The New York herald., 1922-09-06
FINANCIAL NEWS
AND COMMENT
Stock Market Shows Strength
at Close After Session Of
Irregularity.

The settlement OF the coal strike over
the week end fulfilled the expectations
of Wall Street traders who predicted
such action before the end of the holi-
day recess.
Nevertheless, the strong opening Of
the stock market yesterday was evidence
of the fact that many prospective
purchasers of stocks had awaited the
official announcement of the end of the
coal war before entering the market.
On the other hand, the heavy selling.
which the stock market was subjected to
later In the day, showed that the pro-
fessional traders, running true to form
were taking profits on the good news.
These conflicting operations naturally
caused a good deal of irregularity in
prices. but the demonstration shortly be-
fore the close. which resulted In The
running up of several Industrial
specialties to new high records for the
year, was proof that large body of the
participants in the market was more
interested in the revival of business
likely to result from a renewal Of coal
shipments than in speculative profits
obtainable Immediately.
The settlement of the coal strike -e-
moved the last vestige of uneasness IN
Wall Street oyer labor troubles. The
steady drift back to work of the strik-
ing railroad shopmen has left no doubt
that the railroads will be in position
to handle coal as fast as 1t is mined.
There was little consideration in ma, ket
circles for the meeting of the tri-district
convention Of the United Mine Workers
to take place to-day in Wilkes Barre
to debate the strike settlement Another
event which went almost unnoticed was
the gathering OF some 100000 workers
last night to urge a general strik. ~
protest against the injunction obtained
by Attorney-General Daugherty against
the railway shopmen. When it was ex-
planned that the injunction would in no
way violate the constitutional rights or
che striking -shopmen, Wall Street gave
the action its hearty Endorsement.
The news from Paris that sentiment
towards Germany in the reparations
question had softened little stirred
little enthusiasm in the foreign exchange
market. Continental exchanges moved
rather listlessly. never getting very far
away from the price levels established
Saturday. Sterling exchange was
Slightly higher. Liquidation from
dSouthern sources continued heavy in
In the cotton market and prices broke
sharply.
In the stock market the heaviest
trading was in Mexican Petroleum
which benefited from the published
text of the debt agreement between the
Mexican Government and foreign
bankers. 1t was generally felt that in
the long run American corporations
operating in Mexico would profit from
the good will established between the
two countries as result of the debt
settlement.
Interest was revived In the tobacco
stocks and some of the largest gains OF
the day were TO be found in that group.
American Snuff advanced AZ points.
American Tobacco 3A points and Amer
ican Tobacco B stock 2A points.
Sloss- Sheffield was feature of the steel
group. advancing points, and Baldwin
was the most active Of the equipments.
Strength was shown by American Cot
ton Oil. American Linseed. American
Ice. American Woolen, Federal Mining
and Smelling preferred. Gulf States
Steel, International Paper and United
states Realty and Improvement. Several
of the rails were active and strong.
Call loans renewed at 4 u pre- cent.