The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-16
SECONDARY REACTION FOLLOWS
REBOUND IN THE STOCK MARKET

New York. juno 1.-THE stockmarkci
today Experienced wha, Is ,"chrically
known - a Secondary rCac;3uH." prices
OF ua"S fIhorIr" ISSUES IA the various
speculative groups falling sharply 1iier
q Gym 10 strong Up,niuE.
\ Very considerable yur, OF the early
huying evidently represented short Gov
ering. based on cables announcing a cut
In the Bank Of England discount from
hour to three and half percent. ihs
lowest rate since January. 1917.
The cut IN the British rat" vas III"
more surprising from the hrSt thA'
Washington aGvjces quoted treasury Of
fcials as opposed to any lowering 81
fedora, reserve rates. in spite OF NUM-
croUS requests from branch tnsutuh"AS'
Heavy selling orders appeared. "S-
pcc;auy in shippinSs and equipments.
These soon extended 70 such leaders
as Mexican Petroleum. S,ud"bakcr,
Baldwin and the Independent s'c"ls.
OFFERINGS OF International Mercantile
Marine. common and preferred. ~ OK
trcme declines OF and ~ points &c
spec,ively. were attributed 70 the poor
earning shown In the comranS's ann"a'
rcror, and the lNss favorable outlook
Tor subsidy legislation.
Reasons FOR the rcvCralS In other H.
s,,ns were less arrarent or convincing
bu, tho list Displayed It's heaviest ton"
m news that the railway hotherho"nS
had taken n more aggressive attitude
on ,hc strike vote question.
I'IsI nrirCS disclosed not losses or
% : points In n" steclsh prom'nens
continents. motors and rubber acceS-
series. domestic and foreign oils ana
re,roIeums shinptnRs while such rails
a. southern pociAc. Reading and New
York Central forfeited TO points.
Sales amounted 70 1.3S5.oon shares
call money opened and held at "'s
perccut throughout that quotation oe"
regarded as very reasonable IN View
or Tho heavy drain upon local reserves
for federal interest payments me
r,t.s were easier for 80 and b" DAY
loans. hut recent tirmn"ss Tor the longer
naturities was maintained.
All ,he important foreign exchanges
wore strengthened ny the action or INV
Rank nr England. hut Dutch. Norwegian
and Danish vcm;ttanCes eaSed " 10 i"
roirrs Another sharp decliu" In the
Crcc, at. was ascrihed 10 political IN
.rfrlenrrt n tina, country. Far has'rrh
ro,ss failed 70 reflect tho reduced as
counts announced by the Banks 81 hom-
hay ami Bengal
New Liberty Bond Records.
Extensive buying Of Liberty issues
,r which seven 90 that group sol" ~
my or hotter. with new high records
r,- ,rs ar~'s ~ $lno.%n and the fourtn
as a, SlOn.ln constituted the main
rca,S-cs ~ .oday's active and generally
strong bond market.
For,.iGn government loans also were
hs,fsr nrAs'imahly az result nj .he
lowering Of me Bank Of England ais
ccr,, rate. although British offerings
r,r.d toss we'll than French govern
r,cn,s, and municlpals In the rise OF
European issues. -,
Noxirans wehe most unstable the
md hottie classes OF SIS losing srou.'
pr,er early trading In which the
and regular IS showed greater str'nE'"
Snecilative or underlying mortgages
sv,t, featured the domestic railway
Ne, notably Peoria and Eastern IT.
.o,.s g. Louis and San Francisco IN
comes. Eric general 4's and chesapeake
ard Ohio convertible AS.
Tho Nrmer and inhHurtals ana u'"-
ttyAs Included L. s. Steel IS ana Am
.r,can Telephone 6s. Total sales 'fd'
ra,,,o> aggregated s15.tSa.noo.
Anxng the latest underwr'tinss
GOOD demand was reported for the new
Tncn-SIoyakia So. nnn roo Issue. Scr-
oral state ard municipal loans arc I'M
dcr way including City Of New
TIa,ep $1,000. OnO loan Cor Improvement
purnoscs.