Evening star., 1922-08-22
SHOWSSTRENGTH
UNDER PRESSURE.
New Buying Orders Check
Bear Movement-Some
Striking Advances.
BY STUART p. WEST.


NEW YORK, August 22.-The rail-
way strike situation took a turn to-
day which Wall street had not count
! ed upon. Whether or not the deciara-
tion of the eastern presidents that
| they proposed to fight rather ths N
give in on the seniority question rep
resents the majority sentiment for
the country as a whole Is something
! that remains to be seen.
! For an hour or SO the announce
ment caused some hastv selling or
| railroad stocks. which was not sur
prising. in view of the fact that they
; had had nearly a week of advancing
/ prices, in the course of which good
sized profits had accumulated in spec
ulative hands. This selling was, how
ever. very promptly taken.
| While the rails in the first hour or
| SO were dropping off point. new buy
| ing orders were rushed into the cop
pers, the equipment stocks, the tobac-
| cos and some of the American oils.
and the diversion thus created had the
desired effect in checking any spread
, of the selling movement to the general
| list.
Market Stands Test.
! The market did not seem in the least
to need any artificial support 1t gave
remarkable display Of strength un-
! der the test Of what might have been
construed somewhat unfavorable
news. The attitude OF the eastern
| railway executives evidently means
| that there will be no general settle
ment of the shipments strike either
! now or later. In al probability the
F; dispute will be left for each road to
settle individually.
Roads in the east which claim that
| the strike is already won and that
| nearly three-guarters OF the strikers
places are filled, will be left to go on
as they are.
Roads in the west and south. which
have been less successful. will prob
. ably effect a compromise and take
their men back.
Takes Complacent View.
Evidently the market today was dis
posed to take this complacent view.
This was the reason why there was SO
little real selling in the railway list,
and why recovery followed swiftly
upon the early decline. In a number
of instances railway shares went
higher than ever in the afternoon.
Again. the group most responsive
were the stocks of the roads travers
ing the northwestern wheat states
Great Northern preferred, Northern
Pacific, Chicago and Northwestern
and the st. Pauls.
AS anticipated. the little upturn of
the previous day in the continental
exchanges proved to be only a tempo
rary turn brought about by short
covering.
German Marks Tumble.
The selling movement was resumed
today, carrying German marks again to
their low, causing decided weakness
in francs and a moderate reaction in
sterling. Quite likely there was some
connection between this decline and
the renewed assertion OF the French
premier that France proposed to collect
in full from Germany II she had to
do II alone.
To be sure. allowance had to be made
for the political exigency which made
such declaration necessary. But Oh
its face, ii seemed to be a fiouting not
only of England and the other allied
governments, but of the reparat tions
commission. which is charged under the
treaty of Versailles TO deal with the
German indemnity question.