The Washington herald., 1922-08-22
FINA NcIAL
Rail ISSUES MAKE
new MCHLEVEB-
AlaDFEATUREMART
Increased Optimism Over
Strike Situation kG
fected in Movement.


NEW YORK. Aug. .sI.-Pso-
nounced activity ana strength In
rails was the feature Of today's
stock market. Good bidding for
these issues was I'm evidence from
the start and carried prices ahssd
so that gains OF one ana two points
were common as the market closed
Many new highs for the year .xere
established. The movement re-
fiected increased optimism over the
strike situation. Rumors OF a set
tlement were persistent ana their
effect was strengthened by the state
ment by brotherhood chiefs chat
there Is no danger OF a sympathsfic
strike by the train service men. In
dustrials meanwhile remained nrm.
equipments moving in sympsthy
with the rails. Sales ran close ito
which draws attention % the fact
that the last million-shars session 90
CURED on June z1.
nm. r'ss.-
Unofhciai reports were IN csrcu-
lation in the financial district this
morning that the railroad shopnnen
have given up the fight and that
within q week the mechanical
forces over the country VIII be
functioning normally. There were
also some prelimary estimates ot
the July earnings OF some ipdi-
vidual lines which indicated that
the effect OF the strike during the
month was less serious than had
been feared As q result OF these
factors and the general optimism
which seems to pervade stock mar
ket followers there was heavy buy
ing OF the rails this morning.
Uuutfes-
Allied Chemical and Dye was one
OF the strong spots in the utilities
this morning as has been the case
for several days part The stock
broke through so. a new high for
the movement. Passage OF the
orally regarded as a bull point on
Allied Chemical. although officials
of the company have recently been
quoted as expressing Indifference
regarding tariff legislation. The
strong cash position OF the com
pany makes 81 able to take advan-
favorable situation which arises in
connection with the chemical indus
try and serves TO insure their In
terest against untoward events
stromberK.
Stromberg Carbureter's past as
sociations are not such as TO en-
courage a following from the rank
and file OF market operators. but,
nevertheless. the fact rems ms that
theree has been a very substantial
demand for this issue during the
past few weeks which has been
distinctly reflected in the market
quotations. The company has OF
course. benefited from the unusual
and somewhat unexpected prosper
fly which came TO the automobile
during the first half OF the year
and its earnings have been show
ing steady improvement. The sec =
ond quarters figures are expeetsi
to make an especially good show
ing and in fact to be such AZ to
encourage hopes OF a dividend later
in the year.
Exchange.
In the foreign exchange rnarhel
sterling continued to show strength.
gaining = Of a cent at s44SL. \
steady demand for this unit was
reported. a circumstance which may
be explained, not only by Ameri-
can purchases OF British coal. but
by large scale purchases OF Brit
ish rubber. which were reported by
this mornings cables from LONDON.
French francs also improved and
after slipping back a point from
c
points at 7.ss cents. German
marks rallied / point TO o.os k.otAa
cent and the Czecho Slovak crown
pushed ahead 10 a new high price %
3.i2 cents. The recovery in the
allied currencies was not accom-
panied by any fresh development
with regard to the reparations SIT
uation.