Arizona republican., 1922-03-05
Days Review of
the New York
Stock Market
[RepubIIcan a. ?. Lsased WHO


NEW YORK. Mar. 4.-The vulner-
able technical position Of various au.
tomobile shares and kindred special
ties, also equipments and oils, gave
the shorts an opportunity to depress
those issues in the course Of today'S
brief market operations.
Studebaker, Chandler, United States
Rubber, Mexican Petroleum and sew
eral of the less prominent domestic
oils, as well as American and Bald
win Locomotives, Republic Iron,
American Hide and Leather pre-
ferred, and United Fruit also were
under attack.
Several OF the secondary rails, es-
peclaliy Missouri Pacific, common
and preferred. and Kansas City
Southern, forfeited part of their re-
cent advances. Extreme losses Of
to points were partly retrieved. but
a heavy tone marked the close.
Sales amounted TO 3S5,00O shares
The noteworthy feature of the
clearing house report was the actual
cash loss OF $50, ,256, 600, which wiped
out last weeks large gain and eff
fected another deficit OF slightly more
than $12,0O0,000 in excess reserves.
Actual loans and discounts increased
members of the Federal Reserve bank
showed a decrease OF almost $685.
100000.
Foreign exchanges were most err
ratio, sterling and the leading conti-
mental remittances weakening at the
outset. but rallying briskly after as
a result of speculative covering oper-
ations. German marks again were
the only exception, extending their
recent decline.
Mercantile authorities reported an
increase of business compared with
that of the same period last year, but
collections were less satisfactory, de-
spite the relative ease OF money at
interior centers.
WEEKLY FINANCIAL
NEW YORK, Mar. 4.-The action
of the securities market this week on
the most comprehensive dealings Of
the year to date evidently was In
fluenced by many signs OF better
ment in various branches OF trade
and industry.
To a considerable extent this was
true of the commodity markets, all
though surface conditions in some OF
the leading staples, cotton. for ex-
ample, suggested an overbought or
widely eNtenoeQ pO8lLiOn. .-
Trading in stocks retained much OF
its professional character, but even
the speculative demand ran toward
rails and industrials of the types
which have emerged moro or less
successfully from the many readJust-
ments Of the past year.
The turn into March witnessed q
marked increase OF production in
steel and iron, and resumption Of
mining operations in the Montana
district, coupled with better prices
quoted for copper. suppested dts
tinct revival OF interest in the metal
trade.
Pursuant % the conservative policy
adopted by the directors OF indus
trial companies, more dividend dis
bursements were suspended. The
most noteworthy of these affected
two steel companies and one OF the
prominent miscellaneous group, Unit
ed States Naval Stores.
Opinions regarding the immediate
course Of the money market were
somewhat divergent. Survey OF pros
pective conditions as viewed by the
federal reserve board and the depart
ment of commerce, encouraged legiti-
mate or productive interests.
Improvement in the European
trade situation was again clearly ex-
pressed by the stability OF foreign
currencies. although part OF this gain
was forfeited in the latter part OF
the week. Strength OF South Amert-
can exchanges was accompanied by
the issuance OF another fairly large
loan to the Argentine republic.
The quotation of foreign credits Is
likely to undergo radical revision,
however, as a result Of the attitude
of the Washington administration.
Announcement that the state depart
ment proposes to inform itself OF all
future European underwr1tings by
our banks, marks the beginning OF
new era in the international financial
history Of this country.
CHICAGO BOARD
CHICAGO, Mar. 4.--Bears raldeo
the Chicago board OF trade grain pits
today and a hectic two and a half
hours of trading resulted. The en-
tire list lost ground. wheat finishing
with net losses of 3% cents in May,
2A in July and 1h in September,
corn "a to 3Ss net lower, oats y TO
u off, and provisions from Is to 27h
under Fridays finish.
Easier prices at Liverpool and
weakness IN corn started wheat ch
the down grade from the opening
gong. Heavy selling by houses with
New York connections ran the mar
ket into stop loss orders and soon
prices showed drops OF rs to 4S,
with May leading The run on May
was helped by a local concern which
sold that option and bought july, the
result being a narrowing OF the
spread between the months.
Later there was a rally on reports
OF seaboard sales for export and that
J apan had taken 250,000 bushels OF
hard winter and 100000 bushels of
Manitobas over night. But in the
last Is minutes selling by pit traders
who bought on the early decline in
anticipation of a late rally caused q
sharp setback.
Corn was weak under the same