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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
May 26, 1922
Page
10
Wheat prices eased as May contracts fell after a brief rally sparked by shorts and profit taking. Traders watched liquidation pressure, with limited support from new selling and conservative bids, while trade quotes showed mixed bids on yellow and white wheat and related grains.
New York stock traders saw a drift through an uncertain day with light dealings and about 1,050,000 shares changing hands. Gains and losses were fairly balanced as rail and steel issues lagged on merger delays while oils firmed on consolidation hopes. notable advances appeared in select specialty and pool-influenced stocks amid renewed call money at 4 percent before easing.
The market showed reaction to freight rate cuts with industrials more depressed than railroads. A looming soldier bonus bill and coal strike may affect the market daily. A steel merger involving Midvale Republic and Inland Steel is expected to be announced soon, with Inland yet to commit. Rail executives resist a 10 percent rate cut as I C C actions loom. Republic and Midvale near terms. Inland’s stance unclear. Government figures hint at fewer living costs from a treaty between Italy and Soviet Russia. Car loadings rose week by week, and several copper and mining stocks show various transfer expectations.
Chicago market reports show cattle receipts around 11 000 with mixed trends heavy steers at 9.25 tops while hogs, 24 000 receipts, held near 10.80 top for large packers and lighter weights around 10.60. Sheep demand slow with top native lambs near 15.75 and ewes around 10.40 amid varied regional postings across Omaha Kansas City and Portland.
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