The evening world., 1922-05-12
CLOSING STOCK QUOTATIONS
w all St. Gossip
BY r. r. Batson.

BY X. X. Batson.
Steel stocks were practically the
whole market to-day Official ad-
mission that the Lackawanna Steel
Company Is to be consolidated with
the Bethlehem resulted in a pyro-
technical display In all the inde-
pendent steel shares and in Lack
awanna in particular.
Transactions totalled approximately
1900, 900 shares. Steel shares were
responsible for nearly 40 per cent. :.
of this turn-o over.
Lackawanna rose for a gain of more
than twenty-one points, compared
with the low of yesterday. Bethle-
hem Steel "B" stock advanced more
than three points above yesterdays
close; Crucible more than hve
points, and other steels showed pro-
portionate gains.
The ease with which steel stocks rose
into new high ground for the year
encouraged bull demonstrations In
various other groups. Oils weres4
marked UP rather briskly; motors
became in good demand and In the
miscellaneous industrial list gains OF
two points or more were quite COM
mon.
The unexpected announcement of the
merger between the Bethlehem and
Lackawanna Companies resulted in
the we'll known Wall Street rumor
factory working at full blast.
According to gossip not only Is every
steel company whose shares are
listed on the Exchange to be In
cluded in a merger, but plans are
under way to consolidate various
motor companies, sugar companies,
oil concerns and not even the rail-
roads were neglected by the rumor
mongers.
The one definite announcement made,
aside from that involving the Beth y
lehem and Lackawanna was that'
the proposed merger between the
Pierce Arrow and Lafayette Motor
Companies has been definitely
abandoned. This resulted in a drop
of nearly points in Pierce Arrow
preferred.
Decision of Congress to adopt the pro-
posal of Senator La Toilette and in
| vestigate the proposed merger of six
of the Independent steel companies
was not regarded seriously, and at
no time did it seem to have markets
| effect. The merger between Bethle
hem and Lackawanna will not, II is
| believed, he insluded in the proposed
| investigation.
The statement of Attorney General
| Daugherty that he advocated the
| dissolution decree affecting New
| Haven be modified to the extent
that the company be permitted to
| vote it's stock in the Boston and
| Maine at the meeting to be held
next Tuesday, while considered fav-
| orable to the former company, has
been discounted marketwise.
Another proposed Congressional in
vestigation which failed to perturb
| the financial district was that con-
cerning the recent advances in gas
oline prices.
1 While gasoline prices have been in
creased about 4 cents a gallon. furNs
ther advances will soon be ordered \
according to yell informed Wall
Street opinion, and market commit
ments In the Standard Oil shares
and in shares Of companies with
large gasoline production are being
based on these expectations.
During the last hour the market was
called upon to Withstand heavy
amount of profit taking. but this
was well absorbed, and in Anal
dealings prices rose to new highs
for the day.
Steel industrials were churned UP In
a manner that bespoke considerable
| courage on the part of pools.
lLackawanna rose to a new top az
IS "a, Crucible showed a net gain
of 7 points, and active bull specu
lation extended to coal stocks I
equipments and practically all other
groups, with the exception of rails|
| and coppers.
The speculation was aided in part by
easier money conditions. The re-
newal rate for call funds was re-
duced to "a per cent. and later
in the day was reduced to Ia per
!. cent.
The foreign exchange markets. cot
ton and wheat failed to develop ma
terial change.
Il WOOD ALCOHOL. VICTIM
i HAD TAKEN PLEDGE
Patrick J. Muniey. forty. of No. 2a7
, East sSth Street, was found unconscious