Arizona republican., 1922-04-26
Days Review of
the New York
Stock Market

NEW YORK, April 25-Trading in
the stock market today followed the
irregular course set by yesterdays S
rnovenent. Seasoned shares, includ-
ing most of the recent favorites, were
under further pressure while bull
pools continued their aggressive tac-
tics in specia1ties.
Much of the selling of high grade
stocks was attributed to advices in
dicating that the coal strike, il pro-
longed. would exert an increasingly
adverse influence ON Industrial re-
yival This was not reflected. how
ever. in. the leading commodities
higher prices being quoted for oil
products and the base metals. but in
the foodstuffs markets, quotations
including those on refined sugar, were
inclined to ease.
Stock market operations were sub
ordinated to more important happen-
ings in other branches of the flnan-
cial markets. Speedy sale of the new
dominion of Canada S10000O,0 900 issue
and the pronounced success which ac-
companied the New York City $45,-
100000 offering testified to the insat-
liable investment demand for gilt edge
securities. Local fractions were
among the strongest features in the
stock list Manhattan Elevated max
ing an early gain of points. Third
avenue Brooklyn Rapid Transit and
Consolidated Gas were among the
other strong affiliated issues. Num-
erous junior rails were 1 TO 3 points
up at their hest. but New Haven for
feited part OF yesterdays gain.
Oils. motors. equipments and the
independent steels represented the
markets more reactionary side at de-
clines of /. to 2 points. these in some
instances being partially recovered at
the close Sales amounted TO Sl52o,-
00o- shares.
The quarterly statement of the
United states Steel corporation,
issued after the markets close,
showed total earnings slightly under
those of the final quarter of last year,
not all of the preferred dividend hay-
ms. been earned. The money market
also followed the trend of the prev
ious day. call loans holding at 3}2
per. cent until the final hour, when 4
per cent was demanded. Time funds
were unaltered but offerings of that
description were on diminishing
scale.
The entire foreign exchange market
was lower as a result of cables winch
indicated a breach between England
and France at Genoa. Sterling re-
acted half a cent. Allied bills lost 5
to points and the German mark
forfeited most of yesterdays gain.
GRAIN
CHICAGO. April % = Persistent
selling on the part of houses with
Eastern connections resulted in a de-
cided drop in wheat prices today and
was accompanied by reports that prl-
vate settlements had been effected ON
large contracts calling for delivery of
wheat here during May. The market
closed unsettled Il TO 5 net lower with
May at $1.405s. to $1.41 and July
1he and oats Il 4@ssc to IS a &c. In
provisions. the outcome was un-
changed to 20 cents lower. 1t was
currently estimated that private SET
Elements involving as much as 5000,
600 bushels and rendering actual de-
livery here of that amount of wheat
unnecessary in May had been brought
about Reports of this kind, together
with talk that some leading bulls
were letting go of their holdings OF
MAY. did a good deal to ease the
strain which has recently been ap-
parent in the market in connection
with forecast of a huge shortage OF
supplies of wheat in Chicago next
month. Some holders of May wheat
FASTENED to realize profits or to avoid
losses as the case might be. with the
market meanwhile descending rapidly
at times. and showing at one stage
an extreme fail of ~ cents as com
pared with yesterdays finish. Mess
ages from the seaboard saying that
fully 1000, 600 bushels had been taken
for shipment to Europe led to some-
thing of a rally in prices, but fresh
downturns ensued in the last~hou1
and it seemed evident that numerous
longs il. May had no further inten-