The Washington herald., 1922-08-17
|BEAklllc OF IRADE|
STATE ON STOCKS
|c0MUSES TRADERS
Early Activity Succeeded
By Dullness TypicaIH
Professional.

NEW fohk- Aug. 1e-Ths s1och
market again gave sv1dsnos to-day
thai professional traders vsrs nnA-
Ing Il dfmcult 70 interpret the sxact
bearing upon security values of the
economic situation both IN rhis
country and abroad. Ths days
trading on the stock exchangs be-
gan with . show Of great acffvsty,
with prices materially above the
closing quotations Of Tussdav. This
phase lasted for only about an hour
and was succeeded By the du11ness
typical Of q market dominstsd BY
the professional eisment Win the
general level OF prices around
the highs Of the morning varied by
demonstrations In individual isuues.
which resulted IN some irrextiarfty.
During the last hour the selling
pressure became somewhat more
pronounced.
Early MevesesA
This mornings movement ef
prices In the stock market was very
similar 20 that Of the day before.
The market opened with q treat
show Of strength In both rails and
industriais.. many issues gaining a
point or more in the hrst few min
utes For an hour the market main
tained this strength with the volume
OF trading at q high level Before
noon. however. activity siackened to
the dullness which has been char
acteristic of the market for some
weeks past and prices showed
tendency 70 softness- The general
Impression OF most market OBJ
servers was that professional short
~2.&rf-- -. - - Il
mand for stocks early in the day.
as had been the ease yesterday. but
there was q renewal Of the rumors
Of pool operations In q number OF
issues, and to many there appeared
20 be quiet accumulation going on
in &pme Of the industrial shares.
Rsfls-
The railroad shares. LED by Union
Pacific. were higher during the early
trading. advances OF q point or more
being made by Pittsburgh and West
Virginia. New York Central, Norfolk
and Western. Rock Island. Southern
Pacific. Southern Railway. st. Paul
and Great Northern preferred.
Union Pacific sold at 1t7. up a point
from yesterdays close and the high
est price at which the stock has
sold since 1917.
steela.
While the advances made by
stocks in the steel group this morn
ing were not in the least sensa-
tionsl. there was a pronounced tone
of underlying strength. Market
views Of the immediate prospects
of the industry are somewhat con-
ricting. On the one hand IL is clear
that coal and transportation difi-
culties are restricting output in an
important degree. but many OBJ
servers think that losses from this
cause will be balanced by the better
prices which are being quoted for
practically every grade OF iron and
steel.
American suEnr.
At szS American Sugar common
sold this morning at a new hiEh
price for the year. There is a good
deal Of talk going on in the financial
district regarding the possibility OF
with OF course. higher prices Of
commodities and for speculative
securities.
Steel Output.
In view Of the railway and coal
mining situation the report of the
further decline in steel output in
the past week is IN accord with ex-
psctations. The iron age. in its
weekly review. estimates the output
OF the Steel Corporation at about so
per cent compared with from SIS
TO 20 per cent for the previou.
week. and the average output Of
the independent companies at prob
ably not above 50 per cent The
plans for the resumption of btu
minous mining in the union fields
are not expected to have any i'm
mediate effect upon the steel indus
try. as under the system Of prior
ities. which will be continued. the
fuel supply for several weeks will
be turned into other than iron and
steel channels