The Washington herald., 1922-08-06
FINANCIAL
RAILS MONOPOLIzEI' =
SHORT SESSION AS
CROP ROADS GAIN >
Tfainmen's Appeal Gen. +,
orally Interpreted as De-
noting End of Strike.

NEW YORK. Aug. B.-Activity
on the stock exchange this morning,
was almost entirely confined to the
railroad shares. The appeal OF the
trainmen to President Harding was
generally interpreted ss foreshad-
owing the end of the railroad
strike. In addition optimistic re-
ports on crop conditions a. -
Northwestern States created So
mand for the stocks OF a
roads serving that territory ard tf
these issues advanced brisk
Call Mesey.
Call money ranged durii tas
past week on the stock ex -Ee
all the way from 70 pc -t-
IL held close 20 Its high iev' E.
ing the first half of the weei lrr
there was considerable distu ne-
Of loans resulting from call ~
Of money by the banks In aga
volume. part of this contract f--4
ing connected with the beg
Of August dividend and ir -e-i
disbursements. Yesterday bu 3
started at per cent. but a
supply appeared on the exc
causing a decline TO 3 per cen
change as low as az per lr-
Brokers making q speciait -
banking accommodation stated Va
about s5.0oo.00o was left unls g
on the stock exchange after 20
close.
There was a moderate amount Of
business in time money some losns
on Liberty bonds being made for
four months at per cent during
the week and six months loans
on mixed collateral were made at
AZ per cent Ninety-day money
was in supply at per cent and
five-months' money was offered az
az per cent. Money brokers stated
that more active business was indi-
Gated by the fact that commercial
paper is coming into the market
in good volume and that banks had
been buyers of considerable
amount of paper at per cent
They construed the appearance OF
this commercial paper as indicst-
ing a better demand for money
within the next few weeks.
Stock Losns
Most Of the brokers who attend
the stock loan market at the close
of each day are there for the part
lending stocks and apparently are
able TO find borrowers for ONLY
small amount OF the stock Offered.
The feature of the stock loan mar
ket in the past few days has been
the heavy borrowing of Mexican
Seaboard which has been in such
demand as to loan fiat indi-
eating a considerable short inter
est. Bethlehem Steel "B" also
loaned flat. There was little bor-
rowing demand for Studebsker
although the Street assumed that a
large part Of the selling Of that
stock In the past few days has
been for short account
Industrtals.
Considerable interest was shown
in industrial circles late yesterday
in the placing Of the Mesabi Iron
shares which had been Offered for
subscription at IL. Bankers hand
lsng this offering stated that the
stock was subscribed for four times
, over. After the close the stock.
street at l2iz bid or a premium Of
price.
Absenteeism from the Wall
Street district has reached the
largest proportions ever known IN
the history Of that center. Il has
been commented on for some time
past that attendance in brokers
offices and OF brokers on the floor
of the exchange has been so small
as 20 make the Street seem almost
deserted. This absenteeism is the
result Of the heavy flood OF tour
lists for Europe and arrangements
already made are expected to fur
ther deplete the attendance in the
Wall Street district during the re-
mainder Of the month OF August.