Arizona republican., 1922-05-17
Days Review of
the New York
Stock Market

NEW YORK, May 16-Steels again
were the pivot around which today S
fairly active stock revolved. Early
strengths in these shares soon spread
to coppers and related metals, also
chemicals and miscellaneous issues.
sale amounted to 975,000 shares.
I4ackawanna Steel rose to a new
maximum during the forenoon. but
announcement of this ratification OF
it's merger with Bethlehem was the
signal for an extensive profit taking
movement, Bethlehem also giving
way, presumably for the same rea-
son.
Rallies at midday occasioned re-
newed realizing sales later, the final
hour being marked by much confu-
sion. Accumulation of the popular
steels. oils. American Can, Corn
Products and tobaccos during that
period was balanced by selling of
several of the cheaper equipments
and motors.
Federal Mining and Smelling pre-
ferred was the days strongest stock,
closing at gain of 75s points on the
declaration of an increased dividend.
American Smelling also retained the
better part Of it gain and Mexican
Pete, and United Retail Stores helped
measurabiy to sustain the higher
average of quotations.
While the days operations in steels
were uncertain throughout, traders
seemed disposed to pay little heed to
the oils of federal and state investi-
cations of merger. Money and COM
modify markets were favorable to the
long account in the stock market.
Copper prices were firmer on ex-
pansion of the foreign inquiry and
higher prices were quoted for lead
and raw and refined sugars, but inti-
nations of another advance in fabri-
Gated steel and iron were not CO.
firmed.
Foreign exchanges were duller than
usual. but all the more important re-
mittances displayed firmness, with
marked strength in the Dutch rate.
GRAINS
CHICAGO. May 16-Buying the
wheat market today assumed the
largest proportions witnessed in sew
eral months and there was a decided
advance in prices. Traders generally
construed the United Sttaes supreme
court decision on the Capper- Tincher
act as buIlish influence. The mar
ket closed unsettled "a to 3ss cents
net nlEneTs With Way SA.1o - e'au
July S12S% to sI.2S7s. Corn gained
81 to q and oats II to %@%. In
provisions the outcome varied from
21565 cents decline to rise OF 25
cents.
Stimulating market results from
the court decision were emphasized
by a sudden upturn in Liverpool
wheat quotations. reduction OF T.
79S 900 bushels in the worlds avail
able supply and by reports that for
eigners were purchasing future de-
hveries of wheat here. It was said
also that export business on a large
scale was under way at the seaboard.
and before the day was over there
were estimates current that Europe
had taken 100000 bushels. Besides.
advices were at hand that the Kansas
crop was deteriorating. especially
late sown wheat.
New crop dividends of wheat
showed relatively greater strength
than was the case with May. Septem-
Der establishing a higher price record
than at any time heretofore for the
season. Bull leaders combatted as
sertions that a manipulative move
was responsible for present prices
and that Chicago May wheat was out
of line with other market. Receipts
Of wheat here continue liberal, 255
carloads today. and there were fresh
deliveries of 263,000 bushels on May
contracts. Purchases of 900, 900 bush
els of wheat to arrive here were re-
ported.
Upturns in the value OF corn and
oats were ascribed to the action of
The wheat market. In provisions
averaged higher in line with hogs.