The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-01
OUTSIDE NEWS BIC FACTOR
IN TRANSACTION IN STOCKS

New York. May Jl.-IenuenCIeS a" ~
days irregular stock market were
largely governed by Developments Il,
the final hour OF Mondays session ana
other happenings over yesterday re-
cess. including industrial mergers.
The decision OF the United states
supreme court declaring the southern
paciac-Ccntral Pacific combination IN
valid created further weakness III
Southern Pacific shares but Union IA
ciflc, which may benefit by the decree
was strong.
Reading common developed weakness
on the ruling OF the court which gives
that stock no priority over the preterre'
shares I'm the distribution OF the com
pany's subsidiary assets. while Reading
first and second preferred scored cN-
trcmc gains of A. and . points re-
sPeCtivCly.
Tobacco products strengthened on
news OF its prospective alliance with
United Retail Stores. The latter was
freely sold at q decline Of three points.
IN marked contrast 70 the strength OK
other leaders OF the tobacco group
Summarize excepted.
Oils GO Up.
Oils continued 10 adv anCc Tor the
most part under lead Of Mexican and
Pan-Nmerican Petroleum. General AS
phalt and several Of the domestic
groups. but cancelled much of their
Galn later when Standard Oil or cali
fo=nja reacted.
Leaders among Stce,S. equipments and
motors were sluggish. giving place 70
speculative issues. British Empire
Steel first and second preferred rose
sharply with Nova Scotia and Republic.
Midraic and NstnadsurI hardened.
Sugars. metals and several OF tho food
spccia'tiCS were bought on higher prices
quoted for raw and retined commodities.
individual issues Of those descriptions
included Coca Cola and Postum cereal.
both at high records. American Beet
Sugar and Food Products, but prices as
u whole eased as money rates rose.
Sales amounted 10 l.@35,oo0, shares.
Call loans opCned 1T 4 per cent. adj
varccd TO AZ in the fourth hour and TO
) per cent in the fral half hour. The
StilGeuinE Of rails was aScribed 10 SHIFT.
ing Of funds resulting from June IN
terest and divided payments. Thirty
day loans were made AZ per cent. but
longer dates were fr;;r;!onally higher.
Apart from the Grmncss OF British
rates, leading foreign exchanges eased
moderately from Mondays best quota
tons. brokers reporting renewed orer-
inSs Of French and Italian bills. Parts
cables gave no intimatlon OF new de-
vrlopmcnts regarding German repara-
lions. Among the neutral exchanges the
DC>"h rates cancelled most OF its re-
cent rise
liberties Advance.
Trading in the bond market today was
noteworthy chiefly from the fact that
practically all the Liberty issues sold
1t par or better on very heavy transac-
tons. embracing several individual lots
of $1,000 900.
In the main the bond list was I'M
certain. although investment offerings
among transpOrtations and high grade
industrials were disposed 10 strengthen.
That tendency also applied to most OF
the foreign bonds, Mexican As and SIS
excepted.
The feature OF the railway division
was Southern Pacifc-Central Pacific col
lateral trust As. That issue reacted
half way from its meteoric rise Of over
il points on Monday, following news Of
the supreme courts decision dissolving
the merger OF those companies.
Chesapeake & Ohio, Atlantic Coast
Line. Southern Railway and ST. Louis 4
San Francisco issues embraced the fca-
lures of frmness and strength. North
ern Pacific. Scabord. Reading and sew
cral utilities. including American Telc-
phone. registered moderate recess!ons.
Total sales tpar valuc), aggregated
$i4.$S9,0 900.
New undertakings OF the day COM
prised the province of Manitoba S3.934.-
nnn per cent bonds: New York. New
Haven & Hartford railroad $3.50. 900 b
per cent equipment notes and a City OF
Norfolk $685.. 400 ~ 10 per cent loan
Liberty bonds were strong features In
the late dealings. Large blocks OF the
third AS sold at par or over. Other
government issues and rails were ir-
regular.