The Washington times., 1922-06-02
STOCK MARKET
CONT|NUESO ON
UPWARD swing
Studebaker, American Sugar
Refining, and Other Stocks
Make New High Records.
BY w. 8. COUSINS.
copyright. 1879. by International News
Seryice)


service.)
NEW YORK. June a.-Interest in
the stock market In the first hour
was largely centered In the merger
steel stocks, Republic and Midvale,
the complicated terms of the marger
left the stock market in doubt as
to the relative values Of the out
standing common stocks and the
opening prices were little removed
from the previous close. In very
short time, however, a selling move
ment developed which carried Mid
vale down 2 points to 80, ana he-
public more than a point to ITO.
Using 45 as the basis for comput.
ing the coming-out-price OF the new
steel stock, 1t was figured that Re-
public would have a market value
Of 76h; Midvale 39h and Inland
Steel 65k. On the whole the stock
exhibited a strong and firm tend
ency throughout the entire list. The
old d-time speculative leaders again
assumed their position OF leadership
showing their ability to move lot
ward under q heavy turnover.
The furry in money, which caused
the advance in call rates in yester
days session, continued throughou'
the morning and the renewal rate
of s per cent was the highest since
the latter part of February. ine
June first money requirements are
always very heavy and funds nave
been drawn from Wall street Lol
commercial uses elsewhere. Inc
abilities are that the most o.
this money will be redeposited al
most Immediately and rates WI
then be brought to a lower polnt
The day to day movements OF Iuhof
IA without effect upon time rates
which continue at the lowest Isuis
In over three years. ,
Reflecting the favorable deveiop
ments on the other slde Oh lns
Atlantic, and the improving ouuooh
In foreign trade, demand sternne
was quoted at 446A today, the high
est in over two years. .,,vs
Studebaker was the most acuVe
NJ the motor stocks, and sold up 20
a new high at 1854. This Is the
highest price in over two years. auo
compares with the 1920 high poih'
al I26S.. President Erskine nA<
stated that Studebaker's productioh
sales and financial developments ln
Nav shattered all the previous
records. Sales were approximaleiy
IL OOO cars, production 10,Sb3' Anc
collections ST 100000.
American Sugar Refining Com
nany made a new high for the year
ar S1. Marland Oil to 39S, and COS
den to AN. The strength In Cos
den was attributed to rumors OIL IN
creased dividends as a result OF tnt
big expansion in the company
gasoline sales.
new high for the year at iSs' , !,
the reported planto put the
stock on a 4 per cent dlVideno odSl'
is carried out, "a" stock, which hss
an 80 per cent priority over tn'
"B." would be automatically 40
yanced to IL per cent.
Hydraulic Steel was both acuV'
and strong in today's market the
trading being featured by the turr
over of 1000 share blocks al a steaal
advance to 1875, a new hlgh ior tI.S
year. Buying Of Hydraulic was oaseo
on reports that the scale OF the Lar
ton plant Of the company was bu'
the first step in an ambitious pro
gram to strengthen the position o.
the company.
FreepOrt, leNAS, Ieluihcu w 49,,
active class today, and sold at 3
new high at "a. Producers ano
Refiners sold UP to new high levels
at 49h, Mexican Petroleum was
fractionally under its years high 4,
141A, and Mack Trucks continued
into high grounds at 55B.
Oklahoma Producing and Rein
ing was also featured by heavy
transactions in thousand share
blocks, at a maximum near high a.
Az. Submarine Boat sold about
point higher to a new high at Ia
on reports that the company wa:
making good progress in its ship
building program. Columbia Graph
aphone common made a new high
at 5%, while the preferred stocl
sold up over points 70 a new
high at 21h.
The oil stocks were in the mos
prominent position at the close oi
the first period, with the rails and
10 ut l.v ANt@