New-York tribune., 1922-08-16
Leads
10 Upturll i'm
Stock Prices
Buying Is Prompted by
Coal Strike Settlement
i'm Six States; Upward
Movement Is Abrupt

Ratification BY operators and miners
IN six states of the terms Of settle
ment OF the coal strike in the btu
fnitaous field and indications that ad-
iustment Of the difficulties with the
anthracite workers would not long be
deferred caused another reversal yes
terday in the trend of stock prices. The
Gpturn in the market was abrupt. al
Mondays sellers found that they had
applied too soon their pessimistie
analyses of the outlook and sought to
cover outstanding commitments. The
recovery was aided by the absence OF
happenings in the railroad strike def
nitely pointing to It's prolongation, al
though equally evidence Of approaching
termination was lacking.
Completion of the realignmens Of
position of the professional traders
was followed by a diminution in
activity and a loss of buoyancy except
IN those stocks that for the moment
appealed to the speculative community
as rightly placed for an advance. The
general list continued firm, however.
and the uncertainty introduced by the
announcement of President Hardness
intention to carry the railroad strike
before Congress did not appreeiably
curtail the gains that had been made.
Neither railroad nor Industrial shares
fully recovered from Mondays setback.
but the average price in both divisions
retraced considerably more than half
the lost ground. Money was easy, be-
ing available at per cent during most
OF the session, and this was favor
able, if largely negative, influence. The
upward course of bond prices was re-
sumed with more vigor, barring ir-
regularity in the foreign government
group and slight recessions by Liberty
bonds, and the average price of ten
industrial and FIVE public utility issues
reached new peak for the year.
Movement of the foreign exchanges
indicated only minor apprehensions as
result of the breaking up Of the Lon
don conference. Sterling, maintaining
its independent strength, recorded a
fractional gain, and francs, after SELL
ing several points below cents, rallied
to we'll above Mondays final level.
Weakness was noted only in marks.
and in this currency the previous
minimum quotation was wiped out as
they sank to 99s hundredths of cent.
They closed at 10 hundredths Of cent.
Their decline, however, is not regarded
as of particularly serious moment. The
position of Germany's currency is such
that its value has already become
largely nominal and depreciation now
IS significant merely that the process
of financial and economic disintegra-
tion is proceeding without signs of al
deviation.
Wheat broke Below the dollar level
yesterday, when the September de-
livery fell TO 991a cents. The buying
power. which this event was expected
sentimentally to induce failed to ap-
pear, but q moderate late demand from
Eastern buyers served to carry prices
up from the newly established low
marks for the season. The close was
unsettled, unchanged to 1B cents off
Cotton fuctuated irregularly, but COW
ering operations, plus reports of crop
| damage and the strike news, were suf-
ticient to motivate late advance that
left prices 33 to SO points net higher.