The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-06
,CROS5- CURRENT IN STOCKS
CAUSE MUCH UNCERTAINTY

New York. June 5.-OfrCrinSs or mar
Eet leaders frequently exceeded the
buying power on the stock exchange TO-
6ay. these conflicting movements cauS-
Ing considerable uncertainty or unset
Element throughout the active session
Cross currents were most pronounce
among the popular oils stccls. rails ana
numerous miscellaneous stocks. Early
~Secltnes OF one to four points In such
issues were balanced by gains OF like
extent. but the forces OF reaction were
IN control at the markets close. Sales
amounted 10 100000 shares.
Incidents over the Weekend. notably
the publicity given 10 the promotion
phases OF the Republic-MidvaIe-lnl
steel merger and the eNtravaSant spscu'
latlon OF pools Ia comparatively obscure
specialties. provoked fresh short selling
and liquidation for the long account.
These tendencies became more oovi-
GUS in the last half OF the trading per-
Tod on news that the federal trade com
mission had taken steps 20 prevent the
merger OF the Bethlehem ard Lacka-
wanna Steel companies.
RumorS then current In the fnanclai
district declared that action aiming al
the ahrogation OF the other projects or
similar character would be taken by the
federal authorities.
New High for o. s. Steel.
L. S. Steel was the one promising
feature among the leaders rising TO
new high for two years at l03S In the
final hour. but the so-called independ-
ents closed at net losses OF one TO two
points. OILS rallied moderately on the
strength shown by Standard Oil OF New
Jersey Lake Erie & Western common
again featured the apathctic rails at 4
four-point gain and Dupont was fore
most among SpecialtteS, adding g.
points to last weeks gain OF almost
IS points.
Constructive features OF the day EN-
braced another buoyant rise In sterling
exchange: easier money rates, furthe.
advances in prices Of crude oil products
and optimistic trade reports from in
terror centers.
Call money opened Mt 4% per cent,
reflecting last weeks expansion or
clearing house loans, but the rate grad
ually eased TO Sh per cent. Conditions
affecting time money were unaltered.
most accommoda lions again being limit
ed to thirty and sixty days at Al per
cent
The high rate OF the day 70: London
demand exchange was 4.50&. but that
quotation was shaded later as buying
diminished. All the allied quotations
were Arm and Dutch and scandinavian
bills recovered part OF last weeks re-
versal. but German marks were almos,
two points under their recent maximum
Foreign Bonds Featured.
Foreign or International loans were
the conspicuous features OF today's bond
market. the domestic list displaying
, much OF It's recent irregulartty. apart
from Liberties, which were relatively
steady.
The new high record made by sterling
exchange was accompanied by strength
In United Kingdom Issues and moderate
improvement among French. Belgian
and Brazilian loans, but Mexican fours
and 1ves were reactlonary at losses or
one to two points.
Changes In the railway list were re-
stricted mostly TO fractional gains ana
Losses, but somo Of the industrials. not
ably Bethlehem Steel refundtnE hves,
showed marked heavlness, although off,
set blythe strength OF tho company $
purchase money hyes. Total sales (par
vnlus) aggregated $15.T3S.00o.
Tho new Brazilian government loan
FOR $25,0oo,o 900. and the City OF Prague
$500 900 mortgage loan constituted the
independent new undertakings. Botn
were largely oversubscribed on large
partic!pat!ons from investment sources