Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-11
SAME STUBBORN
STRENGTH SHOWN
Latest Phase Of the Labor
Problem Received With
Usual Indifference

apparently unfavorablc developments In
the labor situation, todays stock market
continued to display the same stub.
born strength While the policy TO
mark time finds many new additional
recruits. the line OF least resistance
was still found while prices were ad-
yanCing. As a matter Of fact. in the
general characteristics Of the days op-
CrationS ample testimony was TO be
ound indicating the short interest was
greatly distressed by the markets dis
play of strength in many quarters and
the relative Indifference with which the
least turn in the railroad strike was
received.
Because Of the many false and mis-
lending reports concerning both the coal
and rail strikes very large proportion
Of the financial community has reached
a mental condition in which 1t is
quite willing to suspend judgment rather
than give Countenance of hasty con-
IcIusions derived from day TO day blus-
ter and bluff strike news.
BY stretching the point to some ex-
, tcnt more favorable signs were to be
diSccrnpd in the coal situation. The
fact that both sides Of the controversy
we're in Il humor to consider and draft
now wage scale indicated the gap here
| 'otoro existing was being rapidly closed
IUD. Some of the more OaptimiStic pre-
| dictod. in view Of the fact that 20 per
cent # the hituminous operators were
| represented at the Cleveland conference.
! there was a reason for believing opera
tions at the soft coal mines will resume
within week.
At the same time while unQuestion-
ably serious. it was found upon ca lmcr
| Gr!!hcrution fuel shortage, perhaps
| from an industrial viewpoint, hnd been
| over r-eXXagcrato. This. Mt least. was
! suggested in the figures compiled by the
United States theological Survey, show.
ing any real shortage of Situminous coal
this fall can be avoided If Il settlement
Is effected during the current month. !
This conclusion is based on Il study of /
production records Of the last nine
wears. OF cours" great deal will de.
pend upon the transportation facilities. !
An opening rate for Call money of (,
a.. per cent. which carried renewals /
into mex, week apparently commanded I
ltrlc attention. This was because of /,
'hc tendency of the market community |
~ lock upon these sporadic tightening
spells of the money market n merely
temporary condition. and one TO be
epcclily adjusted. Proof of which was /,
confirmed in the subsequent easing to |
1 Der cent. /
In view of the conspicuous mechanical !
Caliber OF the recent dealings th"re was !
little room for comment on the indi- !
vidual or collective movements of the |
morning. At the outset continued ,
strength of industrial shares. many of ,
which scared TO new high prices for |
rho year. quickly offset any uneasiness |
that may have been entertained re-.
garding the results Of the overnight de- |
yclonmentS in the railroad labor s!tu- !
alton. Oils and recent strong special |
ties made the best show OF strength /
during the forenoon Rail movement I
was mixed, low priced shares worked
higher while the dividend payers marked
time. Strength was displayed by the
| shares and their acceSSorie, were un-
! certain and inclined TO ease off.
Dealing, in railroad shares con-
tra"tcd after midday pending news re-
Garding the outcome Of the railroad
oX"cutivc>' conference. but they held
clos" +" the earlier high levels. Revival
Of bulish interest IN the !ndustrials and
SpcCialtiCs caused further material ad-
vanCCs in that quarter. with the paper
issues becoming buoyAnt ON the an
nOuncem"nt Of further advance in
new, print prices. Wilson Packing
bounded up - and the ShiNp!ng>
American Steel Foundry. National
Cloak and Suit, International Harvester
and til" Advanr" Rum"ly shares also
scored larg" Ga.n>.
Mexican Di>. notably Mexican Pc.
trol"rIln. public utilities issued and It
few >r.rrtrd shares lik rNationnl Enam-
cling. were pushed higher in the final
hour. hut trading became duh a. Ii"
session wun"d.
CONTINUED strength Of railroad bonds
in rho fnrp Of flp inCrpD SinplV