Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-02
NEW YORK
STOCKS.

N-.t .- ID. -#. .El o1ONno. - '#=F'# II
New York, Aug. Prizes started
opening of business on the stock ex1
change today. Unfavorable foreign
and domestic developments furnished
a motive for the selling on a rather
liberal scale. Rejection of President
Harding's plan for settlement OF the
shopmen's strike and the stand taken
by Great Britain in regard to the in
terallied debts were utilized by the
bear faction to hammer the specula-
tive favorites. Lehigh Valley declined
Ill.,. Union Pacific 1873, Great
Northwestern. B.. and o., New York
Central one point and Rock Island,
Northern Pacific, Pittsburgh and
West Virginia, New Haven, Reading.
Southern Pacific and Chesapeake and
Ohio 1-2 to ga. Studebaker and
Chandler motors lost Ia. Republic
Steel, Baldwin Locomotive, westing-
house Electric, Cluett Peobody and
Kayser l to l Ia and Dupont 1 SIS.
Norfolk and Western exceptionally
advanced 3 LIZ points and Producers
levels caused a sharp rally in which
Mexican Petroleum, Studebaker and
Baldwin Locomotive prominent.
A strong recovery followed the in
1ttal setback, many Of the early losses
being cancelled. or reduced to frac-
tions. Conspicuous strength was
shown by the standard rail, oil and
gas shares, several new high prices
for the year being recorded In the up
ward movement. Norfolk and West
ern extended. its early gain to a new
top price and New York Central was
up l Ia, also a new high for 1922.
Net gains of l point were scored by
St. Paul preferred, Chesapeake and
Ohio and Union Pacific, Laclede Gas
also broke through for a, new high.
Other strong spots were Mexican ana
Pan-American Petroleum and Pacific
OIL, up l to / IA. Crucible was up
Motor shares which were weak at the
start, upon announcement of further
price cuts. also recovered their losses
In the general upward trend. Call
money opened al 4 per cent.
Buying Of influential stocks of an
investment grade provided a stimulat-
ing leadership in the early afternoon
and PRICES crept steadily upward.
Traders were hopeful That the labor
difficulties would soon be adjusted
and tho general business recovery re-
suited.
Mexican Petroleum increased it's
gain to Q 1-2 points and U. s. Steel,
Corn Products. Western Union, Della
ware. <Lackawanna. Gulf States Steel,
American Ice. Famous Players, Kelly
Springfield, Iron Products, Mexican
Seaboard Oil and Rock Island ruled
l to IL points above yesterdays
final figures.
SUGAR.
New York, Aug. 1.-The early raw
sugar market was quiet. There were
no sales reported with Cubas offered
at 3 3-4c cost and freight equal to
5.36 for centrifugal.
There was further selling pressure
In raw sugar future at the opening
and prices at one time showed de-
clines of 3 to s points. AT this level
there was renewed buying for out
side account and prices rallied and
at midday were within 2 to 3 points
Of last nights closing quotations.
The market for refined was quiet
and prices were unchanged at $50 to
100 for fine graduated. 1t was re-
' ported that second hand sugars were
available below these quotations.
Refined futures nominal. J.
Sugar futures closed steady: ap-
proximate sales 1900 tons: October,
3.74; December, 3.81; March, 1854;
May, 1855.