The New York herald., 1922-08-05
FINANCIAL NEWS
AND COMMENT
Stocks Are Bought Confident
ly Despite Lack of Definite
Strike News.

Although there was very little detin-
ite news about the strikes yesterday.
the stock market contained a number
OF strong spots and the undertone was
one OF firmness all the way along.
An easier tendency OF call money
than had been seen in other days OF
The week apparently acted as support
for speculation. The call rate went
from TO . per cent, indicatin; that
funds had again accumulated in New
York in large supply. Moreover. the
gain of more than s2l. 100000 in cash re-
serves by the Reserve banks during
the week ended with Wednesday
showed plainly enough that the bases
as time passed.
Buyers OF Crucible Steel. Mexican
Petroleum. Western Union and a num-
Der o. Industrial specialties. notably the
offerings were scarce. These. together
with more than score OF others. ad-
vanced a point TO more than > points.
Confident speculative purchases stiff
tened the entire steel group, despite
reports OF tho closing down of blast
furnaces in the Ohio Valley and in
roads upon coal reserves in many local.
tiles. Tne rails were mostly steady,
but inactive.
Strike news was decidedly mixed and
difficult Il Interpretation as it reached
the mark IT'S during business hours The
subject chiefly productive of uneasi-
ness lay in the possibility OF other union
workers joining the shop men. How
ever, a complaint from the firemen's
brotherhood about deterioration of
equipment was instantly combatted by
railroad statement that locomotives
we're in better order on July Is than at
the beginning Of the five preceding
months. the ability of Eastern and
Western roads 10 transfer mechanics to
lines in the Southern coal territory
seemed 20 show that conditions along
the seaboard rapidly were approaching
normal. and this had much to do with
the action of stocks.
Opinion about the coal strike was held
in suspense. Reports of enlarged sh' p
ments of bituminors from the Virginia
fields this week were chee ing 10 the
markets. and hope was felt that next
Mondays conference between operators
and miners representatives would bring
the situation nearer to peace. The re-
suit of President Hardings long discus
sion of strike matters with his Cabinet
during the day did not become known
in the Street.
The 1rmness Of sterling exchar &c,
which advanced nearly full cent at it,
strongest level, indicated that the furry
In British banking circles earlier in the
week over the allied debt situation had
quioted down. 1t appears from the
latest information by cable that the
British Government did not register
desire in the Foreign OFFICES recent
statement to have England debt to
| America remitted, and that leaves the
/ discussion centered upon French indebt-
cdness TO Britain.
| The curtain remained drawn over
actual events which are shaping for the
forthcoming meeting between the Brit
ish and French Premiets, but IL dra site
happenings were on the horizon II would
seem as though the exchanges must re-
fleet them. Marks were fairly Arm,
getting up to .1iis cent. against Wednes-
days minimum OF .11si cent, and tile
| change occurred in the Paris rate.
/ Easier money conditions furthered an
active market in some Of the Junior
railroad BONDS at rising prices. 4 ro IT d
amount OF new financing Is understo d
TO be held back by the strikes Cotto !
| closed is to % points lower than the
day before.