The Washington herald., 1922-07-25

INDUS S1RIlL IS IA
ARE PRESSED AlDss
DECLINE EABRUPIlK,
Group Gradually Causes
Sympathetic Softening,o
In Entire List.
wv YORK. Iulr A-Io~.,

NEW YORK. July A-Loves
prices prevailed IN the chief dossS
msstic markets.. the declines occur as,
ring on . moderate turnover. Ixs q
stocks. pressure on q number ID 1ci
industr1ais soon after the openir.>-~1
produced fairly sharp declines in454
these particular issues and gradssscs
ally produced q sympsthetie soft. IL
ening In the rest OF the list A . II
result declines running from frse>u-
tions up 20 points ruled as trads -
ing eiosed. steeis and sugars having -
lost early gains Rails were rs,ass1D,
lively steady. Bonds were ouistsfssoj
and Irregular. Several LiberttessrrlI
made new highs. but the mcfs--
speculative descriptions raw
ground slightly. Call money hsfd>,
at { per cent until the rniddis of5r 4
the last hour when it was lowsre6poci
to ~ per cent
Market 10 Irreguisr.
without any definite news rs-S--
Eardinr the two factors IN which a.
traders are most interested a..
present. the coal strike and ths,--
railroad shopmen's strike. ths
stock market presented an extreme
iy irregular appearance this morn
ing. There was rather acute weak
ness In the motor group although
the issues In this class except
studebaker losing ground during
the morning trading. On the othef H1
hand the sugar stocks were gener-
ally strong and 20 were the steel
stocks with the exception Of United
States Steel common which sold or
fractionsily. The oils were irreeu,
lar. the only important change be-
ing in Mexican seaboard which sold
- ~.
in the main, with changes confined
TO fractions and the same might bs
said OF the geenral Industrial list -
SPe,.syivs.is Railroad. -lo~
Data published this morning re-
garding the number OF sharehoideEs |
in the Pennsylvania Railroad as ef ~
July indicated that there had beep,
a decrease In the number OF holders.
Of this stock during the period sing -
July 1, 1891, of i.lf7 Recent dalss-
regarding the number Of share !.
holders in the Steel Corporation redar
veal the same condition. In both -
cases the decreased number Of hold a,
ers has been shown over q period
when there had been steady.sr
though not sensational increase in
the MAJ Set value OF the stock, ip-
dicating that perhaps the old idea
that the public buys at the top oE-n
thereabouts and sells somewhere
near the bottom may be fsllscious-
On the other hand IL should BE-.
noted that there has been a greater
rise over the past year in the price =,
OF American Telephone and Tele-
graph stock yet the number ot
Shareholders in this organization
continues to increase. Wall streek-A
however, took special interest in ths
ID -
holders because Of the recent mar-
ket action Of that stock which has
indicated to many observers sceu-
mutation by interests who have beeA
carefully acquiring all the stocf
that could be purchased without
running up the price The advance s''
in Pennsylvanis which carried Il rps-
a new high this morning has been
by fractions Of an eighth.
Chandler To weak
Chandler was the weak spot OF
the motor group this morning. SELL
ing down before noon 10 a figure
points below Saturdays close. There
was continued weakness also IN
Pierce Arrow but its decline was
less precipitous than during recent
sessions. The selling Of Chandler
was a puzzle to most market OBJ
servers since 80 far as the street
knows there has been no develop
ments in the company's affairs to
Justify the somewhat panicky sell
ing OF the stock which took place
this morning.
Except for q fractional decline in
Steel common. the steel stocks gen.
| orally improved their market posi-
tion this morning in spite of the
now well known fact that the coal
and railroad labor dificulties have
begun 10 AFFECT the industry ss--
riously and the certainty that ur%5
less some settlement 10 reached in
both disputes within a short tins -
the position OF the industry will "a
precarious.
Some evidence that the Western
lines are not being seriously Affects
ed by the shopmen's walkout is fur
car losdings which these roads con-
car loaning which these roads con-
tinue 10 report Great Northern's
figures for the first two weeks OF
the month made public this morning