The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-05-24
Techaical Conditions IN New
York Market Invite Profess
sional PRESSURE lndepen-
dent Steels React After
Scoring Advances.

New York. MAY @3.-TrAdlaS IA the
stock marke; today teli away sharp!
from tho extensive operations OK tHe
preceding session and the drift; IN pr!Se.
became increasingly uncertain. several
leaders developing pronounced heaE'I
ness In tho later period. Sales
10 l.275.Qd0 shares.
Although fears % a money h"r"S
proved 8roUndless. technical. CONDITIONS
seemed TO invite professional pressure,
Moderate calling OF loans VAS rePuTie'
but call money held a; ! per teai
throughout. as against yesterday ;
maximum rate OF ) per cent, anu l'N1
funds continued easy.
The general tone OF tho t"TciSn eN-
change was more reaSsucinS. hu!lhE
Of British AMI French bis was larger
than at any recent time ana wa
thought TO represent coverINS on s2eId-
latlve accounts. this ais" ai'?.EinS 10
the recovery OF German marks.
' ANNOUNCEMENT a.; increased I!Nl""n"S
by tho Northern America: company -
the commor ard preferred shares ""''
an Increased disbursement Hy -" com
Observation-Disclosures company
reflected ~ better ctraiugs OF utility
and specialized Industrial curp"ra'i"IS
Indcpeudcut StCsiS were 'oc strongest
features Of the early dealings. r'iuHIE
Crucib.e, M!dvaIe and Republic. MI "Ut
the latter reacted. however. Republic
featuring the confusing movements ~
the anal hour at a gain Of tS points.
Ffrmness Of strength marked N"
domestic oils. but the torriEu division
was erratic. Selling OF Mexican ir';"-
leum was attended by news OF the
failure Of n financial institution In the
TampIco district. Motors. equipments.
coppers and chemicals embraced 'hs
other Irregular stocks.
/ Erie common and The hrst II second
preferred issues oyerShadowed all "th"r
trarsportatioUS with Chicago X Alton
and gross advances OF | to = points.
Seasoned rails OF tho transCout!NeutaI
and Granger groups proved more su$-
ceptlble TO impending freight rate re-
auctions.
Leading commodity markets held the
better part Of their recent
Export prices for coHperS were raised
TO "A cents, but the domestic quotation
was unchanged. Oth"- base metals held
Arm. as did raw gar but crude rub
Der weakened.
Bonds Are irregular.
Movements OF prices In the bond
market today followed the uneven
changes in tho stock list. but the trend
VIZ IldlIl.S IISAtA' tSPSN'S''s AS' Sl~N'
lat!ve issues.
Among government loans. Liberty IS
sues were featured by IN erISc OF m"
Sh's to q small fraction over par. but
the As and AS were Irregular. M"N.-
cans were most unsettled OF the foreign
offerings. the As and IS falling back
all the wav frorH large fractions % tw"
points as 4 result OF developments which
indicate further delay n the settlement
Of MeXico's foreign obligations. Mod
crate reac'ioaS occurred among French
municipa!>. Belgian us. San Paulo SIS
and Republic 90 Chile Ns.
Erie prior a. and the several con
vertible ISSUES were 'hr outstanding fca-
lures Of III" railroad group. emUiating
the riS" - Fri" ,oTm"n and the frs,
and second Preferred shares. other
c~oalers. also tho 81. Paul. st. Louis &
San Francisco. Missouri Pacific and
Seaboard issues hardened. Total sales
par va,uel. aggregated ii.TG9.oQ0
The most important misunderstanding
OF the day was tho Offering OF a large
block % commerce stock by a local
banking syndicate. Ti:s was readily
sold. interests connected wiki ;hH bank
oeinE am,nG ~" largest purchasers.