New-York tribune., 1922-08-17
Upward Trend
Continued I'm
Stock Market
Speculation for the Rise
l. Based ON Improving
Industrial Outlook; the
Averages at New High

firmer foundation in the Anal a,ss
position OF labor troubles in the BIZ
luminous coal fields and the will for
settlement of the railroad strske dia.
played by the Four Brotherhoods and
the executives in scheduling a confer
ence to-day carried the general price
level Of stocks yesterday to the high
est point attained so far this wear
The advance, which was Accomplished
without material expansion In activity
was supported in a measure by the
availability Of money on call at 8 per
cent, moderate shading of the charge
for time loans, and broadly construc-
tive Interpretation Of the domestic
outlook. The foreign situation for tho
moment held in status quo and. al
though admittedly uncertain, was. as
usual In such a movement, convenient
ly overlooked.
The forward surge of prices Of both
railroad and industrial shares were nred-
icated upon the assumption that the
termination of the strikes will enable
renewal of industrial and business
recovery, which these troubles have
temporarily restrained. The influence
OF the strikes was apparent in the re-
port of decreased car loadings for the
week and in the periodic trade bull
letins on conditions in the steel in
dustry. The latter, however, setting
forth a declining scale of operations.
were subject to dual Interpretation. as
1t was possible to regard the stiffness
OF steel prices resultant from restric-
tion of output as constructive In con-
servative quarters the welcome accord
ed the end of the coal strike was tenn
pered with respect to the terms, if not
Of tho event itself, but professional
traders for the moment were dis
posed not to weigh the possible
adverse consequences of maintaining
for another year a wage scale for one
industry substantially out Of line with
the debated remuneration of other la
Dor. Gains by individual stocks in the
industrial group were frequently great
er than in the railroad shares. ex-
tending to several points, but the ap.
probation to a new peak of the aver
age price of wenty railroad stocks was
slightly more than the like PROGRESS
recorded by thirty representative in
dustrials.
Prices of investment securities con-
tinued their upward drift in somewhat
broader trading, rise in United King
dom 519s featuring, but interest IN
this department was strictly subordi-
nate to stock dealings.
Contrasting movements confused the
picture for the day OF the foreign ex
change market. Probably most sipnii-
canoe attached to the unusually heavy
offerings of drafts on Paris as an in
dex of the unfavorable effects On
France of the London conferences
agreement to disagree These offer
ings met with little support and the
quotation for francs fell to 7.91 cents
for cables. Sterling moved higher.
netting almost cent at it's closing
price of $4.47&, Its Improvement was
difficult of specific association with
sentimental factors and is apparently
grounded on the swing of trade. Marks
hung listlessly near to the previous
close.
Wheat steadied somewhat, but net
gains of Is to 5s cents were hardly
commensurate with expectations of a
rally from the standpoint of technical
position. Realizing sales halted an
advance in cotton based on reports of
further crop deterioration but from 20
to 20 points of the rise were retained.