New-York tribune., 1922-08-25
Stock Market
Again Shows
Uneven Trend
Rails Make Best Showing.
Regaining Almost Half
OF Wednesdays Losses:
shipping Shares Weak

initiative IN yesterdays stock mar
kets where trading continued on a
broad scale, rested largely in the hands
OF professional operators concerned
with lifting or depressing the quota
tiors OF particular issues, and net re-.
suits were consequently without con-
formisy to single trend The nearest
approach to group movement occurred
in the railroad shares, buying Of which
was motivated by consideration of the
heavy crop movement in prospect and
by the prevailing view that the unani-
nous stand of the executives against
restoration of seniority rights meant
victory for the carriers in the shop.
mems strike. 1t now remains for In
dividual settlements to be accomplished
and the opening Of negotiations to that
end was favorably construed yesterday.
Northern Pacific. benefting by re-
ports of values accruing to oil rights,
was the leader in the recovery of the
rails, which won back almost half of
Wednesdays loss. Among the indus
trials there were few strong spots, steel
company shares giving, perhaps, the
best performance, as United States
Steel duplicated its high for the year at
104%. Elsewhere in the list liquida-
tion to realize profits or selling be-
cause of adverse news, as in the ship
ping stocks, where deferment Of sub
sldy legislation was the controlling in
fiuence. brought prices down, declines
in many instances running we'll beyond
point. An incident of the market
was the break of more than points in
American Telephone and Telegraph on
the announcement of the plan to offer
at par to shareholders approximately
S115,000,0o0 in new stock in the ratio
of one to Ave- Plans for this financing.
which is to be accomplished without
underwriting, were significant of the
ability of the stronger corporations to
cover their requirements without resort
to investment banking facilities The
stock subsequently recovered much of
its loss.
The general price level Of corpora
tion bonds moved higher, despite profit
taking in the speculative railroad
issues, but Liberty bonds again in
dicated by drifting lower the un-
certainty injected into their situation
by the bonus discussion. Call money
did not go above 4 per cent, and once
more the advance from the opening
was based on the proportions of de-
mand. The New York Federal Re-
serve Banks statement, recording
gain of sae,ooo,ooo through the gold
settlement fund, was evidence that the
frmer quotations for speculative ac-
commodations this week have not re-
suited from shifting of money to the
interior. Otherwise, changes in the
condition of the bank and system were
unimportant.
Selling originating abroad caused ap-
preciable weakness in marks, francs
and lire in dull foreign exchange
market, with most of the other Con-
tinentals and sterling reasonably firm.
The depreciation of German currency
at its newly established minimum Of
5A hundredths of cent has been
surpassed only in the case of Polish
marks, Austrian and Hungarian kronen
and Russian rubles, and with the re-
parations question as indeterminate as
ever bankers see no check to the de-
cline. Francs sold off to T.69 cents, at
which level they were more than a cent
and half below their best Of 1922, and
closed at the bottom. Lire were only
relatively more stable, going below
4.40 cents. The failure of the mission
in Germany to win assent to the
guarantees required by France occa-
stoned the fall in values.
Cotton prices netted losses of 10 to
81 points under liquidation and hedge
sales. and wheat, after moving irregu-
larly, finished the session v cent to
l " cents lower.