New-York tribune., 1922-08-23
lnlduastrials Tn
As Rails Close
Slightly Lower
Market Irregular in EARLY
Trading, Due to Realiz-
ing Sales; Public Utili-
ties Make Good Showing

AnAsAoA iAAcEatsFity paSeu on rsaI1z-
ing sales. particularly of the railroad
shares, for which the occasion was
provided by intimations that the
executives at their meeting to-day
would make no concessions respecting
seniority in attempting to end the
shopmens strike, gave way in yester-
days market TO the sustained effective
ness of the impulses motivating the adj
vance. Stocks of the carriers were
not able to retrace the ground lost dur
ing the early period of heavy Offer
ings, but the gains scored by indus
trial and public utility shares, extend
ing in one or two instances to Z or s
points, We're sufficient to carry the
general price level to the highest point
so far attained in 1922.
What financial observers agreed 70
be the most significant happening of
the day, the announcement by the
United States Steei Corporation of
20 per cent advance in the wages paid
common labor at it's manufacturing
| plants, effective September /. was with
out important influence marketwise. No
official explanation OF the increase,
representing the first amelioration Of
the reductions that terminated q year
ago, was forthcoming, but it was Inn
possible to dissociate the corporations
action from the settlement of the
bituminous coal strike maintaining the
wage scale In that industry for another
year, The expanding operations In
| the steel industry and the demand for
labor incident thereto, make economi-
| cally unfeasible that it should con-
.tinue In effect debated schedule of
wage payments when the remuneration
of labor in another field that Is In
measure competitive is held to war
distorted standards. There has already
| been some report of migration of labor
from steel manufacturing centers, and
| settlement of the coal strike might
readily involve further draft upon
| its supply of men. Action by the
| Midvale Steel and Ordnance and the
Youngstown Sheet and Tube companies,
conforming to that of the Steel Cor
poration, was accepted as proof that
the independents generally would fol-
| low its leadership.
| Pool operations stressed the ad-
vance in some stocks yesterday, but
emphasis was also placed upon a num-
! Der of issues having investment,
rather than primarily speculative, ap-
peal. Call money again frmed to 4
per cent, but it's stiffening was once
more without restrictive influence
upon trading, transactions closely ap-
| preaching million share proportions.
Bonds continued upward but with less
| buoyance. There was, however, no
diminution in aggregate dealings. Lib
erty bonds were, an exception to the
prevailing frmness, recording further
| fractional losses.
Wheat prices huctuated over a wide
range, but strong close, with prices
| Is to rs cents net higher, revealed
the dominance of technical conditions
favoring recovery. The market posi-.
tion in cotton, following it's recent up
/ ward swing, was the reverse and profit
taking, combined with selling for a
reaction, brought net losses Of 81 to A
points.
The foreign exchange market was
extremely dull, quotations showing
little variation from the opening levels,
which came through from London
slightly lower. Chief, losses were in
francs and marks, attributable to the
firm stand taken by Premier Poincare
/ in his exposition Of the French view
toward reparations.