The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-12

New York, June l1.-SiFnS mat the
stock market had gone stale present.
ed themselves at frequent intervals
during The week. These symptoms be-
came more acccntuated In the later
session when frecr offerings and tho
lacl, of summon, caused severe Declines
Virtually every branch Of the list was
cncompassed in the reaction which was
primarily attributed 20 the detached
attitude Of the public. Confirmation or
THE latter fact was found in the
shares falling of Of dealings.
Certain significant incidents "f the
weeks selling movement, however,
were believed by observers I" be n
direct relation to tho policy or con-
scrvatism recently inauGurated by tho
reported officials Of the stock exchange
In substance. Il was Conjocturcd that
considerable liquidation cmanaieG from
traders who had been cautioned against
excessive speculation and that other
extensive offerings originated with IN
tcrosts which have severed their con-
ncctions with the exchange.
The steel Merger
Another reason for the weeks re-
vcrsal was found In the revelations
arising from the legislative Inquiry into
the promotion Of tho steet merger.
While tho details or this project dincred
In no essential from previous undertake
ings Of like character, the manner IN
which they were disclosed gave courage
to the shorts. Continuance OF lahor
disturbances In the COat and textile IN
dustrics was balanced by stil higher
commodity rriccs. notably in metals,
sugars. textiles and feathers, u h'Gh
ratio oC production in tho automobile
lines or business
Pcrrr1Icss Of the almost steady en-
mansion Of loans End discounts by clear
Ing house banks, J nj call money rates
were M lowest quotations In four years
short time funds cased and merchants
pancr found n more rcndy MARKET
Informed nnancicrs expressed Nttie
surprise Mt tho result Of tho BANKERS
conference in Paris. hut hopes OF an
early solution OF the roparatons prop
lem were not abandoned. Much OF tn"
previous months gain in foreign cN-
changes was cancelled. the British ratio
alone holding within mcasurcahle ais
tanCe OF it's recent maximum
Bond Market Review
Now bond undcrwrl,ings last week
rDproyimatcd sS5.nn0.0oo. about Wa
coo non unhcr IN" weekly average re-
corded in the carly months o: the year.
EorcIrn or international tlotati"ns
were again IN" foremost
,rbcs, wore chiefly represented by the
pnnuhli, Of Brazil s@5.0oo.o 900 9o-v'ar
ecycn nor cont rlcctrilcation bonds.
c;,v ~ Greater Prague ST.5OO,0Vo ~
war scvon ana one -half per cent ISSUE
aud n CITY Of Montcvidco tlruGna!!
&c 0nn Onn %o-vear s"v"N per cent poh"'
~ &c ,nesc Ncing easily ahSorNri
h.I,r ,frnr;ur of tho week rm'ra"en
g. ron 90 city of Philadelphia i0urs.
sold on n 800 pc" cont basis; S"'"'"''V"
s,atc Of Colorado highway hNCS on
Oh n,srs. IS, OnN. 200 state OF MichlTln
Al. nor cont highway bonds on 20 80
,on nor con, basis. md SI"'o."0o
s,a.o or Alabama highway and hr''Se
49, welding about 40 per cent
.rncrc was a marked let down IN o'"r-
I,c. oT Iudustrials and ut!''uo4' INC
,o,,I for tho former amounting :"
en- ;no coo and $IO,OO0,0ON TOT '"e
latter. ..
Loan TO Jugo-Slavia
Prospective foreign projects '''
s,,caL,c loan 10 JuEn-SIaNIA' ''' "' 10
or which gro NOW nc'nG W"rh'i W.,
Iordnr. whoso bankers Ar" 'NP','', ~
nar,,rlratc. F'ul'v hall S'"'o :" '.,,
international loans ar" "c'hE "''''''
discussed. r,.orn-
c,ora roart!ons - Mexican govern
.,o,. N,rIs were 0rcripitat"i by 20
IVA. Tho c,uCcrCnccS h"r" WIN
CC that governments hhu
49,. vim unexpected Obstacles "e
,',o ,r tho genera bond market o'h',
,,,,, ,ibcr,ios. Witch held their Sr"""u
l., .ne face Of another 'arE" 'sSu' VI
-. ccrti0rn.cs Of Indebtedness.