Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-05-04
Stock Markets
NEW YORK MARKET
Features of the Days Dealings in All
the LEADING Stocks


New York, May apart from the
oils, which monopolized the greater
part OF speculative attention, TO-
gether with several OF the inde-
pendent steels. shippings and cop
pers, today's stock market session
was more or less negative in its net
results.
Under guidance of Associated Oil.
which registered a further gain OF
G "a points, or total of Is ga for
two days, various issues OF that
type changed hands in enormous lots
at advances of to points.
Among the outstanding features
were standard Oils of California and
New jersey California Petroleum.
Pacific and Houston Oils, Texas
Company. Freeport- and Pro-
ducers and Refiners. Several of
these have been mentioned recently
in connection with rumors of prob
able mergers"
European and Mexican oils did not
share appreciably in the rise of the
domestic division. Royal Dutch and
Shell Trading were under intermit-
tent pressure, presumably as a result
of conflicting reports respecting the
so-called soviet concessions.
Other individual features OF
strength included Bosch Magnetic,
Stromberg Carburctor, Mercantile
Marine. Common and Preferred,
Mack Trucks and several Of the
food and chemical specialties. There
was a marked falling off In the de-
mand for motors. equipments and
affiliated industrials which gave pro-
nounccd weight to the March April
rise.
Rails figured to smaller degree
than before, although the later deal
ings were characterized by some in
Quiry for Pacifics, New York Gen.
trail, New Haven and several Of the
grangers, Omaha making five
point gain. Sales amounted to L.
100000 shares.
Initial quotations Of IL percent
for call money, the maximum OPEN
ing rate in several weeks, indicated
that demand funds were less plenti-
full than in April. Time money rates
were DuL III that duil tcl
also offerings were smaller.
For the third consecutive day
Grtish exchange moved counter to
the general trend of international
remittances. Sterling held at 4.43 IA
for demand bills, but Allied eX-
changes, German marks and the
more important neutrals eased one
to eight points.
Business in bonds today was COM
paratively light and the tone for the
most part showed increased ir-
regularity, especially among domeS-
tic and foreign war issues. The lib
erty series closed mainly at moder-
ate declines and internationals were
uncertain or lower. especially Ar
gentine IS, and some of the Swiss
and Mexican issues.
Local fractions represented the
markets constructive side, notably
New York Railways. whose recent
rise has been one of the mysteries
of the bond market. The four per-
cent issues were most active and
strong in contrast to Interboroughs
which gave way to realizing sales.
Changes among domestic rails
We're conflicting. losses of fractions
TO over one point being offset by
gains of like extent. New Haven
1-2s of 1854 rose IL points and
the 3 1-2s Of 1947 gained about IL
that much.
In keeping with expectations the
new $25,000,000 Pacific Telephone &
Telegraph issue found ready sale.
Among the forthcoming issues is one
of $35,000,000 by the New England
Telephone and Telegraph Company,
which is to be offered by a Boston
syndicate. Today's sales, par value,
aggregated S17,4S2,000.