Arizona republican., 1922-03-17
Days Review of
tee New York
Stock Market
[RepubIIean 4. ?. leased wIrel

Republican A. p. Leased Wirel
NEW YORK. March 16-Accom-
panied by another large and varied
turnover. sales approximating 1.150,-
OOO shares, the stock market today
continued its upward course. In
lew instances, however, the list man
lIested signs of top heavy or over
bought condition.
Virtually all the days happenings
We're helpful to the enhancement OF
quoted values. The money market
was in its easiest position Of the
year and leading foreign exchanges
made additional recoveries.
Railroads were reported as buyers
Of equipment further price advances
We're said to be in contemplation by
independent steel producers and the
American Railway association also
stressed heavy gain in car load
ings.
Extensive purchases Of copper met
al for export We're said to be under
consideration and trade authorities
announced a distinct expansion of
the demand for motor cars, trucks
and various accessories.
Great Northern and Northern Pa
cific were among the few conspicu-
ously weak stocks in the early deal
ings. Both closed at material de-
cines. despite assurances that no fa-
yorable interferences We're to be
drawn from the change in Great
Northern's dividend period
Crucible Steel also was depressed
for a time on rumors that the di
rectors might take adverse dividend
action at the meeting scheduled to
take place after the close of the mar
ket, but the stock more than recoV-
HFnn ifC lncc final dnq1inUG
The initial quotation for call loans
was per cent, but the rate fell to
3z before noon and to 3 in the aft
ernoon, this equalling the lowest fig
ure for the year. Time money Of
/. ferings We're more liberal and ac-
ceptance call rates also eased to 3
per cent.
Exchange on London was firmer.
although markets at that center
showed further irregularity. French
and Belgian rates also improved the
Italian remittance reacted and Ger
man bills continued under the influ-
ence of the reparations tangle. The
Dutch quotation was trifle higher,
although all of the Scandinavian
rates were lower by 5 to 10 points.
CHICAGO BOARD
CHICAGO. March 16-Speculative
buying, based largely on opinions
that recent setbacks in the price of
wheat had been too severe, gave the
wheat market a decided upward
swing. The close was strong, 2 to
3A cents net higher with May at
$1.353s to $1,35ls and July $1.16ss to
S1.162< Corn gained rs to 1M and
oats 3s az to n cents. In provis-
ions the outcome was unchanged to
80 cents higher.
AT first the wheat market here
had q downward tendency owing to
new declines in quotations at Liver
pool Ii soon became apparent. how
ever. that selling orders in Chicago
had lost their popularity for at least
the time being An active demand
from commission houses developed,
and the contention was made that
notwithstanding reported weakness
Of the British market, the difference
between Chicago and Liverpool wall
ues of late had widened instead. OF
narrowed.
Then. too, it was said that con-
tinental European countries were
buying and with dwindling receipts
at Kansas City and Minneapolis, to-
gether with adverse crop reports
from Ohio, the market during the
later dealings continued to gain i'm
petus toward a higher level of prices.
one of the bullish factors just before
the close was a Philadelphia mes
sage saying dealers there were pick
ing up all the cheap flour they could
lay hands on.
Industrial demand for corn and the
falling off in the volume of arrivals
here helped to life values both oil
corn and oats. Receipts of corn here
were the smallest in many weeks.
Despite heavy deliveries of lard on
March contracts. the provision mar
ket averaged higher in line with hogs
and grain