The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-08-08
FINANCIAL NEWS
AND COMMENT
Rails Continue Upward Move
ment-Copper Shares Are
Actively Bought.

The new week began in the stock
market with confidence In the early end
Ing of the strikes sufficient to permit
speculative purchases to embrace
wider area than was noted before. Cop
per shares became fairly prominent In
the afternoon fog the first time in two
months. Express company issues were
decidedly strong: railroad equipment
stocks gained considerable ground and
the steel group displayed . stable tone
all the way along.
1t was in the railway shares, however.
that buyers appeared to be surest of
their position. Active bidding for Great
Northern preferred, the st. Paul stocks.
Chicago and Northwestern. Chesapeake
and Ohio and Southern Railway carried
them and others to new high points for
1922. and 1t was evident in case OF the
granger roads that constructive ma
terial separate from strike settlement
expectations supported buying orders.
This was vested principally In excellent
crop news. forecasting heavy move
ment of grain from the middle and north
West from now on to the conclusion OF
the marketing season.
Tho markets laid more stress on tho
coal outlook than upon the slowly NOV
ing developments In the shop mems
strike. In fact, outside Of President
Harding's new suggestion-which con-
tanned little that had not been proposed
before-that the strikers be permitted to
return to work pending decision of the
seniority question by the railroad labor
board there was nothing Of significant
nature to appear during business hours.
At the least the conference OF coal
operators and union leaders in Cleveland
began under good auspices, and infor-
nation from thacc center suggested an
amicable process Of discussion and FORE
cast mutual concessions.
The Street questioned whether the
railroad executives would consent with
out debate to a proposal of which they
had already stated their opinion. But
steps to the ending Of the rail strike
were considered OF less Importance. as
they were last week, than the fairly
general belief In market circles that
II was wearing itself out through fall
ure to cause the roads sharp embar-
rassment.
The chief support to the stock mar
ket since the strikes began has been
,he reluctance of persons who bought
months ago to sell out Spectators who
acquire stocks for the sake Of expected
profits long In the future have been
unwilling TO chance the loss OF market
position by dropping out until the labor
difficulties were settled. Investors have
been impressed by the sweeping under
currents of business improvement this
year. holding that the strikes were
merely retarding industry without doing
II permanent damage The desire OF all
owners of shares to carry them along
has been strengthened by the continu-
ance of easy money.
The relaxed state of the money mar
ket and favorable impressions Of the
rail strike prospect acted yesterday to
stimulate buying OF bonds, especially
the lower priced issues OF the railroads.
! ST. Louis & San Francisco, st. Louis
Southwestern. Pere Marquette and Bal
timore & Ohio bonds stood In the fore
ground. while numerous industrials
with a speculative flavor were carried
forward Call money renewals were
made at 31s per cent. the rate later
making an insignificant advance to
per cent.
Sterling exchange recounted In its
firm tone the lack of worry In London
over the meeting of British and French
leaders, but other allied rates were
heavy together with marks.
Cotton had another relapse OF "A to
SO points and wheat prices eased off.