The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-06-07
C0SDEN FINISHES
STRONG ON MART
Sneculators Weaken Most
Stocks and Rails
Show Strength

NEW YORK, June 6.--Divergent
.,eculatlve operations, as indicated
~ buying and selling orders in the
s,me issues, created further con-
SusIon of prices In the stock mar
tet .oday Dealings slackened Wis
ib,v from recent active periods. sales
barely exceeded one million shares.
Independent steels sustained addi-
tional losses In consequence OF the
octlon of the federal trade commits
sion in the Bethlehem Lackawanna
steel merger. Lackawanna fell four
polnts and gross declines OF to z
,olnts were made by kindred shares.
ifoited States Steel rose TO within a
t,actlon of its high record made
Xsterday but closed at a nominal
reaction.
Favorites of the oil, motor equip
noent and metal groups We're under
steady pressure, final prices in a
majority OF instances showing mod
crate losses.
Among the exceptions were Phil
los Petroleum and Codsen, both
finishing strong.
Investment rails developed sudden
activity and strength on heavy buy
ing of Toledo, st. Louis & Western
common and preferred Peoria Il
Eastern Lake Erie & Western COM
mon and preferred. Western Mary
land common and preferred, Nor
folk & Southern, Texas * Pacific.
Missouri Pacific common and pre-
ferred, Pittsburgh q West Virginia
and New Haven. Final prices in
these varied issues showed net gains
Of TO IA points.
Declaration OF full dividents for
the year on nickel Plate second
1eferred evoked favorable criti-
cshi, Utilities rose on the strength
OF Consolidated Gas. Brooklyn Un-
ION Gas and Peoples Gas and mis-
oellaneous shares averaged better
quotations under lead of metals,
chemicals and New York dock COM
mon and preferred.
Better business conditions were
reflected in the higher schedules
posted for structural steel. textiles
refined copper and raw and refined
sugars.
The opening rate OF per cent for
call loans soon gave way to 1-2
per cent, most of the days money
being placed at the lower quota
.lons. Time funds demained firm.
In foreign exchanges the British
rate established a new high record
at 4.51 for demand blllS. Allied biliS
showed little alteration and Ger
man marks were reactionary, but
neutrals showed decided improve
ment.
A new high price OF s100.10 for
the liberty 3 1-2s was among the
few striking features of today's
moderately active, but irregular
bond market, most other isues Of
that group showing trifllng reac-
tions at the close.
United Kingdoms of 1922 rose on
the new high record for British ex-
change, but most OF the other Euro
pean loans were lower. Cuban gov
ernment 4 1-2s hardened but chang
es among other Latin American Of
ferings were slight. Heavy buying
OF secondary railway shares ives re-
flected in the bond list where Peoria
& Eastern had substantial gains
with underlying issues of other west
ern and southwestern roads. Total
sales par value. aggregated sl4,S73,-
900.
The days new offerings for which
market was easily found embraced
Crane & Co., S5.000,000 Z per cent
bonds. Prospective underwritings
include Jugo-Slovakia $25,000,0
loan on terms yet to be determined
and city of Montevideo S6,000,0 ,000
per cent loan.