The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-08-14
Wau Street Axiom AANgtoudy OBJ
served During Past wssk-r1oAtins
stocks Smallest In Months

New YORK, Aug. lS--"eN street :
traditional axiom. Never sell stocks on
strike news" was reiigiously observed
py important investment interests this
week when quoted values In the imam
cial markets moved to higher ground.
several 10 new hish records for the
year, regardless Of the fact that ihe
coal and rail strike situations mad
reached a critical stage.
4 The strong undertone that prevailed
throughout the week gave ample evil
dence that standard shares were IN
strong hands. brokers reporting that
the floating supply OF stocks was the
Smalles; in several months. Attempts
Of short interests 10 force liquidation
was generally successful except IN me
case OF few individual cases when
lacked buying support.
bumper Crops Help
The governments forecast OF bumper
crops this fall had 4 beneficial erect
on the shares OF northwestern railroads
railroad equipment concerns. Farm I'M
plemen, companies mali order houses
md other organizations, which ~ouio
be likely to benefit by the Increased
buying rower OF the farmers. lndica-
tions Of an early settlement or the sot'
coal strike also was held responsoi'e
for the advance N some issues OF IN
dustrial concerns. which haNs been haFu
hit by the fuel shortage.
Further evidence OF the deterrent Ell
fec, OF the coal strike on the IRON steer
and other basic industries was hoteo
T during the week. several more blast
furnaces being blown out and proouc-
ton generally being curtaiied the
Gain OF over 10000 tons In the July
untitled contracts OF tine L. 8. Steel
CORPORATION was construed as being due
to curtailed production rather than 70
any heavy Increase in orders. however
i, Is known that several OF the larger
steel companies have been FOUND 10 oe-
cline orders because OF tho present I'M
possibility OF filling them.
n Every indication points 10 str"nS
Industrial revival upon the settlements
OF the coal and rail strikes. When 'he
autumn movement OF the new crops 10
market gets under way. 1t Is preaiceeo
tina, railroads will be hard pressed 70
furnish cars and other facilities TO take
care of the vast volume OF tratoc.
New Records In Building
Building operations during July
reached a new high record. contracts IN
q northeastern states amounting 10
s35n eoo 900 an increase OF per cent
o. the June figures and an increase or
more than 90 per cent over July OF last
year There has been slackeninG IN
the demand and production OF motor
cars. as is customary IN this season or
the year.
- Interest IN the foreign situation was
Ncen.ered on the meeting OF allied pre-
naiers in London. Foreign exchange
was irregular. owing to tho carly I'M
certainty regarding the outcome OF the
premiers' meeting. Cable congestion
due 10 the seizure Of the landing sta
tons In Ireland by the insurgent forces
caused a virtual cessation or CONNER
cial business in foreign exchange Tor
nearly. two days. but some Improvement
was noted toward the end OF the week.
A somewhat firmer tone was noted in
the rates for cali money. which huctu-
ated between 81 and per cent. rms
was attributed 10 Withdrawals by In
tsrior banks 70 finance the crop move
merit. Money was In ample supply
however. the absence Of any strinSency
fc- some time to come being Indicated
ey the weekly report OF the federal re-
serve ~ stern. which showed reserve
ratio OF s0A per cent. the high record on
thu p=esNat movement.