Arizona republican., 1922-02-26
Days Review of
the New York
Stock Market


NEW YORK. Feb. 25-The stock
market finished an active week with
a strong tone to which rails and mo-
tors made most extensive contribu-
tions, but selected industrials again
yielded to pressure.
A very large part of the days bus
mess centered in secondary or low
grade transportations at gains of 1
to points. Studebaker featured the
motors, moving to its highest level of
the current movement.
Domestic oils were in greater favor
than the foreign division. California
Petroleum and Pacific Oil displayed
especial strength and activity.
AS result of the unexpected large
dividend recently declared on Market
Street Railway prior preferred, all
the other issues of that company
moved forward. Affiliated proper
ties. such as Philadelphia company
and United Railways Investment
made noteworthy gains.
Crucible, Gulf States and Republic
Iron suffered from the sort of liqui-
dation which followed the ommission
of the dividend on Republic preferred
and several of the unclassified spe-
cialties eased moderately in the abb
SSIlCS Ol SuppOTt. OdlSo dlllOuhLSu "
$4,000 shares.
The interesting feature Of the
clearing house statement was an ac-
tual cash gain of $46.400.000 which
wipes out the deficit in excess re-
serves OF the past fortnight and left
a very large margin over legal re-
Quirements. Actual loans and dis
counts decreased despite the unusual
activity shown by the stock market.
Foreign exchanges threw off yester-
DAYS moderate reversal sterling
gaining ia cent and allied bills 4
to points. On the loan of American
bankers to the Dutch government
guilders were strong approaching
their recent high at is point gain.
WEEKLY FINANCIAL
NEW YORK, Feb. 25--In the high
er range of prices established by a
majority of seasoned and speculative
issues during this weeks active and
diverse dealings. the securities market
seemed to move along the lines OF
least resistance.
The advance was extremely ur-
even, however rails showing TO
greatest advantage. Canadian Pa
cific led this division at a net gam
of almost 10 points, the extensive
/
tended by reports of guarantees oy
the dominion government.
Shares Of various junior and newly
reorganized railways. especially Miss
ouri Kansas and Texas, St. Louis
and San Francisco and st. Louis
Southwestern also registered sub
stantial gains with coalers, cotton
carriers and many Of the eastern
fr11nk line systems.
Oils, motors. equipments and steels
were frequently confusing. several
of the steelS became very unSettleo
following the passing of the dividend
on Republic Iron and Steel preferred
and the poor statements of earnings
submitted by other companies OF the
same type.
Tobaccos and kindred specialties
evinced occasional pressure on du-
bious dividend prospects, but nu-
merous miscellaneous shares OF which
feathers, textiles. rubbers and chem
icals were conspicuous examples
seemed to be favored on better trade
prospects. ,,...
Country wide banking conditions
as set forth by the federal reserve z
hoard were encouraging but the local
| demand for funds was sufficiently
| to force call loans up to six per cent.
The Greater part of the weeks money
was nlaced at s per cent however
a 4E per cent rate holding Tor prime
80 to 90 day mercantile paper.
All the principal foreign exchanges
made additional upward progress on
their more favorable trade balances.
or the neutral quotations the Duten
rate was strongest, reflecting the
consummation of a loan to that gov
ernment by an American banking
| syndicate