The New York herald., 1922-08-04
FINANCIAL NEWS
AND COMMENT
Stock Prices Continue Firm
Despite Unsettled Factors
Here and Abroad.

The stock market continued yester-
day to display an impasslve front to
strike news and the puzzling develop
ments surrounding French and British
maneuvers in respect to German repa-
rations and the interallied debts.
and prices did very little until the af-
ternoon, the tone was left quite firm
when business ceased by brisk advances
Of petroleum issues. led by Mexican
stock gained no less than points and
other oil shares went forward a point
to points. Sugar company stocks
gave good account of themselves,
helped by fresh price increases In crude
and refined sugar prices to the highest
range OF this year.
Spectators did not know what to
make OF the railroad strike In it's new
est phases, and in consequence there
was little activity anywhere in the rail
list. Washington advices pointed
plainly TO dissatisfaction in Govern
ment circles over the failure of Presi-
dent Harding's plan OF settlement. and
tacit threats Of Federal receiverships
Tor carriers which failed to keep es-
sential products moving created an un-
easy sentiment in the Street. But the
counterbalance of a possible develop
ment of that character lay in informa-
ton (from rail managements) that the
places of striking shop workers were
being filled more rapidly than before
the executives bluntly declined to sacri-
flee the seniority rights of new men.
Much emphasis was laid on reports
that soft coal production on Monday was
25 per cent. higher than the average
daily output of last week. This, together
with new efforts by coal union leaders to
come to an agreement with anthracite
operators, gave more constructive slant
to coal strike developments than was
apparent the day before. With the
strikes plainly interviewer in their bear
ing upon the needs of the public. the
financial community has come to believe
that a settlement of one will shortly be
followed by the ending Of the other.
The firm stand of the rail executives
has, however, brought an end TO predic-
tions as to the duration of these great
labor disturbances.
The foreign exchanges declined to be-
come excited over events in London and
Paris. The German rate after starting
shade under .12 cent mark ad-
yanced to IA cent. despite dispatches
which limited at plans to tighten the
French grasp on Rhine territory and in
the mineral district of the Ruhr Valley.
The rate went forward In the face of
news that the Reichsbank's statement,
due to-day would disclose a tremendous
expansion of currency in week, bring
ing the total within reaching distance OF
zoe, 900, 100000 marks. Sterling and
francs held firm.
The deduction to be made from the
exchanges was that bankers on both
sides of the ocean were making much
allowance for political gestures in news
coming from allied capitals. If the Brit
ish Foreign Offices statement on Tues
day that cancellation of the French debt
to England depended upon similar action
with respect to other war Indebtedness
was meant as a feeler of American senti-
ment 1t has had its effect. Neither Gov
ernment nor private banking opinion
here. according to the best information
obtainable, has veered as yet from the
stand that the debt accounts are to
remain open.
Cotton declined IA to 38 points, at the
lowest points showing the loss of prac-
tically all the sharp upturn after the
recent Government report on crop con-
dition was made. Grain prices were
fairly firm. Call money stood at per
cent for all loans.