The New York herald., 1922-07-29
FINANCIAL NEWS
AND COMMENT
Railroad Shares Outstanding.
ly Strong-Realizing Sales
Cut Gains at End.

Although heavy realizing sales late in
the stock market session yesterday gave
the list an irregular appearance, the re-
suit did not destroy the excellent i'm
preston made upon sentiment earlier in
the day by the action Of railroad shares.
Expectations that decisions with a i'm
portant bearing on the strike would
come out OF next Tuesdays meeting of
rail managers in New York caused the
carrier stocks to rise with much force
during the morning. New York Gen.
trail, Chesapeake and Ohio. Baltimore
and Ohio and Pennsylvania swung up
ward into new high ground. At their
best levels the more prominent rails
were point to two points higher than
the day before. They retained. jon the
average. about half of that advantage
at the closing.
Speculation could not get far from
strike developments in it's search for
market influences and hope of an early
settlement of both the great labor con-
troversies shaped the more significant
price tendencies. Nevertheless. when the
usual Friday outbreak of profit taking
sales began in the last hour. there were
several factors outside of the strikes to
help the reaction along. One was new
financing by the Cuba Cane Sugar Cor
poratlon, causing a quick fall of the
company's stocks after the preferred
had reached new maximum for this
year. Another was the decline of Ger
man exchange to a new low point under
Is cents to the mark.
The action of Berlin exchange drew
attention to the complicated foreign sit
uation after a fortnight Of quiet In that
quarter. 1t suggested that obstacles
had arisen on the road to a moratorium
for reparations payments and this i'm
preston was strengthened by dispatches
saving that France would look for the
usual August payment, under the old
monthly arrangement. But 1t was not
made clear in any definite news of the
day that fresh differences had arisen be-
tween France and England over meth
ods for dealing with the situation, and
it seems hardly probable that positive
information about the allied program
will come before the British and French
premiers meet in London on August /.
The firmness of sterling when marks
and francs were sagging evidently had
connection with the export situation.
The rate gained slightly in the morning
from 4.44ss to 4.44%. and this advan-
tage was held to the close. A support
ing influence was the heavy movement
of British coal this way.
The days strike news contained little
that was not known before business
began The. embargo ordered by four
important Southern railroads on freight
other than coal, fcodstuffs and mate
rials on priority schedules was looked
upon as a natural precaution. sThe big
coal carriers would be expected to do all
they could to keep as much fuel moving
to consumers as possible. Such side
light as this on the strikes was viewed
in the markets as of passing Importance.
subordinate to the larger facts that rail
workers and employers had under con-
sideration direct proposals from Presi-
dent Harding for settling their differ
ences supported by rising tide Of pub
lie pressure that these differences be
compo sed quickly.
The unusually strong Federal Reserve
Bank statement for the week, vested
chiefly in the s37,0oo,O00 increase of the
New York banks credit In the gold set
tlement fund. pointed toward continued
easy money conditions here. Call money
went from 81 to per cent again and
while there was a smaller demonstrate n
Of strength among Liberty bonds than
in earlier days of the week. the bond
market as a whole was firm and quite
active