The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-09-09
FINANCIAL NEWS
AND COMMENT
Constructive News Develops
Stock Trading on Much
Broader Scale.

With a more definite assurance Of
immediate relief from coal and railroad
Ia Dor troubles and the promise Of bump
er crops. as revealed by the Govern
ment report for August. there were good
reasons for continuation of strength
10 stocks probably was on a broader
scale than on any day this week and
there was plenty of evidence OF an in
creasing demand from the public.
While the speculative activity of pools
was largely responsible for the buoy
ancy in some sections OF the market
the stocks that displayed the most pro-
ncunced strength were those held in
favor by investors. The high priced
dividend paying railroad shares were
in good demand and some sharp adj
vances were noted In that group. The
favorites appeared to be Delaware and
Hudson. Delaware. Lackawanna and
Western. Canadian Pacific. Norfolk and
Western and Union Pacific. At its top
price of 141k Delaware and Hudson was
up more than 10 points. while gains
ranging from ! to more than 8 points
were established by the others.
Some of the most active rail stocks
were those of the anthracite roads.
which of course were favorably in
fluenced by the prospects of an imme-
date ratification of the peace pact
y. ~ ctv n
decision OF the American Federation OF
Labor TO drop all talk of a general strike
and the intimations from Washington
tina. there would be some modification
of the Government strike Injunction
were factors that contributed to the pre-
vailing optimism.
Two Government reports of import
ance were made public yesterday in the
shape of the cotton ginning report ami
the condition of crops. The cotton re-
port showed an increase in ginning. but
as 1t was generally expected that an in
crease was due in view of an early
crop 1t was without an adverse effect
on cotton futures, which continued to
advance. The Department of Agrcul-
lures estimate of the wheat crop con-
flrmed predictions of a heavy crop this
year. The indicated yield Of spring
wheat this year is 277,000.000 bushels.
whereas the final estimate in 1921 was
only 20S, 100000 bushels. Indicated pro.
ducton of all wheat this year is sIs,-
100000 bushels against the final estimat,
In 1921 of 795.000000 bushels. The only
crop not up to expectations was that or
corn. which fell little below estimates
With tremendous crop to handle, the
West and the South have shown no dis
position to call upon the East for cur
rency and large bank credits as would
be the case under normal -prewar con-
ditions The Federal Reserve state
ment disclosed no indication that the re.
serve banks are being called on to n
nance the crops. The money that would
have been sent into the crop areas il
therefore seeking employment here,
helping to make present easy money
conditions possible. Call loans renewed
at per cent. again yesterday and rs.
manned at that level throughout tho
day.
The tobacco stocks were again proml-
nent. with particular attention being
paid to American Sumatra.. Further
advances were made in the oils, which
were led by Mexican Petroleum. Equip.
ment stocks responded to the news of
the placing of further large orders for
engines and cars.
The foreign exchange market con-
tinued to disappoint those who placed
emphasis on the better news regarding
German reparations. Sterling, francs
and the other important European ex-
changes receded toward lower levels.
Improvement in the foreign exchanges
Is retarded to some extent by the fresh
cause for anxiety in the adavnce of ths
victorious Turkish armies which could
easily embroii some of the larger
Powers