The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-05-12
MERCER NEWS
PUTS PRICE pep
INLACkAMANNA
AT STUART r. WEST.

\ New YORK, Nay - hS DSIhic-
han Steel-Isackawanna Steel
nsrser was, OF course, . matter Of
svsrshadowing interest In today's
nsrket A half an hour before the
siose on Thursday, the street had
at the slightest inkling that such
sa.l was under way. 1t was the
rs, protected secret of high finance
mai has been known in years, and
,bis was shown by the extraordi-
sary reception both prospertfveiy- in
eesterday's financial dealings AID
actually in the market this morning
TO the news.
The opening sale of Lackawanna
steel was II points higher than its
iog figure OF Thursday. Nothing
resembling such a nadvance has
heen seen on the stock exchange
This year-that is, in a tsock of so
important company-and it was
, nafuraI that it should have had a
auick fling upon the entire market.
AZ a matter of fact, however, it lid
not arouse any great amount of in
terest outside of the group of steel
and related hares and a few spe-
cialties. The speculative commun-
ity INDUCED in all sorts of conjec-
,ure as to what the basis of eX-
change would be between Bethle-
hem Steel stocks and Lackawanna
Steel. 1t also listened eagerly to
suggestions that company's engaged
in other lines of steel production
would be taken into the merger.
The prevailing guess was that the
exchange of stock would be consid-
erably more favorable for Lacka-
wanna than the market had antici-
mated even with its violent over
night upturn.
Consequently Lackawanna Steel
continued to push ahead, and the
Bethlehem Stocks went along with
it. There was lively upbidding Of
Gulf States Steel, Wickwire Spen-
Ger, Alloy Steel, Vanadium Corpora
ton and various others which ap-
pealed to speculative Imagination
as merger possibilities" but in
the market elsewhere the response
was NOT at all encouraging and en-
tirely different from what it would
have been a month ago when the
speculative temper was not as eau
tious as it is now
l Nothing that happened outside
4 the stock exchange was as inter-
esting as what took place within.
The foreign exchanges went
| lower on unsatisfactory reply of
Russia to the joint note of the
1 The weakness was not of much inn
n
1 changes still held fairly well above
the lowest low they sank at the
start of the week. The determine
lion Of the British premier to carry
On despite the Russian attitude,
(, he fact that the French delegation
lid not quit altogether, although re
tnsiLg to enter further discussions
where the Soviet was the question
and the desire expressed by The
Russian spokesman that financial
Negotiations go on were compensat-
ing features which entered into
calculations.
Another 1000, 900, 900 marks was
idded to the German paper >cur-
reney through the operations dis
closed by the weekly statement of
he Reichs bank. This supports the
declaration of theh eads of the Ger
man government that there is no
alternative between further indef-
mite imitation and a foreign loan if
the program laid down by the rep
afation commission is to be met.
After Thursdays rush of short
evenings in the May option, the
sheat market settled down to COM
! srative quiet. The increased sup
port which the wheat trade has hal
rom the foreign demand is shown
IN the weekly export record. Ship
nents of 1884, 900 bushels is com
pared with $4,000 the week be
lore and were alrn~~t up to last
yeat's total of 3,952, 900.
II Wnlle the La IU-.~.15 resolution
asking the department of justice
ana the federal trade commission
wat they proposed toward looking
mo the new steel merger question,
ne attitude being taken, that it
snould have been so promptly and
UNANIMOUSLY adopted by the senate
vas bound to make some senti-
mental impression on the after
uoon stock market 1t lead to
aeavy profit taking in the steel
Mares generally when in the last
aVur caused a reaction from the
up. Just what an investigation
ouoi md unlawful in combina-
ion which involved a small minor
OF the steel production of the
pantry, is difficult to understand
ms from all events from the sena
u