The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-05
MUCH |RREGULAR|TY AND
CONFUSION IN STOCK MARKET

New York. June 3-RegardIess OF the
fact that quoted values in majority
OF instances registered substantial
gains, with 4 number Of new high rec
ords among speculative farorttes Tor
one TO two years, the week on the
stock exchange was marked by much
confusion and irregularity. C!rcumstan-
ces which entered largely into the con-
dieting movements OF prices included
the cut IN railway labor wages. dects-
ions Of the United States supreme court
affecting the shares OF the Reading ana
Southern Pacific roads and the hrmer
money tendencies.
Traders evidently took little comfort
from the action Of the United States
railroad labor board and the rulings OF
the supreme court which were foiioWeu
by offerings OF transportation STOCKS
that resulted in moderate depression OF
those issues.
Higher money quotations were tNe
natural sequence OF ;hc calling or pro-
kcrs' loans to meet June requirements
but the larger rau" IF reserves nero
By the Federal Reserve bank pointed 20
early relaxation of local monetary con-
ditions.
Speculative interest VAS sustained oy
the further rise In values Of such com
modjtics as oils. metals and sugar TO-
gcther with the greater activity re-
ported In the motor equipment ouS'-
ness. Recent gains in general business
we're maintained. trade authorities re-
porting further recovery from thc dc
preston from the first quar- OF the
yeaS
More Buy <ower
Labor disturbances In the coal and
textile he.ds were less acute aud the
buying power at agricultural cehterS
showed marked increase. Little puoUn
interest attached To the merger OF to-
bacco interests and the proposed con-
aelidat ton OF the ale-RepuoIic-Ih-
land steel companies was calmly re-
ceived. Strength Of United States steer
eoIncldcd with public statements oy
Chairman Gary which drew attention TO
the corporations remarkable good teen
meal position.
International aspects or the hnanc'ai
situation were featured by the advance
OF British exchange. which amounted
To maximum quotations for the last
thrce wears. The advance was asSocI-
Rted with the German moratorium. al
though Il was generally understood
that thfa concession would lapse Shohfd
Germany fail 10 meet the terms I'M
posed BY the reparat:ons COMMISSION
Last dispatches from Paris indicated
that the bankers committee was less
confident of a satisfactory solution or
the problem in hand.
Bond Offerings
New bond offerings last week again
fell below the $loN,o0o.n00 average
which has been maintained since the
hrs, of the. wear. the total being approx
Imately S7T.OO0.0oO. Foreign issues
retailing approximately S$o,eoo.oOO were
tba feature, these including the va
oO0, 900 eight percent 25-year oohaS o.
Bolivia and the 2J-ycar 4h.OOo,pV0 gut'o-
or issue OF the Anton Jurgen CnIteo
Works which were offered 10 yie!d ABOUT
$50 tpercent.
Bond prices we're irregular. There
vas steady profit taking in the noer'E
issues. but International war noIat1ouS
were generally higher. However, pr,'-
lsh bonds showed no response 70 the
higher rate for Sterling. but Latin anu
Scandinavian municipal issues "eie
Arm. High grade industrials and rails
we're general firm, but with the eNcep-
ton OF peoria and Eastern the specuLa-
tive issues registered irregular declines
Southern Pacinc-CeHtral iacihc COL
lateral trust four percent bonds regis
tered a gain Of II points upon the an
nouncemcnt OF the supreme court de-
-sision di ssolrins those propertes' oat
half If this gain was lost In ina
week.
Several Foreign r
Several foreign issues a a. Nro>Pc,S
this week. They Include &C S'.oop,op'
CITY Of Prague loan. the .b.oV2pOo CltF
OF Montcvideo loan, an issue OF St'Sep'-
nd u N
900 o: the territory OF Hawaii ana an
other largo loan. the nature OF when 10
being kept secret for the present.
Despite the Stittcning OF money rates
,hc local market still shows tendency
/, absorb the heavy new offerings with
,u, much trouble. There has been no
substantial change IN the interest rates
hore but Loadan bankers who endeaH-
ored to sell bonds /. percent higher
met wlh little success, according TO
cable advtces. The Bolivian loan here
las, week WAS oversuhscrioed within
half an hour after the books were
opened.
Other Offerings
Among the other principal offerings
las, week were: S3.lb5.NOO, thirty year
a.. and ) percent direct obligation
bonds Of Norfolk. Va. 10 yield 40 70
ass. s%.n5B.0OO one 10 twenty year
percent Milwaukee. Wis, municipal I'M
provemcnt bonds offered TO yield Az
percent: s6.0N0.OOO thirty-ntne year S1:
percent nrior lien and retund'nS mort
gage bonds Of the Cincinnati Gas
Electric company offered 10 yield '.oo;
slel5OOOO twenty-five year percent
FIRST and refundIng mortgage bonds OF
the Tennessee Electric Power company
offered 10 yield SO. S3,9$t.oNo three
year 5 pcrcrnt bonds OF theJ'rorince or
Manitoba offered TO yield about -: S3-
OoO, 900 twenty year I percent first mort
gage sinking fund bonds Uf Robbins &
MYERS company offered 10 yield rs:
$4,000 900 thirty year : percent bonds OF
the Louisville joint stock land bank Of
fered TO yield from $50 to ) percent
and $3.2S3.S ono 20 thirteen year per
cent equipment notes 10 yield so 10