The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-08-24
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Wall strsst New York. August
Alvin the abandonment of me-
gqgiations 70 settle the railway
slIDpmen's strike, following the
failure Of the anthracite coal con-
feysnce, Wall Street realized ex-
aslly where It stood regarding the
labor situation.
There could NO longer be any
ppetense that the markets were
waiting for the news. They knew
that the contest with the shopmen
was to be fought to a finish Just
az they know no end was In sight
for the hard coal strike. Accord
ingly, the days happenings were
complete and a conclusive test OF
the part which labor troubles have
been playing in financial calcula-
tions.
For an hour or so the share list
moved about with some uncertain
ty. A few OF the railway shares
dropped off point; operations in
the industrials were suspended,
waiting to see what would occur
with stocks Of the carriers. But
when It became apparent that there
was no liquidation of consequence
evenin securities most concerned
with the strike, the market resum-
ed its extraordinary attitude OF in
difference toward all that was I'M
favorable In the strike news.
First a chosen set Of industrial
shares were taken up in the IA
niliar fashion, among them the to-
baccos, Studebaker, Crucible Steel
Nanadium and the Mexican Oils
Then to the surprise Of all who
have taken the railway strike serl
ously as q factor in the market
the buying movement switched tt
the rails. It concentrated more es
pecially upon Northern Pacific il
anticipation that very soon, quite
likely at the next meeting, thu
stock will be restored to Z per
cent dividend basis. With North
ern Pacific rallying over thre'
points from the low Of the fore
noon, other dividend paying rail-
were drawn along sympathetically
The speculative faction workin!
for a decline were in the meantime
however, by no means idle. Anoth
er sharp drive upon the shippin.
stocks was feature in the earl.
hours. 1t was getting ready for tn
cut in ocean passenger rate
which is now thought to be newt
able.
In the afternoon heavy selling
broke out in the rubber and tir
shares for trade reasons which de
veloped as long as a month ag
and are now we'll understood. A
the same time, preceding the an
nouncement that the new financin
of American Telephone and Tele
graph would involve a stock issu
of $115, 000, 900, there was shar
selling movement in that stock. BIZ
these weak points failed to ruff
the general share list.
& The panic among German holt
ers of the mark grew more il
tense. As against Wednesdays fiji
al of .06x the quotation fell
.051s.
Again the close sympathy b.
tween movement Of German O.
change and French exchange VIZ
emphasized. At TO where the
stood this morning. francs were b.
low their previous bottom Of IL
year. reached q month and a ha
ago.
Further light was thrown upc
the market attitude toward the "a
strike by the latest figures on ca
loadings. These showed for Il
week ending Aug. IL, an increa
of, 1929 cars as compared with Il
week before. The total was WI
up to the average for June befo
the walkout' Of the shopmen.
Yves over 100000 cars larger tn
the week ending June 30 when &C
shipments were at their Minimum
The obvious conclusion frc
these returns is that the boast
the rail unions that they have be
able to tie up in any way the CT
rent traffic movement is groun
less. If the Southern Pacific i
suits for July are a fair criteri
of what the other roads have G
perienced, however, the month "
considerably less prosperous
the railway systems than the O
before.
The Southern Pacific figures q
today showed a falling off in gre
as compared with June of $1,23
900 and in net decrease fro
nearly $4,000, 900 to $3,SS9,0