The Washington times., 1922-06-01
STOCK MARKET
IRREGULAR IN
=. EARLY TRADING
Speciality Stocks Make Ad-
vanoss Despite IrreguIarity
of Other Stocks.
BY w. 8. COUSINS.

Copyright, 1922, by Cosmopolitan News
"a Service.)
NEW YORK, June 1.-The stock
market today continued to reflect the
expanding domestic trade and indus
trial situation, and securities of the
better grade were in demand in prac.
tically every section of the financial
markets. Prior to the opening Of the
market Wall street was flooded with
reports Of expanding railroad traffic
increase in steel production, gradual
betterment Of the agricultural situa,
ton and, last, but not least. the assu,
rance Of a satisfactory adjustment OF
the reparations situation.
Interest in the stock market in
the early trading was centered in a
number of speciality stocks which
made vigorous advances in the face
Of considerable irregularity elsewhere
in the list.
General. Asphalt pushed forward
to 6S for a rise of over two points
cNiN q iV" lOT tHt year
Pittsburgh Coal advanced to G5h
Pittsburgh, Shenandoah and Lake
Erie gained three points to san
British Empire Steel sold up two
points to a new high at 16, while
Motors went into new high ground
at 50h, and Mack Trucks, reflectine
the favorable statement issued late
yesterday. sold up rnree points to q
new high at 54L.
Renewed interest was exhibited in
the equipment stocks, especially
American Car and Foundry and
Baldwin, the former at a new high
level at 165, and the latter fractional
ly below its high for the year al
1I9%.
All Of the shipping stocks showed
up to good advantage today. Marine
common in the second hour ad
Irvanced over one point to 259s, while
the preferred moved up to S5%
American International crossed 81
for the first time this year. Ameri
can Ship and Commerce was near its
years high at 24b, and Atlantic
Gulf was fractionally higher at Al.
Mexican Petroleum led the oil
stocks in a vigorous upward move,
ment in the second hour. Continuous
Improvement in the Mexican oil sit
uation, together with the growing
worldwide demand for petroleum
products, has placed the leading oil
companies in a favorable position as
to net earnings. Mexican Petroleum
pushed through to 141 Il for a new
high for this year, while Pan-Ameri'
can sold up to a new high at 72&
Texas OIL at 37h, Royal Dutch at
64. Sinclair at 36A, Marland Oil at
371l, and Pure Oil at 33h.
u. S. Food Products. which fea.
tured the low-priced specialties in
yesterdays market. sold over two
points higher to a new high at 97t
compared to yesterdays low at 5h
Dupont. a new conner, featured the
high.priced specialties by an ad,
vance Of two points to a new hiFh
at 121. Electric Storage Battery
continued in good demand and made
a new high above 46. Erie Rail.
road common and preferred sold
near the years high levels, reflect,
ing the favorable April statement
to the Interstate Commerce Com,
mission. In the first four months
Of. 1922 Erie reported net operating
income of $3,203 ,007 against a deficit
Of 1861 1897 for the same period last
year.
There were no particular develop
ments in the merger steel stocks
which remained firm at yesterday
level of prices.
Call money was in good supply ut
Az per cent.