The Washington times., 1922-06-28
MARKET !
IRREGULAR IN
EARLY TRADING
Rail Shares Display Strength
/. In Dull and irregular
v Market. 49,.
/ By w. 8. COUSINS.


... .. serviee) g."
NEW YORK.. June 2s.-For the
most part the stock market was dull
and irregular In the early trading
today, presenting the anomalous situ'
alton OF a strong and buoyant market
for railroad shares, in the face OF
rather sensational developments In
the railroad labor situation, and u
mild depression In the oils and indus
trials, which have been boomsd NO
persistently during the progress OF
the current bull market.
Rail Stock Advance.
The threat Of the railroad shop
men to strike on July unless their
conditions were complied with was
dud as far az Its effect upon the
market was concerned, for the rail.
road stocks In the first hour were
easily the leaders In q modest ad.
vance which carried some Of them
almost q point higher than the pre-
vious close. There was no evidence
Of a continuation of the bear pres
sure which resulted In a general re.
action in prices at the close ysster-
day. nor did the high opening rate
Of call money, s per cent. offer any
serious handicap to the accunula.
ton Of stocks by those who are in
the market for that. purpose. AL.
most with upanimity, stock ex'
change commission houses have
been expressing their preference for
the railroad shares. partly because
Of the improving financial status OF
the carrier system. and partly be.
cause. In their judgment railroad
stocks have not kept pace with the
rest Of the market in the latest for'
ward movement.
f. In the first period New York Cent ral
moved forward more than a point to
94k. New Haven was point higher
at 28S, Chesapeake q Ohio gained a
point at 66h. Norfolk and We5t"rn
was steady at 1861. Rock Island
advanced u to AN. Union Pacific
held steady at is opening price CT
l39, and Pennsylvania moved for
ward to AN. The Pennsylvania
system has been placed in strong
position by reason Of the agreement
for wage adjustment reached, with
several classes Of fits employees.
/. Mexican "Pete" Steady.
+ The steadiness OF wild Mexicap
Petroleum In the first part OF the
session was a matter OF comment.
Opening at -180. the same figure as
the previous close. this stock scld
Iup to 1874 and down to 179h, on a
tcomparatively small volume Of trans.
actions, after which II was sold f.l
blocks around 1S1. II the bulls have
the situation In hand as securely as
they are reported to, II IL evidant
that they are not pressing their ad.
vantage very rigidly. Slight sains
in prices were registered in a mum.
Der of the independent oil stocks.
such as Cosden, California Petro,
leum. which sold up from SIN TO
62k Royal Dutch, which sold az 50,
Houston Oil at 75x, Philips Petro.
leum at sos and Marland OH
around 45.
The two most active speciality
stocks in the morning session were
National Enameling, and General
Asphalt. the former advancing near.
ly two points beyond 49, and the lat
ter continuing its advance to 81. orly
one point below its high for the year.
reached in the recent reaction in the
market. Modest recessions were
Registered In a number Of the other
active specialties such as Coca Cola
Dawson Chemical. Consolidated Gas
and Austin Nichols.
Motor stocks made up a fair pro-
portion of the aggregate sales Of the
day. A strike on the railroads would
not be a bearish factor for the motor
| shares, for In that case automobiles
could be utilized for transportation.
nor for the Oil stocks. because oil
fuel can be transported to mapur
featuring points which the railroads
might fail to reach.