar specialties
and the local fractions and utilities
were one to two points up at their
DeStt 0uI III lld1iS INSTANCES THESE
gains were impaired or entirely can
eelled
Shippings were under pressure on
authoritative statements which dep
recated rumors of an early resump
tion of the dividend on Mercantile
Marine common. Selling of May de-
partment stores followed the failure
of the directors to declare an expect
ed extra dividend"
Both domestic and foreign mon
etary conditions were helpful to the
stock markets constructive side.
Call loans opened and renewed into
. next week at AZ per cent, but
dropped to 31s per cent in the after
noon Exchange on London rose
steadily to 444% for demand bills,
the highest. rate for this remittance
in more than two years. All conti-
Mental quotations were better, albeit
gains in the allied group were rela-
lively nominal. South American
rates hardened. a belated response to
yesterdays successful offering of the
Brazilian loan here.
CHICAGO BOARD
CHICAGO, May 5.-Sharp breaks
in the price of wheat took place to-
day following the issuance of a no.
tice that measures were in readiness
10 PION4o0 NCli1DOA SSlNS
storage facilities in railroad cars on
track here. May delivery was espe-
eially weak. The market closed
Sileavy, is to 81 net lower, with May
s1.S9h to $1.39ss and July S1.24s
to $f.25. Corn lost q a 7s to Ia OILS
and oats g to Is. In provisions the
outcome varied from unchanged fig
ures to 25 cents decline
& In addition to the announcement of
steps toward furnishing practically
unlimited storage room here word
was received that a single elevator
company at Kansas City was load
ing out 100000 bushels of wheat for
Chicago, and that other shipments
from omaha and st. Louis to Chicago
were expected. Kansas City ship
ments of wheat today were reported
as 17S carloads, 80 per cent to Chi
cago, and Omaha 122 car loads, most
ly to Chicago. A majority of traders
apparently adopted the view that too
much wheat was coming to Chicago
for the prices to hold, although yes
sells here started loading 800, 600 bush
els Of wheat today for the East and
further lake shipments from here
were looked for.
Favorable crop reports from the
Southwest tended also to stimulate
DcdI4Sn SctAt4iuSuL dS 10 wheat. oiOW-
ing down of export demand was an
other factor, and so too was a decline
at Liverpool, ascribed to increased
estimates of the Argentine export
able surplus. Deliveries of wheat
here today on May contracts were
172 900 bushels, and there were re-
ceipts of 131 carloads.
Corn and oats declined in value
with wheat, rural offerings of corn
to arrive here were somewhat larger.
Provision prices turned downward
on account of realizing sales, which
more than offset. the influence of
foreign buying of future deliveries of
lard.