The Washington herald., 1922-06-29
DULL TONE, WITH
MINOR VARIATIONS,
LIVESTOCK TRADE
Approaching H oliday S
And Seasons Uncertain
ties Depress Market.

NEW YORK. June 2s.-Dullness
and comparatively insignificant
changes were the rule in today's
markets. the hot weather. the ap-
proaching holidays and the uncer-
tainties of the season plainly hav-
ing their effect. In stocks the days
sales aproximated 100000 shares.
the smallest for a full day in at
least three months. Railroad stocks
hardly moved in response to the
strike threat news and were frac-
tionally higher at the close. SINH
lar gains prevailed among indus
trials Mexican Petroleum being
relatively steady. Bonds were lit
tie changed. and call money was re-
duced to 4is per cent during the
noon hour after opening at per
cent.
Small Volume of Trade.
Trading in the stock market this
mornipg was again in very small
volume. the turnover to noon being
even less than during yesterdays
prices was irregular. but after SELL
Ing. which was generally believed
to come from professional bear op-
orators. had been absorbed during
the irst hour a firmer tendency was
apparent. In view of the announce
ment Of a strike call by the rail-
road shopmen. effective Saturday
morning. good deal of interest
was taken in the action of the rails.
The course Of prices in this group
was very evidently governed by
that oldest of Wall street sayings:
Never sell stocks on strike news"
And such recessions as occurred
were confined to fractions, while
some issues. notably Pennsylvania
and New York Central. advanced.
Union Pacific. which has advanced
sOme'5 points during the week. held
at about the closing price of yes
terday
Railroads Meet Today.
Announcement that the standing
committee of the railway execu-
tives- will meet tomorrow in Chi
caEo. the headquarters of the Labor
Board. aroused very general hope
in the financial district that some
managers which will enable the la
Dor leaders to gracefully withdraw
the strike order. Just what the
nature of the concession will be
probably remains to be decided,
since It is pretty well known that
one element among the executives
would Ike to see the whole labor
question fought out now in view
of the fact that the position of men
striking in defiance OF the Labor
Boards decision appears to be an
exceedingly weak one.
II concessions are offered by the
roads. the general opinion in Wall
Street is that they are likely to take
the form Of an agreement to refrain
from farming out car repair and
maintenance of way contracts. This
policy has been one OF the prin-
CipaI grievances of the men. and in
cry case involving this principle
which has vet been decided by the
la bor Eoard the decision has been
Sdverse to the companies. II the
decision of the board reducing
wages.of mer employed in this class
IF work is accepted, a part at least
Of the reason for such contracts
will have disappeared.
announcement from Holland that
the Dutch rubber growers have de-
cided to invoke government aid to
restrict rubber output was reflect
ed today in decided hardening in
the price Of the crude product here,
quotations HrminE about II. cents
a pound Rubber stocks were tirm
on the news but displayed no par
ticular activity.
Texas Pacific Coal and Oil.
Texas Pacific Coal and Oil was
the feature of this group during the
morning trading advancing some 2
points on a fairly good volume of
transactions. Buying Of the issue
was reported to he for the account
of interests close to the manage
ment Of the company
The real easing of money rates Is
nowhere more positively indicated
:han by the large amounts of cor
poration bonds which are being
called for redemption. the indebt-
ednesS being in most cases refund
ed at lower rate of interest. The
total amount of such issues called
for redemption during July is al
ready in excess ~ s144.O00.000 and
the inclusion of the numerous small
issues -whicE are frequently not in
cluded in the tabulations will prob
ably srinE the total to $500 100000.
Most Of the issues put out during
the credit stringencies of 1919 and
1920 were high coupon rate bonds
with a clause permitting the call
ing of the issue in whole or in part.
md IL is this clause which is now
bein" taken advantage of by the
issuing corporations. In the bond
market this factor has been ap-
parent for some time in the failure
of many sound issues to advance
hnN.n thn rrica ~ hirh fhaN a 70