Arizona republican., 1922-06-03
Financial and Market News
Days Review of
the New York
Stock Market

NEW YORK, June 2-Trading on
the stock exchange today was char
acterized by extensive and compre-
hensiye dealings manly at higher
prices, but interest in the market
itself was overshadowed by interest
ing developments in the domestic and
foreign money market
Call loans opened at 5 per cent. the
highest initial figures in three months
relaxing when all early demands had
been met to Az per cent Time
money hardened fractionally.
British exchange continued to fea-
ture international currencies demand
bills on London rising to $447M, an
overnight advance of 2 cents to the
pound and the highest quotation in
three years.
Other European exchanges shared
only slightly in the strength of ster-
ling allied bills gaining an average
of about two points, with a reaction
in the German rate.
Announcement of the Republic
Midvale-Inland steel merger evoked
little enthusiasm for independent
steels, Midvale being under constant
pressure. United States Steel scored
a new high for two years at 103
shortly after Chairman Gary's state
ment before legislative committee
that the corporations surplus
amounted to 100000, ,000
Oils as a group dominated the mar
ket's speculative side, the latter deal
ings being accompanied by extreme
gains of 2 to points in California
Petroleum. Pacific Oil. Freeport
Texas and several of the lower priced
issues Studebaker advanced to a
high for the year and other motors
subsidiaries rose / to 2 points. To-
baccos and food specialties eased one
to three points profit taking being
most pronounced in Coco Cola, Su-
matra Tobacco and several of the
chemicals and fertilizers.
Miscellaneous issues were reported
by Columbia Graphophone preferred
which reacted and du Pont, the later
making the greater part of it's net
gain of IA points. Rails continued
to lag, activity in that division be-
ing confined to junior issues. Peoria
and Eastern being the most conspic-
uous example at gain of ga points.
Sales amounted to 1900 nn0 shares.
cHIcAG OBOARD
CHICAGO, June 2--Despite less fa-
vorable domestic crop reports the
wheat market here sagged in price
today owing largely to lower quota
tions at Liverpool and to assertions
that European holidays tomorrow
and Monday would tend to curtail eX-
port demand The closii.s in Chi
cago was steady but was Il to / 15
cent net lower with July. $1.1SA to
$11S3s and September. $1.17A to
$117h Corn finished share to a
cent off oats at ss cents decline to
4, 4 rsx-s.1
changed to a setback of 2l2 cents.
Successive dips ana bulges in the
prices of wheat followed each other
rapidly throughout the day, the bear
ish foreign news being at times out
weighed by confirmation of black
rust in Texas and by advices telling
of blight in parts of Kansas and of
threatened damage elsewhere in the
winter crop belt. On the other hand,
seaboard messages said that resellers
at Liverpool were offering hard win
ter wheat to- cents cheaper than
was asked in cablegrams from this
side of the Atlantic and that the Ger
man government buying agency had
withdrawn from the market
Domestic mills took fair quantity
of wheat here and receipts at Chi
cago continued to dwindle, arrivals
today being only % cars. Primary
receipts of the country as a whole
were less than was the case a year
ago Such builish factors. however.
were more or less counterbalanced
by word of increased shipments from
Argentina about three times larger
for the week as compared with the
corresponding period last year.
Corn weakened with wheat. not
Withstanding gossip of export sales OF
corn tota1ling 100000 bushels. Good
shipping demand helped to uphold
the oats market.
An increase of lard stocks here had
something of a bearish Influence on
the provision market.
WOOL REPORT
BOSTON, June 2-The Commercial
Bulletin tomorrow will publish wool
quotations as follows:
Domestic. Ohio and Pennsylvania
fleeees:
Delaine unwashed 52M54: fine. un-
washed 40G42; half blood comhing
4SG50: 7s blood combing, 44@46;
Michigan and New York fleeces:
Delaine unwashed. 4Sm50. fine Qn
washed 3S@40: half blood unwashed |
46@4S; "a blood unwashed, 43@45;
a blood unwashed. 42@43.
Wisconsin, Missouri and average |
New England half blood. 44645; Is
blood. 43@45: y blood. 41M42.
Secured basis: Texas fine II
months, s1.25a1 1.s0; fine months |
$1.10@120.
Territory. fine staple choice s1.s0
m1.35: half blood combing. S1.12d |
LIS: "a blood combing 5000, 4 |
blood conlbing. 75@S5.
Pulled Delaine. $1.f5G1.25; "A. |
st.10@115; A supers. s1.10@1.15; |
Mohairs best combing 55@58: best |
carding. 50@55.
DUN'S REPORT
NEW YORK, June 2--Duns to- |
morrow will say:
Another month has opened with |
recent gains in business maintained
and with promise of further improve
ment to follow. Current reports from
different trades and sections of the
country give rise to confident expect
ations and support the more general
belief that recovery from previous
depression has definitely developed.
Revival in some basic lines this year
has steadily gathered momentum.
loe,,fto va ,.;rt,S Jt-a trf1a and i11a-