Evening star., 1922-06-14
STOCKS RECOVER;
TRADING LIMITED
Oils and Rails Feature Spirit
ed RaIIieS-Some
Gains Scored.
BY STUART p. WEST
ecial Dispatch to The Star.

Specldl 10 Inc
NEW YORK. June 14.-Compared
with the excited fluctuations Of
previous days, market movement.
both in securities and commodities
were rather uninteresting today
There was a further recovery In
stocks at the outset, but this was
quickly followed by realizing sales
that were heavy enough to check the
advance and bring about an irregu-
lar reaction later on. The wheat
market went higher, while the cotton
steady decline of the last week.
French francs were somewhat firmer
and this had its effect upon the resi-
of the foreign exchange markets.
In the bond dealings the chief in
cident was vigorous rise in, Mex
lean government issues which ac-
companied word from the Mexican
agency here that the negotiations
with international banking repre-
sentatives for a settlement OF the
Mexican debt were nearing salts
factory conclusion.
Reaction Sufficient.
The stock market was once again
governed by considerations of the
immediate speculative position. The
fall on Monday following a week of
more gradual declines. had or had
not corrected the eXcesses of the
Wall street pools in the market of
April and May.
The fact that prices had been
brought down in many instance
over the part of the ground gained
in those two months, while nothing
discouraging had happened in tn.
business situation. furnished strong
ground for believing that the reac-
tion had been sufficient.
AT all events the speculative housr
| had been put in order again. oppor-
tunity had been given for import
ant interests which were sellers when
the upward movement was IN the
midst of its eXtravagances. to buy
back stocks to 10 points chedn-r
and the Indications were that this
opportunity had been taken advan-
tage OF.
Speculation Overdone.
Undoubtedly speculative Wall street
had greatly overdone things in last
months market. 1t had over-dis-
counted the progress Of trade recov-
cry and taken undue advantage rf
the easy money conditions,
But having paid for all this with
violent and very expensive recession.
il was again pertinent to keep iu
begging at rer cent. and with the
industries of the country still on the
mend, there was no sound basis for
further downward movement Of
consequence.
Market Quiets Down.
The market today followed the Gus
tomary procedure after the culmina-
tion of a very sharp detNne and the
ensuing first sharp rebound Traders
af Ia N n tsie
Tuesday morning were inclined to
take their profits while there was
general disnclination TO follow
prices up.
This combination of moderate sell
ing and reduced buying power WAS
the technical explanation for the un-
certain drift after a further advance
at the opening. Street sentiment was
mixed as to the probable course OF
prices. but on one thing all were
agreed. and that was that a period OF
much quieter trading lay ahead.
ShIppines Rise Sharply.
Shipping stocks had sharp rise at
the outset on President Harding's let
ter to the chairman of the House
rules committee threatening to call
an extra session Of Congress in case
the ship subsidy legislation is not
put through at the regular session
Marine preferred ran up . points. Ma
rine common over point and Amer
lean Ship and Commerce a point
These advances We're. however. mor-
or less sentimental and did not hold
long.
The rumor of an extra dividend on
Studebaker is making its appearance
once again. This time the street
hears that the directors will make an
extra payment of s. a share at the
next meeting of the board. which .s
scheduled for the last week in July
Studebaker earnings continue at the
same marvellous rate as in the early
part of the year.