The New York herald., 1922-07-28
FINANCIAL NEWS
AND COMMENT
Efforts to Discount Finish of
Strikes Supply Incentives
for Stock Price Rise.

Stock market followers read a deep
significance into strike news yesterday
and efforts to discount an end of the
coal and rail disturbances in the near
future caused d powerful rise of prices
Ill aroun. Incentives for the movement
ences witt officials of both sides of the
railroad controversy and from predic-
tions credited to John L. Lewis. head
OF the min RS union. that the mines
would be reopened soon.
Crucible Steel. with net advance of
6 y points, led the industrials forward.
and gains of one to more than three
points were scored by such representa-
tive rails as Pennsylvania, up two points
to new high point for this year; Le-
high Valley. Baltimore and Ohio. Chesa
peake and Ohio, New York Central. Nor
folk and Western. Reading. Atchison,
Pacific. speculative buying move
ment carried Burns Brothers (stock of
large coal distributing concern) for
ward more than six points. Market en-
thusiasm was strongest in final dealings.
The markets setting undoubtedly had
been made propitious for vigorous
rally by the depression of Wednesday
But in addition to the heavy volume
there We're plenty of indications of pur-
chases for the long account looking
ahead to better conditions when the
strikes are over. That was especially
and of buying of Lehgh Valley. The
latter roads report for June reflected in
roads upon earnings caused by the an
thracite tieup. for gross income dropped
more than 80 per cent. compared with
June. 1921, and a deficit of 100000 stood
IN place Of net operating income of
s694,000 year before.
The closest scrutiny OF news dis
patches during business hours indicated
that while hopes based on strike
events might prove later to have
been too rosy. still there was suf-
ficient ground for optimism. President
Harding's reply to criticisms of his
activities in the strike situation by a
! publicity representative of railway
workers printed in the morning news
papers. showed plainly enough that the
Chief Executive was doing his best in
an impartial way to bring contestants
together. The several meetings between
the President and spokesmen for the
roads and employees suggested that
proposals and counter proposals were
going back and forth, and there were
no indications that either side was
standing rigid against settlement
The coal stalemate as Wall Street
interpreted current information, was
getting on the nerves of both parties.
Operators and workers i'm both anthra-
cite and bitumnous fields in the East
and middle West showed a conciliatory
attitude which promised to develop into
joint conferences.
The stock market pretty well monop-
olized financial attention. The familiar
rise Of Liberty Az per cent. bonds to
new high points was recorded and a
broad demand was again seen for Vic
tory Az per, cent. Money rates were
altogether favorable to sturdy bond
market, time loan quotations holding
down to recent low points and call
loans easing to per cent. after stand
ing loans had been renewed at 31a per
cent.
Cotton and grain advanced with
stocks, although their movement was
moderate. The foreign exchanges were
very little changed.