The New York herald., 1922-08-27
FINANCIAL NEWS
AND COMMENT
Stock Market Irregular, but
Some Shares Have Sensa-
tional Advances.

The stock market yesterday justified
the Wall Street maxim, as 1t did in re-
cent days, that bad news counts for lit
tie when a strong upward movement is
really under way. All that the profes-
sional reactionists could do in stressine
the effect of the apparently fruitless
conferences between the railway rep
resentatives and the union leaders. the
official threat from Washington to seize
the anthracite mines and the DARK finan-
cial and political situation in Germany
failed TO disturb the composure of the
market
was reduced to minimum and the ses-
sion was more or less typical Of a Sat-
urday market in the midst of the sum-
mer season. Professional activity
therefore, was, responsible for large
percentage of the transactions and un-
doubtedly an attempt was made TO ex-
plot the uncertainty created by unfa'
vorable news from various sources. Thai
these efforts met with little success was
shown by the table Of stock prices at
the close of the market. While losses
were moderatae. in most instances only
fractional, advances recorded were In a
number of cases little short of sensa-
tional.
The forward movements were mos
! pronounced in the list of industrial spe
ciaties, such as American Tobacco, East
man Kodak. Liggett & Myers and Stand
ard Milling. Liggett & Myers on one
transaction of 100 shares recorded 9
gain OF 10 points, reaching new higf
record for the year. Loose-Wiles. an
other speciality to attract attention, ad
vanced to 543a against the low price
In the previous session OF At. Another
bullish demonstration involved Consoli
dated Gas, which reached new high
record for the yearNof 140 up points
but receded a few points before the
close.
The unfaHorable turn in the labor sit
uation did not halt the buying Of stee
stocks, which followed the lead of United
States Steel common. Steel common
opened at 103a and then advanced on
fairly large volume of trading to 105,
closing at that level. 1 point higher
An attempt by the professional element
to force down the price Of Baldwin Loco
motive was a failure, but it served to
unsettle the other equipment issues
previous closing figures.
Losses in the railroad group were
limited to fractions. although traders
were inclined to hold aloof from the
rails until some signs of a restora tion o1
amicable relations in the transportation
world could be more plainly seen. Inter
pretations Of the threat from Washing
ton to seize the mines were that prob
ably it would have the effect of driving
the operators and workers into a cor.
ner. forcing them to patch up their
differences.
The most lively interest continued to
be displayed in the foreign exchange
market, which again lost ground after
an early rally in quotations One sig.
nificant turn in the foreign exchange
situation, however, was that marks, fol-
the first time in many weeks. showed
some signs of resistance to the pressur,
which has persistently forced them al
most daily to new low levels.
From the low price Of $.0004A, es
tablished Friday, marks recovered I.
S.0005B and reacted but small frac
ton from that price before the close o
| business. On the other hand the price!
on continental exchanges continued I,
melt away rather rapidly and French
francs declined to a new low level o
s.O7l2, while Belgian francs recorded 4
similar decline.
In the commodity markets tradint
was In reduced volume and pric.
changes were confined to a narrow
range. Cotton trading, in particular
was very quiet. pending the publication
of the Governments crop report mex
week.
\ The bond market appeared to feel tn,
effects of the current uncertainty to ,
| greater degree than the stock marke
and several of the second grade issues
lost ground. However, Liberty bond
were slightly higher.