Arizona republican., 1922-03-31
Days Review of
the New York
Stock Market
[RepubIIean 4. p. Leased WIrel

NEW YORK. March 30--The IA
Norable review Of business conditions
issued by the department of com
merce. continued expansion Of iron
and steel products at higher prices
and the reported cancellation Of tax
penalties by the Mexican government
served to enhance quoted values in
todays lively stock market.
Offsetting incidents. such as the
approaching coal strike and a de-
crease in car loadings at principal
railway terminals, exerted no adverse
effect in trading circles where bullish
sentiment was uppermost.
Additional Withdrawals of local re-
serves by interior banks impaired a
firner tone to money rates. Call
loans held at AZ per cent, however,
and quotations. for short and long
time accommodations were un-
changed at Az to AZ per cent. Prsc-
tically the entire list shared in the
days rise, but equipments, motors,
steels and oils again dominated the
movement. Rails, shippings, copperS,
and food chemical specialties trailed
along. together with many miscellan-
eous issues.
Foremost individual features en-
braced Studebaker. Baldwin, Beth
lehem Steel A. and B.. American Can,
Mexican Petroleum, Dawson Chem
ical, United States Rubber, Reading
and several OF the other dividend
paying rails. these closing at net
gains OF ] to points. Sales amount
ed to 1000 shares.
Aside from a reduction of its La
bility reserves. the weekly statement
Of the Bank of England showed no
change from recent reports, but mar
ket conditions in London reflected
the confused state Of the British
political situation.
Further dullness was shown by the
foreign exchange market sterling
again easing from Yesterdays rally
on small offerings OF bills
French, Belgian and Italian rates
were steady, the German mark made
further progress towards recovery
and almost all of the Far Eastern
remittances strengthened. Dealings
in central European exchanges were
nominal, the Czecho- Slovakian re.e
making no response TO a reported
loan in London.
CHICAGO, March 80 Approval
given by senate finance committee TO
so cents import duty on wheat had
good deal to do today with ar ad-
vance of prices in the wheat market
here. Closing quotations were un-
settled 5s to 3iz cents net higher,
May. s1.35L to $1.357s and July,
s119iS to s119la. Corn gained ia to
"A al cent and oats x TO VI cent.
In provisions the clase varied from
II cents decline to a gain OF 10 cents.
Inasmuch as the proposed duty on
wheat would mean an increase OF
cents over the rate in the Fordney
bill. and as the senate committee has
also approved an increase OF 20 cents
a hundredweight on flour an imme-
date effect was TO stimulate bulllsn
sentiment in the wheat markeS. The
view was taken by many traders that
such a law would go far to shut OIL
wheat importations to this country
from Canada and Argentina. An un-
expected advance in Liverpool quota
tions together with gossip that small
er shipments from Argentina TO Eu-
rope this week might be looked for
tended also to. lift values here.
Persistent buying on the part or
eastern interests that We're the lead
ing sellers last week was feature
Of trading in the May delivery or
wheat and gave that month much
more OF an upturn in price than was
the case with July and September.
In this connection it was noted that
shipments from most OF the primary
centers were exceeding the receipts
Nearness of the opening Of lake naNl-
cation formed an additional subject
or comment.
Wet weather and wheat strength
accounted for gains in the price OF
corn and oats.
Realizing sales by smaller packers
and by commission houses larger
counterbalanced in the proVision
market the effect of higher prices
on hogs