Arizona republican., 1922-05-30
Days Review of
the New York
Stock Market
IRepubIlcan a. p. Leased wlrel


NEW YORK, May 29-Coming be-
tween the week end recess ana an
imnending holiday today's stock mar
ket session displayed unexpected act
ivity. breath and strength. The di-
versified dealings mainly at substan-
tial gains; aggregated 1.225,000 shares.
Speculative interest continued TO
center in the transportation the wage
cut by the railroad labor board evil
IDENTIFY being regarded as a decided
offset to the forthcoming reduction In
freight rates.
Numerous railway issues were HIT
ed to points during the forenoon
but a considerable part of this gam
was cancelled or materially reduced
later on expectations that malnten-
ance of way and railroad shop en-
ploves might order a strike vote on
the wage question.
The market was put to another test
OF its endurance just before the close
on news that the United States su-
nreme court had declared that South
ern Pacific Central Pacific comblna-
ton illegal. This precipitated addi-
tional selling and accentuated the IT
regular tone at the end.
other prominent features OF the
ea-S1 and intermediate periods en-
braced many domestic and foreign
oils, notably Mexican Petroleum ana
Standard Oils of New York ana can
fornia. Phillips Petroleum ana Gen-
eral Asphalt.
steel, motors and equipments rose
to points while the advance was
under way rubbers, tobaccos. sugars
and the usual miscellaneous stocks
also taking pronounced gains but for
the most part these too We're SUB
iected to sharp impairment by heavy
realizing sales.
Railroad tonnage showed gains ana
April earnings of leading roads were
mainly favorable Copper prices
hardened and statements from au-
thoritatiye sources regarding the
steel merger were more reassurlng.
Further expansion of clearing
house loans and discounts contribut-
ed to firmer money tendencies. Gail
loans opened and held at per cent
until the final half hour. when the
rate was advanced to Az per cent
with smaller offerings of time funds
Belief that definite results will fol-
low the meetings of the allied repa-
rations commission infused further
strength to international exchanges
Sterling remittances held at last
weeks average quotations, but all the
allied bills were higher with German
marks. The Austrian rate alone was
weak. following cables of further de-
lay in the negotiation of a loan.
CHICAGO BOARD
CHICAGO, May 29-Wheat sud
denly became a drug on the marker
in Chicago today. burdening owners
and sfashing prices at the last amore
than 10 cents a bushel. as compared
with earlier in the board or trade
session. Nearly $50 carloads had ar :
rived here today and. with prospect
i've further heavy receipts tomorrow
and next day adding to big accumula-
ton already at hand, seemed to put
an overwhelming weight on values.
The market closed unstable at 21s TO
cents net decline, with May and
July both s1.1S% to s1.1SK and Sep
tember. s116& to- $1.16S. Corn fin
ished to 112 down and oats off ss
to q. In provisions. the outcome
varied from unchanged figures to II
cents higher.
Although it was definitely known
before the opening thatsnew arrivals
of wheat here today would exceed 50o
carloads. the fact that deliveries on
Nav contracts, $4,000 bushels were
of less magniture than had generally
been looked for led to temporary
upturn in prices. Talk about Ger
many getting a billion dollar loan
tended also to stimulate buying on
the part of traders who were still
hanging on hopes that by some near :
ly miraculous chance the final set
tlement of May wheat contracts
would force the wheat market into
wild jumps in prices.
Leading holds of wheat were quick
to take advantage of the transient
rise in the market and began to un-
load while there was a good oppor-
tunity. This change of front, how
ever, had a boomerang effect Tor as
soon as the rank and file of dealers
grew aware of the situation selling
movement was precipitated and the
market was found to be bare of any
support except from miscellaneous
shorts. Then prices fell almost inert
and closed at the bottom level OF the
day. Corn and oats dragged down
Provisions averaged a little higher
chiefly as a result OF lard buying
ascribed to foreigner.