The Washington herald., 1922-08-13
FIN A cIAL
RAIL LIST REACTS
TO SMALL LOSSES
MSEUCCEH TRADE
Industrials Continue to
Gain, Bethlehem Lead
ing Strong Steel List.

NEW YORK. Aug. 1.-THE stock
market this morning was the
sluggish affair normal on q mid
summer Saturday morning. The
railroad shares showed q somewhat
reactionary tendency, but the de-
clines were for the most part con-
hned to fractions. Many of the in
dustrial issues continued their ad-
vances. The independent steel
issues were strong under the lead
ership of Bethlehem. and Lacka-
wanna and Sears Roebuck and q
number of the Industrial specialties
were bid up although the turnover
was limited.
Sentiment Unevenly Divided.
Speculative sentiment was un-
evenly divided in the Wall Street
district with the most important in
terests and the largest operators
holding to the conservative side
and insisting that the outlook Is
for higher prices and for materially
broadening of stock market opera
tions after the Labor Day holiday
marks the return of the bulk Of
absentees- Many OF those who
have made a study of market con-
ditions assert that the supply of
stocks has been depleted to such
an extent that the situation must
be regarded as one of sold-out
market, with a heavily increased
short account as a result of the
many drives and attacks made by
professional traders following dis
quieting reports in regard to the
labor outlook. These leading inter-
ests. however, while talking conf
IDENTIFY of the prospective advances
have refrained from bullish activi-
ties. adopting a waiting policy
which. according to their associates
will be maintained until peace Is
again established between railway
managers and labor organizations.
Money.
Money conditions developed Arm
ness again during the past week
partly as a result of government
Withdrawals which necessitated
calling of loans in large volume on
wednesday. On Thursday rates for
call money, which had held at 3ha
per cent on Monday and Tuesday
advanced to per cent. but after
renewing at AZ per cent yes
terday fell back to 31a per cent
before the close, and when the
market ended over $5,000.00o were
left in brokers' hands on the floor
of the exchange which they had
been unable to lend. In fact when
money was at per cent on Thurs
day there was an excessive supply
of funds, over 100000 being lert
unloaned on that day. Time money
showed a firm tone all through the
week, thirty-day money loanins at
3s. per cent and over the year
money was quoted at Az a4h per
cent. The supply. while only MOD
crate. was sufficient to meet all
brokers' requirements.
After the adoption of the amend
ed tariff provision on Cuban sugars
the stocks Of Cuban sugar com
panies were pressed on the market
in large volume. interests con-
cerned in the sugar trade, however
insist that the Cuban sugar trade
cannot be unfavnrably inhuencea
by the increased tariff as there viii
NOT be a pound of raw sugar lett
in Cuba at the end of the year ana
the export requirements from Cuoa
,or this country will amount 10
200 900 tons. which with the re-
ouirements estimated for European
account will create problem Lor
tha Cuban shippers to solve. Inc
trade interest, speaking OF the mat
ter asserted that the crop aVah-
.bls for the coming year Will not
he suficient to meet these require
ments.
Industrial Mergers.
Consolidation and mergers OF in
dustriaI corporations were reported
os being close at hand in NUMBER
., Industrial groups late yesterday.
TncIrded in these reports were
.,atsment. coming from strong
sources that Montgomery Ward and
Connanv which has steadily IN
or.osaa its business. will. be con-
.oIidated or merged with another
n.ny IN the same line. and
ssars Roebuck and Company was
mentioned in many of the reports
a. the corporation with winch
Wo,tgomerv Ward and Company
will he Joined. In quarters o1teh
informed about affairs of these cor
norations IL was said that an an
nouncement in regard TO the mat
ter may be made within the next
few DAYS, but that for the present
time II is impossible to make an,
statement of details of the plans
that are under consideration. These
statements received greater atten-
tion because Of recent accumula-
tion Of Montgomery Ward and
Company shares by strong banking
interests.