The Washington herald., 1922-06-02
ISSUES
ARE IRREGULAR IN
CONFUSING MARKET
Rails Lose Fractionally,
While Industrials Gain.
Sentiment Mixed.

NEW YORK June with
sales approximstine i.25o.ooo shares.
the stock market moved In an in
conclusive manner today. spe-
ciaities Furnished the features ana
standard stocks were somewhat ir-
-egulsr. Most Of the rails suffered
fractional declines. but eouip-
irnents and oils were nrm. Advances
ip-edominated among industrtals.
speculative sentiment was mixed.
Bonds also were irregular, LIB
critics and foreign issues being firm
and speculative descriptions Sosing
gorund. Call money opened at ~
per cent and was raised to per
cent toward the end of the fourth
hour and 20 5is per cent before the
oflose. thus rejecting the first-of-
the month requirements.
The isues which made for yes-
terdsy's somewhat confused move
ments in stock quotations were SIN
in evidence TO some extent this
morning. but the tone OF the mar
ket was generally stronger during
the morning trading. Rather vio-
lent advances in some OF the spe-
cialties, frmness in the coppers and
sharp upturn in Mexican Petro-
leum served to offset to some extent
the evident weakness in many Of
the rail issues. Among the eaufp-
ment shares there was good buyinr
Of Baldwin. but this was generally
attributed to the covering OF shorts.
Inactive Issues ConspIcuou..
Among the stocks which have a
somewhat limited market and which
are active by fits and starts. quite
number DISTINGUISHED themselves
during this mornings trading. Flee
the Storage Battery advanced
points to a new high for, the year.
presumably on the strength Of i'm
proved conditions in the automobile
industry. which, is one of the lsrg-
est selling fields for this compsny's
product Postum Cereal was another
issue in this class which advanced.
and so did Cast Iron Pipe Burns
Brothers and A L c. also par
ticipated.
u. .. Food Products.
| United States Food Products con-
tinued its remarkable advance ~
yesterday. with the result that the
price of the issue has nearly dou-
bled since the first Of the week. =
company's finances is understood 10
be in process OF formation and is
believed to promise success Tn.
Improvement IN the sugar situation.
which continues TO become more ar
parent from day to day. is also a
favorable factor in the companys
position.
American international Corpora
tion made a new high for the year
during this mornings trading. The
news Of the moratorium for Ger
many. suggesting as II did SOMA
thing definite in the nature Of Euro
pan stabilizstion and possible
Increase Of our trade in that quar-
ter. was looked upon as distinctly
favorable 20 several Of the concerns
in which A. /. c. is a large stock
holder. The company is large
holder OF International Mercantil.
Marine common and preferred. OF
Simms Petroleum. OF Pacific Mail
and New York Ship Building.
Tr.derr' Opinions.
II is highly significant that among
active business men with large ia
terests discussion Of the trend ot
business has been succeeded as a
topic Of conversation by con5ee-
lures as TO just how soon the coun-
try is going TO fnd itself faced with
a labor shortage. Already In some
sections and in a number of differ
ent industries. which are large en-
ployers Of unskilled labor. there are
distinct indications that the margin
above requirements at the present
level OF business Is not large and
that any further increase in bust
80 aN-fe nu-fN e7rI H.
again bidding for labor. In this
connection. too. il was recalled that
the announcement today az a waGv
increase by the Firestone Tire and
Rubber Company follows a similar
announcement made only rev
days ago by the Tennessee Coal ana
Iron.
The railroad issues weer heavy
this morning. the market for that
class of stocks not having recoN-
cred apparently from the unsettie-
ment consequent upon the an
nouncement OF the Supreme Courts
decision in the Southern Pacific and
Reading cases. The days news.
however. was entirely favorable %
the rails Car loading figures for
the week ending May 20 showed
Substantial increases over the previ-
Gus week and over rhe corresponding
week in 1921. The April earnings
reports. which are now available
cor the majority OF the principal
lines. though they are not IN general
so good as March. are more favor
able than was generally expected.
the increase in merehsndise and
other freight having to a consider
able degree offset the reduction in
gross caused by the coal strike.
when IL is recalled that the cosi
movement. except in SO far as the
demand has been supplied by the
nonunion fields. has been merely
postponed. the outlok for the rest
- ,ha war annaarS NOT ,.faror1 hla