Arizona republican., 1922-03-09
Days Review of
the New York
Stock Market
TRepublIcan A. P. Leased wlrel

NEW YORK, Mar. S.-Improve-
ment in the basic industrials, as evil
denced chiefly by the increased pro-
duction of steel and iron at higher
prices, was the foremost factor in
today's steady TO firm stock market.
Weekly reviews of trade authori-
ties referred to the efforts now be-
ing made to stiffen prices in the
Pittsburg and Chicago districts, de-
spite the fact that conditions favor
the buyer rather than the seller.
Shares in which the short interest
is admittedly extensive made the
| most substantial gains, even though
these proved to be only temporary.
Representative rails and industrials
held their ground in the fairly large
and expansive dealings. Traders ig-
nored such deterrent influences as
the sharp break in foreign exchanges
and the publication of numerous fl
| nancial statements covering opera
tions for 1921. Among these were
American Sugar, Superior Steel, New
York Airbrake, Fisk Rubber and Co
lumbia Graphophone.
In point of fact the sugar, steel
and rubber shares yielded only mod
erately TO these disclosures. Equip
ments. motors, chemicals and the
gains Of l to points, but profit
taking and pressure against Interna-
tional Paper, common and preferred,
provoked irregular reactions at the
close. Sales amounted to $4,000
shares.
Although interior banks We're re-
ported to have drawn against their
local reserves, call money in the open
market fell from Az TO 4 per cent,
! the latter rate applying to most pri-
yate negotiations throughout the ses-
sion.
Unsettled political conditions were
given as the chief reason for the
sharp reaction in leading foreign ex-
changes during the morning, but
much of the loss was recovered on
purchases of British, French and
Italian bills late. Far Eastern ex-
changes strengthened, but Central
European remittances showed no inn
provement despite prospects of a
Czecho- -Slovakian loan in London.
CHICAGO BOARD
CHICAGO, Mar. S.--High winds
drying up moisture too fast in Kan
sas and Oklahoma turned prices up
ward today in the wheat market
here. Government figures in farm
reserve stocks OF grain, corn in par
/ ticular, were generally regarded as
bullish, but were received after the
| close. 1t was an unsettled finish, at
the same as yesterday to IS cents
higher with May $1.41x to SLABS
and July $1.20A to $1.20h. Corn
gained II to y cents, oats closed Il
cents. off to AZ to y cents up, and
provisions were unchanged to 25
cents lower.
In the beginning the wheat market
was depressed by new declines in
quotations at Liverpool, but later the
Liverpool weakness was ascribed
chiefly to profit taking, which was
regarded as about having run its
course. Uncertainty as to what
would be shown by the government
report on domestic farm reserves
tended also to restrain buying during
the first part of the day. In the last
half of the session, however, atten-
ton turned mainly TO crop conditions
in the Southwest, where the high
winds prevailing gave hints that a
crop scare might develop. A material
advance in prices followed, but in
the final half hour a number of pit
traders who had bought earlier be-
came sellers and most of the rise in
values was wiped out. Europe took
1000 900 bushels, most of it Cana
dian wheat destined for Greece.
Correct anticipations that the gov
ernment report on farm reserve
stocks of corn would prove bullish
were largely responsible for the ad-
vance in the corn market. Elevators
interests were sellers of oats.
In the provision market lower quo
tations from Liverpool more than
counterbalanced the effect of higher
prices here on hogs.