The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-26

New York, June 25.--TradtnS IN the
financial markets this week was iniLu-
enced TO an extraordinary degree by TWO
developments OF widely divergent siSn'-
ticance which contributed mainly TO the
conflicting movements OF stocks anu
bonds.
Investment conditions were again sus
tanned by the cut In the local federaA
bank rediscount rate, accompanied o!
surances that such action Implied ada'-
,ional liquidation OF frozen credits AZ
ccnters where grains and cotton hotf"
the chief commodities OF trade
The sensational performances OF Mex
lean Petroleum halted only by the inter-
vcntion OF the stock exchange. PROVOKED
much adverse criticism. Its effect upon
other speculative shares OF the same
variety was not very pronounced OUT In
other quarters OF the list unsettiemene
frequently resulted. Standard shares
we're not disturbed by the Mexican
Pete" episode, as evidenced by the
steady rise IN rails. Reason FOR tho &C
emulation Of those shares were tounu
in favorable earnings, hopes OF an carry
solution Of labor difficulties and tederaI
action designed to effect reduction OF
operating costs
SneculatIon was accelerated in tho
rata OF az, the lowest quotation IN al
most five years. The later advance 70
per cent provided an excuse II not the
aa,ual reason for heavy profit taking
sales.
In the more important branches OF IN
dustry the spring increase OF production
was fully maintained. From the Hlu-
die west reports that steel ana IRON
mills were running behind in deliveries
and the pace in the motor, textiles anu
leather trades. Quickened
Forecasts OF the counrtys trade bal
ance for the fiscal year soon to end eN-
ceeded in volume any OF the pre-war
period These estimates are especia4Iy
Important because OF the further dechne
OF all foreign exchanges. ASIDE from
the tension in Europe's general economic
situation and latest disorders in ireland
and Germany. explanations Tor 'hls
weeks moro severe reaction were lack
ing.
Pr1oss Up on Bonds.
Afded materially BY countrywide ease
of money. price tendencies in the bond
market last week were mostly upward
upon a fairly and largely diversified VOL
ume of business.
New underwritlngs aggregated Vs.
OoO. 900 as compared with the previous
wesx's output OF $S5.OO0.Oo0 and the
weekly average OF S100.OOO.OOO in the
spring State and municipal loans were
prominent features, totalling S2o.SoO,-
900. but new railroad offerings approx
mated alm!st s42oO0.0Oo, with T.IoO.-
600 Of public utilities. S9.So0.o0O OF new
industrials and only sS.33S.0oO OF new
foreign loans.
The more important domestic projects
we're the S37.645.O00 per cent equip
ment trust notes OF the New York Cen
trail railroad offered to yield from 70
$40 per cent; $S.000,o0o Chicago. Mil
waukee and St. Paul railway equipment
trusts. yielding from TO $40 per cent
and several small offerings BY other
roads.
or the state loans the largest was
that OF North Carolina. amounting TO
SO 900 900 with interest at "A per cent
and offered on a basis to yield 4.3o to
40 per cent. Municipal loans for mod
crate amounts were placed by Newark.
Jersey City and Camden, New Jersey;
Wheeling, West Virginia; Richmond, Fir-
ginia. and Chicago.
The several utility Issues were SOLO
mainly al prices returning per cent
and the only single offering or more
than nominal amount was that OF tho
Kansas Electric Power Company Ior w.
OOO. 900. this being offered on $50
basis. Liberty bonds more than heio
their own, four OF that group attaining
TO the years best quotations on extern
sive. purchases which were credited TO
investors anticipating the heavy release
o, July interest and dividend funds.
Other government laors. notably Mex
leans. were again irregular and mainly
rcactionary. The European group. how
ever. was only moderately affected by
the further severe shrinkage OF inter-
national currencies.
Tho rise IN numerous domestic rails
kept pace with the better inquiry for
shares OF that character, buying being
based on better earnings. broader freight
movement and the more hopeful Views
entertained by railroad executives re-
garding the settlement OF labor troubles.