The Washington herald., 1922-08-10
DEMAND FOR RAILS
AT HIGHER PRICES
AIDS STOCK TRADE
Industrials, Sugars, Mo
tors, Oils Under Pres
sure During Session.

NEW YORK Aug. s.-Demand
or the railroad stocks AZ prices
above the opening level gave the
STOCK market a firm appearance to-
DAY in spite OF many recessions In
the industrial list No one I'm the
financial district professed 20 be
able. TO foreteli what action the
railroad executives will take At
Fridays meeting regarding the
latest white House proposal for
settling the shopmen's strike. but
the market appeared 10 reflect not
only a general belief that the strike
would be settled. but that the very
factor which Is likely 70 work 20
the disadvantage OF many Industrial
companies. q more or less pro-
nounced coal shortage. will be An
important element in Increasing the
trafnc and earnings of the railroads
during the remainder OF the year.
Among the industriais, the motors.
sugars and some Of the oils were
under pressure during most Of the
session. while the copper shares ana
equipments were quoted fraction
ally higher. The steel group was
dull and little changed
Preat-tskfng Ce.tfnuea.
There was some continuation tn,s
morning Of the selling which forced
praces down yesterday. but ft was
well absorbed on the whole and the
volume was limited. After the nrst
hour many Of the Issues which
have been subject TO profit-taking
and to some extent TO professions,
selling during the past two days
rallied rather impressively. Chi
cago and Northwestern advanced a
point and a quarter above yester-
days close. Studebaker was up
nearly a point from the morning
low. and even Marine preferred and
American international. which wer.
noticeably weak even before the re-
dictionary tendency became apparent
in the rest of the market. cancelled
some OF their early decline. Certain
other issues. notably American Steel
Foundries which have not. been ac-
tive recentl>. were higher under
the stimulus OF q considerable vol
ume OF buying orders
Substantial buying has been ap-
parent in Steel Foundries for the
past two days and this morning Il
was Of q suficiently urgent char
high price for the year above Al
Cepper&
The copper stocks are ana have
been for many weeks the vallnov-
ers at the party staged daily from
10 to 3 o'clock on the floor of the
stock exchange. Since the sap Sc
gan to run. practically every group
of stock list in the board has at
one time or another been Efven a
good time by one Of the variou,
speculative groups with the exccp-
tion OF the copper issues. This
group Of stocks has advanced. Of
course. but the upward movement
has been q stsid affair. q fraction
at a time without announcement
from either professionals or COM
mission house customers. II the
bull market 10 to continue many
observers think that the corner,
Will shortly be treated to a more
or less sensational upward move
nent just as SO many of the rsiI
groups have been during the past
two weeks
There was considerable selling Of
the sugar shares this morning In
view Of yesterdays action by the,
Senate increasing the tax on Cuba NJ
raw sugar from 1.eo cents 20 ISS
cents and declines Of about a point
from yesterdays best quotations
were the rule in this group.