Arizona republican., 1922-06-27
Days Review of
the New York
Stock Market

NEW YORK, June 26.-Reports
| that the stock exchange had found no
proof of an attempted corner" IN
Mexican Petroleum today sent that
stock back into its recent leadership,
to the utter Generalization OF the
shorts.
That faction covered frantically at
the outset, the stock soon advancing
in comparatively small lots at 194
against last weeks closing price OF
Isl IA. At mid day, after seVeral
moderate reactions, 1t rose to 204 q
In the latter part or the session sell
ing for profits caused more SUD
stantial setback to the final price OF
1875, net gain of Is "a points and
points over the years previous
maximum
Pan American Petroleum "a" and
"B" shares made extreme gains OF
6 IL and IL points respectively,
retaining the greater part of their
advances, but other oils, especially
the domestic group, &derived little
benefit from further price advances
in crude and refined products.
Several of the investment rails
were disposed to add moderately to
last weeks general advance, but
gave way to the realizing of the later
dealings, when call money rose to
IL per cent, after opening at
per cent.
Irregular gains among motors and
rubber accessories, also tobaccos and
food specialities, proved to be only
temporary for the most part, al
though United States rubber and To-
bacco Products were well up for the
day.
Sales amounted 20 100000 shares.
In view of the deficit in actual
cash holding reported by the clearing
house banks last Saturday and pre-
paration to meet July interest and
dividend payments, todays harden
ing of call loans occasioned little sur
prise. Time rates were unaltered, but
the supply of such funds was visibly
smaller. Foreign exchange conditions
were very confusing, but the trend of
leading remittances was firmer,
French bills proving the only note
worthy exception. Sterling rose fui,
ly three cents over last weeks low
quotation. Marks rallied a large frac
tion and most other continental rates
rallied two to ten points.
Chicago Grain
CHICAGO, June 26.-Rains and
cooler weather preventing crop dam
age had a bearish effect today on
the wheat market, and so too did
misgivings in regard to the German
political crisis. Wheat closed heavy,
l SIS cents to 2 Ia cents net lower.
with July Ill Is to Ill Ia and
September LIP 7-8 to 1.13. Corn fin
ished 1 3-S to / 1-2 cents down, oats
off 1-Sc to 1 IA and provisions at
unchanged figures to tic decline.
Liquidating sales on the part of
holders of wheat took place on an
extensive scale whereas new buying
in volume failed to develop. Besides,
with apprehension relieved as to the
crop outlook, speculative pressure to
sell showed noticeable increase and
except for little hesitancy at the
start the market was on the down
grade almost constantly throughout
the session. 1t was generally ac-
cepted opinion that the winter crop
was made, and that for the present
the spring crop could be looked upon
as in fine condition.
Governmental uncertainties in Ger
many were exploited as bearish be-
cause presumably strife resulting
would more or less check United
States export trade in wheat and rye
with that country and would also
tend to interfere with payments for
breadstuffs already bought. Weak
ness of foreign exchange received
close watch in this connection.
Meanwhile, announcement of liberal
decrease of the United States visible
supply of wheat failed apparently to
stimulate the milling demand or to
bring the market any other import
ant support as the day drew to
close.
Heavy receipts of corn and slack
ness of shipping inquiry, together
with changed weather conditions,
seemed TO be chiefly responsible for
sending corn and oats lower in price.
Provisions We're governed in the
main by action of the hog market.