Evening star., 1922-08-18
STOCKS CONTINUE
STEADY ADVANCE
Some New Highs Are Scored,
With IndustriaIs Fea-
turing Trading.
BY STUART p. WEST.

NEW YORK, August 1s.-The up
ward movement in the stock market,
which began early in the week with
the turn for the better in the labor
situation, kept on today. It was the
same sort Of a market as on the three
preceding days-no active running up
Of stocks, but rather a quiet absorp-
ton with a slow but steadily rising
tendency.
1t was not like the upward move
ment of the spring. There was no
outside participation and very little
pools. Rather 1t was condition
where holders of stocks were unwill-
ing to sell and where the compare
lively few buyers had to gradually
raise their bids in order to get what
they wanted.
The result Of the conference between
the brotherhood heads and the rail ex-
ecutives continued to be awaited with
confidence, while termination of the
anthracite strike at the meeting next
week was taken virtually for grant
ed. In appraising the results of these
the market of today was more inter-
ested in how they would affect man
ufacturing and mining corporations
than how they would work out for the
railroads.
Rails Hold Firm.
Railroad stocks held firm. here and
there. as in the case of the hard coal
shares, and some advance occurred.
But three-Quarters of the days trad
ing centered in the industrial section.
Here the advance was very general,
carrying United States Steel common
to the highest in two years. taking up
the railway equipments, some of the
motors. the majority of the American
oils. some of the sugar stocks and
large number Of unrelated special
ties.
The investment element was proba-
bly, more important factor in the
days operations than was the specu-
lative element. Evidence of this ap-
peared in the activity at rising prices
in stocks Of the investment type. like
General Electric and American Tele-
phone. 1t showed in the bond mar
ket. where. although the volume OF
business was not large. the advance
was more uniform than on any day
for some time.
French Issues Exception.
One of the few exceptions was
French government issues, which con-
,tinued to sag as part of the unset
tlement occasioned by the German
reparations problem. German marks
uIlueE lNe game pdHiChy IuSA OAi
German liquidation sank to a new
low and this time. not only francs,
but sterling were carried down.
The decline in sterling was. how
ever, not at all significant. It was
simply a moderate reaction after the
weeks sharp advance, and doubtless
would have come about any way
without regard to happenings in the
other exchanges.
LITTLE Inrer>~< in Sneerh
In view of the confidence felt in
the strike outcome the Presidents
address to Congress on the subject
attracted very little interest. The pro-
posal to establish a government coal
agency to purchase and distribute
coal was not a new idea.
When the chief executive suggested
that the Labor Board should be given
power to enforce its decisions. and
yet admitted his unwillingness to rec
ommend legislation to this effect at
the present time. he took away much
of the impression that his remarks
might otherwise have made. 49, ,.y,
Following the now familiar course
of things. the stock market had Its
activity in the early part Of the day,
falling into dullness in the afternoon:
and in a number Of instances stocks
reached their best in the closing hour.
1t was then that United States Steel
sold above 1o4 and that Union Pacific
reached a new top for the year. 1t
was then, too, that the high prices
of the day were made in Pacific Gas
and Electric, the tobaccos, .Lacka-
wanna Steel. Great Northern Ore and
various other Of the early favorites-