The New York herald., 1922-07-03

the tremendous rise. 1t was not sur
prising therefore that a break Of. 80
points should occur just as violently as
did the advance Of more than 10 points.
but the action of Mex. Pete" proved
exceedingly disconcerting to traders and
drove them from the market, with the
result that there was little buying power
present when the bears cautiously tested
their ground early in the week. Their
success emboldened their efforts in a
great degree, and as a result prices we're
soft most of the week.
Question Character of Selling.
Wall Street has been more or less
divided on the question of whether or
not there was any real liquidation in
last weeks market. 1t is possible that
the heavy professional selling in the
early part of the week brought out
some stock, but the extreme narrow
ness of the market and the small vol
ume of the final days were indications
market, neither buying nor selling. Some
liquidation for account of pools did
occur. but it's presence was manifested
only in stocks in which the groups were
operating. One of the stories in the
street was that there had been big
liquidation for the estate of William
Rockefeller. but this was generally dis
credited. 1t is to be expected that
those charged with realizing on the
Rockefeller security holdings will be
shrewd enough not to attempt liquida-
ton In a market as jumpy ami nervous
as that of last week. 1t Is possible that
there has been some selling OF the
Rockefeller speculative holdings in clos
ing out these accounts.
Railroad strike developments held the
center of attention most Of the week,
but the reiteration by railroad execu-
tives that the strike either would be
abandoned or would cause no more than
temporary difficulties gave confidence to
the public and materially aided the
market for railroad securities. During
the moderate decline of stocks, railroad
shares showed strong tendency 10
advance. while railroad bonds were
strong right through the week. Pros
pects that an amicable agreement would
be reached late in the week indicated
the Judgment Of the executives and IN
dicated the growing inclination on the
mart of labor organizations to defer ac-
tion. The terrible outburst in Southern
Illinois In which scores were mas
sacred was the only new de e'elopment
IN the coal strike, aside from ew Gov
ernment efforts to end 1t.
German Marks to New Lows.
Foreign exchanges moved almost as
aimlcssly as the stock market. German
marks were features, making new lows
on two or three occasions. The ex-
change market is ref1ecting the convic-
zion that Germany's headway toward the
financial rocks will be difficult to check
with prospects OF an international loan
dark and with the country continually
resorting to the desperate expedient OF
further currency initiation to offset the
big deficit. about the only measure
which appears to offer anything like
relief IS the modification Of the repara-
tions plan.
There was practically no change In the
credit situation during the week. Bonds.
while losing some OF their buoyaney oil
the preceding fortnight. held well around
their top figures. No important changes
occurred in the market for time funds
and the stlffening of call rates reflected
merely the accumulation OF balances for
July requirements.
Industry continued ahead during the
week, although there was some letdown
In buying. This, however was consid-
cred a seasonal condition rather than a
new change in trend and Il is not un-
likely that dulness will increase until
the hot summer months have passed.
All manufacturing lines showed a contin-
uation of activity ON a broad scale. with
the automobile industry particularly
strong In this line new production
records are constantly being made. a
number of commodities went into new
high ground for the year. reflecting the
better sentiment respecting the perman-
ence of the general Improvement. Sugar
was conspicuous example. although
some buying here was probably due to
requirements for the canning season.
Cotton continued to be strong until ia
vorable weather and condition reports
In the middle Of the week brought out
ONE rather heavy selling.