New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-07-07
Stock Market
Has Best Squirt
Since Reaction
Improved Technical Posi-
ton the Main Stimulus;
L. &N. Up l3-4 Points:
Railroad Shares Strong


since the May rally was offset by the
Juno reaction. The stimulus came
largely from a recognition of the i'm
proved technical position Of the mar
ket itself, which had been changed by
the recent weeks of readjustment. Then,
too, the availability of huge funds OBJ
tanned from dividend disbursements
and interest payments on July 1 for
reinvestment has resulted in marked
gains in the bond market, with the
Liberty issues at new high prices again
yesterday, and part of the July funds
evidently also flowed into the stock
| market
With the exception of the Mexican
Oil issues, which again reacted as a
result Of selling based on the news of
salt water in an important pool, the
whole list turned higher. The leader
ship was conspicuously taken by the
rails. The market has paid little at
tention to the railroad strike, but Mr..
JEWELS conciliatory remarks helped to
improve the market atmosphere. The
dynamic energy for the movement came
rather from the expectation that the
Interstate Commerce Commission might
act favorably on the application of the
| Louisville and Nashville Railroad to
increase it's capital stock by $50 900 900,
which would probably pave the way
for stock dividend. The stock rose
11% points, and it's activity indicated
that speculative. clique had set out
ito exploit the possibilities, real and
| imagined, Of the stock Atlantic Coast
Line, which owns a majority of the
common shares Of the former company,
| climbed up in a spectacular fashion
| also. But the strength in rails was
not confined to these two issues. Wholly
unrelated roads also were eagerly
bought. The total volume of trading
was larger than on Wednesday, but it
was still relatively small At the
close many of the rails were at the
highest levels Of the year.
Good weather reports led to further
selling of cotton, which again reacted
AZ to 81 points. Wheat prices closed
1as to 2 cents q bushel lower largely
because Of the nature Of crop advices
Aside from the strength of the Sc
curity markets. the action of the
European exchanges attracted most at
tention. German marks again plunged
to the lowest level quoted in history,
as the current bank statement revealed
an increase in currency issue of H.
100000 The opera bouffe charac-
ter of the German financial situation
which seems to be drifting into a su-
preme crisis, is revealed in a cable
from the Associated Press correspond
emit, who asserts that the government
is greatly Inconvenience by print
ers' strike, which interferes with the
engraving Of new banknotes and hence
with the governments's disbursements,
Germany is printing currency without
relation to tangible security behind
it, and is likely to find it feasible to
do so as long as buyers will pay more
for the mark than the value of the
paper on which it is printed. The
present collapse indicates slump in
the faith of buyers of Germany sur
rency. The weakness of francs seems
to be reflection of the fear that a
financial debacle in Germany would re-
act unfavorably On French finances,
which have been conducted on the
theory that Germany would meet it's
reparation obligations.