The Washington herald., 1922-08-05
COLORLES ST0Cf
MARKET PRESENTS
UNCHANGED AFFAIR
Business Volume Slunps
Below Half Million
Mark; Oils Gain.

NEW YORK Aug. G-roSay>s
stock market was o colorisss afRaiff
for the post part The volume Of
transa ctions fell nearly. 70 the too.eelr
share mark and In most % the active
iasues price chapees were unimpor-
tant There <as some show ~
strength during the morning when q
dozen or more Issues made new high
prices for the year. The aftsrnoon
hours were marked by an advancs An
some OF the more speculative oil ~
tues and by weakness In the tire and
rubber issues.
Nsws L. Favorable.
The days news dsyelopuents were
generally interpreted a. favorable ana
the morning trading carried many is.
sues 70 new high prices for the year
and revealed Q considerable amount
OF strength throughout the list Re-
ports Of increase loading on the West
ern galway iines. statements that the
number Of old shopmen returning 90
work has been considerably increased
since the rejection OF President marc.
ine's suggestions BY the raiivsy
executives. the reserve ratio Of the
Federal Reserve system At the high
est figure registered since 1917 ana
the optimistic views expressed hy
President vauclsin ef the BALDWIN
Locomotive works all combined -
induce buying Of stocks desplts newt
dispatches announcing the closing Of
more furnaces and steel mills on ac-
count Of lack OF coal
New Higks. =
The numb~r OF issues which eat
into new high ground for the current
year included a wide variety Of stocks.
both rails and industrials Among
the rails there were sharp advances
In some OF the cheap non-div,dend
paying Issues which have been some
what neglected during the rise IN the
dividend payers this week and last
There were large orders IN the mar
ket for ST. Paul and this stock sold
az q record price before noon. Per.
Marquette also advanced q Traction
soove its best former quotation and
80 did Pittsburgh and West virginia
In WHICH the buying appeared 70 be
or an urgent character. The new
nish prices In the industrtals included
issues representing widely divergent
lines Of business such A westerr
Union and wooivorth, Corn produrt,
and Mallfnson sim ana Cuban Amert-
can Sugar. There were slso adyanee.
In some Of the spsciaities Hke An,eri-
can Ice which. however,. did not quite
reach its former high mark
EYress Issses Active.
The express stocks. many Of which
appear on the tape only at infreouent
intervals were noticeably active thu,
morning and all OF them scored a.
vances. Buying OF these issues vas
ettrouted In some ouarterr "a the
expectation Of increased earn,nr, foy
the American Railway .Expres, Nv
reason OF the fear Of many sntpp~r~
that freight might be subJected 20
delays.
Marine. preferred. continued the re-
action which II has bean In fer s,v@
eral days and before noon cold SoSS
10 within q fraction of ss. on n.sav-
poin4 In two days. wsakness an
the stock has encouraEed the sp~es6-
ing Of unfsvorabie rumors rers rdfsr
the company. the favorfte Of whtrh
this morning seemed to b. reductt5r
OF the present dividend rate on the
senior issues.
Hsssss. OF.
Houston on was another Of the "a
active stocks which came 70 M. ttSs
morning and advanced sharply. Lowsr
Mexican OIL production is .up,osSd
TO have ENCOURAGED buyins Of uosS-
ton on the theory that this cou,psr,
Ia in q position 70 benefit moe, -
reduction in Mexican supply.