The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-07
INDEPENDENT STEELS CO BACK
WHEN MERGERS ARE UNDER FIRE

New York, June 6.-Divergent Spccu-
htive opinions. as indicated BY buying
and selling orders in the same issue
created further confusion OF prices In
the stock market today. Dealings
alackened vissbly from recent active
periods. sales barely exceeding loooooo
shares.
Independent s;eels SUSTAINED addi-
tIonal losses IN consequence OF the
action Of the Federal Trade commission
IN the Bethlehem Iacka~anna steer
merger. Lackawanna fell four points
and gross declines OF one to Two points
were made by Kindred shares
United States Steel, which has shown
especial strength since Chairman SraFS
recent appearance before the LOCKWOOD
committee. rose TO within fraction OF
It's high record made yesterday Out
closed at nominal reaction.
1avorttss Under Pressure
Fayorites OF the oil. motor. equipment
ara metal groups were under steady
pressure Anal prices In majority Oh
INSTANCES showing moderate losses
Among the exceptions were Fh!tliPS
Petroleum and Gordon. both hntshihs
strong.
Investment rails repeated their IAN
ruid movements OF the past rev weeks
but minor or speculative tranSportat'ons
developed sudden activity ana Strenk'n
on heavy buying OF Toledo. st, Louis q
Western common and preferred. Peoria
a. Eastern, Lake Erie & Western com
MN ana nr.yerred. Western Maryland
common and preferred. Norfolk
Southern. Texas & Pacific. Missouri
Pacific common and preferred. Pitts-
burRh & West Virginia. and New Haven
Final prices In these issues showed net
Gains OF one 10 six and one-quarter
points.
Declaration OF full dividends for the
war ON Nickel Plate" second pre-
ferred evoked favorable criticism. indl-
eating that the road had already earned
sufficient returns 10 warrant such
action.
T-tiIIties rose on the strength OF Con-
solldated Gas. Brooklyn Union Gas ana
PEOPLES Gas and miscellaneous shares
averaged better quotations under lead
OF metals. chemicals and New York
Dock common and preferred.
Business Better
Re,ter business conditions were re-
nected in the higher schedules posted
for structural steel textiles. renned
conner and raw and refined sugars,
coupled with further gains In earnings
reported by mail order and chain store
companies.
The opening rate Of per cent TOR
rau loans soon gave way N T'@ per
cent. most OF the days money neing
placed at the lower quotation. Time
funds remained firm however. offerings
again being confined largely 10 snort
dates.
In foreign exchanges the British
rate established a new high record al
4sr FOR demand bills. though easing
large fraction before the market closed
Allied hills again showed ltttle alter
alton and German marks were reaS-
t,onary. but neutrals showed decided
improvement.
liberty 20 New High
4 new h!gn Of 10e.ln for the Liberty
as was among the few striking tea-
lures OF todays moderately active nut
Irregular bond market. most other
Issues OF tina, group showing trihins
reactions at the close.
United Kingdoms OF 1922 rose on the
new hlgh record for British exchange,
nut mos, other European loans were
lower. Cuban government 4fss nard-
sned but changes among other LATIN
American offerings were slight
Heavy buylnc OF secondary railway
.s.res was reflected In The bond list.
whose Peoria & Eastern incomes MADE
substantial gains with underlying issues
~ other western and southwestern
roads. Total sales t2ar value) assre-
gated s'tST2nn1.
The DAY now offerings. FOR which
market was easily found embraced
Crane { Company. $5.oon.oon : per cent
n-ererrcd stock and ;hc Bonner steer
company 100000 per cent bonds
Prospective updsrwritinEs include
Juro. Slavia s25.oOe,oNO loan on terms
>c, 10 be determined and city OF
Moprcvidco s.. 0nO. 200 pcr cent loan.