Evening star., 1922-07-22
MERGER RULINGS
AID TO MARKETS
Sharp Rallies Only Partially
Held Labor Troubles
Feature.
BY STUART p. WEST.

NEW YORK, July 22.-The stock
market had two thoroughly distinct
phases today. The approval given by
Attorney General Daugherty to the
proposed steel mergers was a stimu-
lus to the buying movement and in
consequence trading in Republic,
Bethlehem. Lackawanna and Midvale
was vigorous for the first part Of the
session.
Bethlehem Steel quickly went up
Y points to 79. Lackawanna started
with 1k-point gain, which was ex
tended to a rise of more than two
points and Steel common went for
trial list felt the stimulus of steel
stock purchases. and there was fairly
lively business in United States Rub
Der. Crucible and Industrial Alcohol.
early gains running from half a point
to larger fractions on the average.
Reactions Follow.
The movement proved to be a rather
uncertain quantity. however. and
when traders began to consider prob
lens entailed in the strikes, buying
slackened all around and the first
hours gains were reduced. In the
second hour, conditions were much
the same az on Thursday and Friday.
Railroad stocks did very little
Strike news was still inconclusive al
though President Harding's firmer at
titude toward the coal situation and
his pending conference with Chairman
Hooper of the Railway Labor Board
held some promise of changes before
Monday.
Studebaker Weak.
In the last half hour heavy selling
OF Studebaker carried the price under
133. off nearly 3 points from the morn
ings's best level and about points
below Fridays last quotation. Pierce
Arrow continued to be sold in mod
crate volume and went to a new low
point under IL. The remainder of the
market was not much changed.
The steel stocks paused part way
down from their highest point, but
retained net gains for the most part
Pennsylvania railroad stock dupli-
Gated Fridays maximum price of 45
LocomObiIe Higher.
Locomobile has been under accumu-
lation for several days. but the force
of this buying did not make itself felt
until today. when heavy buying came
into the market on the announcement
that w. c. Durant has assumed the
presidency of the company.
rms resulted in sensational ad-
vance from so cents to s2.25. Pro-
fessional operators and floor traders
who had been buyers on Friday took
profits on this rise and caused set
back from the highest.
Announcement in this column OF
new tobacco company which is to be
a merger OF some OF the present con-
Germs and is backed by Philip Morris
Tobacco Products and Exports and
United Retail Candy interests. with
others, caused strength in the shares
of the interests.
1t is learned that the stock in the
new company. which is still without
a name. has been subscribed for at $40
a share and that II will make its ap-
pcarance sooner than had been ex-
pected. Phillip Morris opened up n
above its Fridays close and continued
in demand throughout the session.
Oils Steady.
Oil shares showed small changes as
a rule. Selling of Ryan Consolidated
did not come into the market and
that stock was well held. Standard
Oil of Indiana and Standard of Ken
lucky were steady. while moderate
selling of the New York stock caused
drop of several points at one time.
Lima Locomotive was feature. and
supporting orders came into the mar
ket FOR tinental Rubber and
caused an advance from Fridays low
point. Radio common and Dubilier
Radio were steady.
Mining shares were fairly active
but price changes We're small. Bonds
were quiet with few features.