The New York herald., 1922-06-08
FINANCIAL NEWS
AND COMMENT
Stocks Move More Aimlessly
in Professional Trading
Steel FluIry Near Close.

An almost complete domination of the
stock market by professional hands yes
terday resulted in even more aimless
fluctuations than were seen on Monday
and Tuesday. In consequence there was
much more interest in dealings in cotton
futures. their quotations at the top of a
vigorous upturn showing gains of s42o
TO more than SIS a bale, and in wheat
with its rise of q to cents a bushel
Sterling exchange hovered around 4.50.
Had it not been for furry of inde-
pendent steel company shares In the
last hour of business, led by advances
Of more than point In Lackawanna,
Republic and Midvale. the days stock
market session would have been one of
the most colorless and least attractive
Of this year. The drift OF prices for the
most part was downward. Undoubtedly
the heavy and uncertain tone of the
rails was connected with the general
movement Of disappointed railroad union
leaders TO record, through strike votes
sentiment toward the two wage cuts
ruled by the Railroad Labor Board
Precedent suggests that men affected
by the reductions will authorize those in
authority to call strike. but it re-
mains to be seen whether or not the
unions will risk an effort to tie UP the
carriers at time when many classes
of workers outside the railroad field
have accepted lower wages as an in
evitable factor in the return to normal
business conditions.
The weekly news of iron and steel
was yesterday as cheerful as before. II
looks from reports sent in from many
would be firmer to-day than they are
il the largest unit was not seeking to
hold them stable. More and more coal
brought in from the South is tending
to make costs increase, but the more
important fact is that the industry is
getting enough fuel to keep going at the
rate of last week and the week before
that. incidentally, car loadings of coal
in the last full week of May, amounting
to 1880. were about 10 per cent. larger
than they were In the preceding week
and the seasonal movement of ore was
40 per cent. larger. The May outturn of
pig iron, according to returns to the
Iron Age, was nearly per cent. larger
than that of April and 40 per cent. in
excess of the amount produced in jan
uary, and the prediction was made that
the ingot output, to be reported in day
q h
stantial expansion than did iron last
month.
With the exception OF coke, all classes
of freight showed in returns to the
American Railway Association an en-
larged movement in the week of May 27
compared with those of the week be-
fore But haulage Of general merchan-
disc made more conspicuous gains than
did other departments, inasmuch as
there was not only an increase of SS,432
cars compared with that of the corre-
spending week of 1921, but also a gain
OF 39,30e compared with that of the
corresponding week of 1920. railing
off of 74,241 in coal loadings was en-
tirely overcome by transfers of other
freight, resulting in gain of 2s.662
cars all told as compared with those of
1921. The continuous expansion of
business, as recorded in the car figures,
is one of the most encouraging signs Of
early summer.
Dispatches from Paris stating that the
Reparations Commission had enlarged
the powers Of the international bankers
conference indicated that direct pro-
posals for a German loan would come
forward soon. The foreign exchanges
however. made no effort to discount
events abroad, most European rates
,,,arai,, holding firm