The Washington herald., 1922-07-01
UNIFORM ADVANCE
ENJOYED BY ISSUES
IN LIMITED TRADE
Fair Degree of Activity
In Railroad Shares
Features Stocks.


naent Of prices on the stock ex-
change today was almost uni
formfy upward, but the volume of
trading was SO restricted rs to
give ifr1e apparent significance to
the changes registered. However,
there was q fair degree Of activity
In the railroad shares during the
morning. with buying so far over
matching selling orders rs to re-
suit in advances Of from to 2
points In several issues and frac-
efonany higher quotations for near
H an the group The on shares
registered some degree Of strength
also during the morning and main
tanned II fairty wen while SUFFICIENT
buying came into the steel stocks
turing the afternoon to give at
LeASf the appearance Of strength to
this class also Ths bond market
was quiet, though not quite 50 dull
~ the stock market Prices were
nrm. particularly in the foreign
group. Money opened at per cent
and that rate was maintained on
caIu loans untn after 2 o'clock.
when n was raised to 5 per oent
shortly before the close the rate
vas again raised TO 81 per cent
Steel Co.ns. InAcffve-
When there are no sales of steel
common for more than half an
hour after the market opens II Is
scarcely necessary to say that dull
ness reigned supreme The nrst
shale Of steel appeared on the tape
this morning at 1885 Transactions
to noon amounted to only about
7so,0oe shares, less than q normal
first hours business in a market
only fairly active according to the
standards of recent months. The
price movement during the morning
was irregular. but advances out
numbered declines The railroad
group was conspicuously frm and
there was more activity in this
class Of Issues than in the indus
trials
Some of the railroad issues were
really strong In spite of the un-
certainty as what Developments the
next twenty-four hours may bring
forth in connection with the strike
u OPAAICh anu OIncT CLASSICS OF
labor. But this consideration ap-
parently did not prove a deterrent
this morning to buying orders
sumeiently sizable to advance the
price OF certain issues rather
sharply In the thin market which
seems to prevail in all classes of
stocks New York Central was
again the leader of the more ac-
tive rails and sold this morning a
fraction above yesterdays closing
quotation in spite Of the fact that
IL was quoted ex the quarterly
di-fdend of IL per cent. Union
Pacific also continued its advance
getting within a fraction Of 14O.
Among the stocks which are nor
mally less active. Norfolk and
Western was we'll bought, advanc-
ing more than points on orders
OF a few hundred shares.
Eauipment Compsnies.
boring under a misapprehension as
10 the relation Of the equipment
companies to the present railroad
labor situation and especially to the
demand of the shipments unions.
Dy Ine La DOT
Board, that the farming out of
equipment repairs be discontinued.
Very few of such contracts have
been taken by the established
equipment companies during the
past few months. contrary to the
general opinion in the Street. The
usual procedure. and the one which
has been the basis of all the cases
Board. has been the leasing of a
railroad repair shop to a local con-
cern, in mos: cases headed by the
former master mechanic or fore
man. and the letting of a contract
for the work involved in making
ordinary running repairs. Where
q large number of cars have
to be substantially rebuilt II has
oeen the practice Of many roads to
let the contract to one OF the .Irge
car building concerns for the rea-
son that the average roads shop IA
cllities are based upon the amount
or current running repairs to be
made and they frequently have not
the physical plant necessary to
handle heavy repairs on a large
number of cars. 1t is hard to figure
out any way of avoiding letting
contracts of this sort to outside
concerns but they are not of fire.
quent Occurrence. II the selling of
the equipments during the past
month has been based on the as
sumption that these companies
were going to lose any appreciable
amount of probable business
through the recent board ruling
1t appears to have been based on a
false assumntion