The Washington herald., 1922-08-24
FINA NcIAL
FAILURE STRIKE
MEDIATORSCAUSE
IRREGULAR TRADE
Rails Are Fractionally
Lower as Operators As
sumo Cautious Attitude.

NEW YORK. Aug. 23.-Irreguisr-
ity still ruled In the stock market
today. the failure of the negotia-
tions to settle the hard coal strike
and the meeting Of the rail execu-
tives preparatory to a reply 10 the
mediating brotherhoods prompting
some traders to take a cautious at
titude. During business hours moth
ing definite was known regarding
the attitude the executives might
take. but the feeling prevailed that
nothing had trsnspired which pre-
cluded the possibility OF an asree-
ment within the next several days
The effect of the anthracite FAILURE
found an offset. Furthermore. in re-
ports to the effect that q large pro-
portion of the country's bituminous
production would be In operation
by the week and news from New
England. which indicated progress
In the textile strike negotiations.
Rails Are Lower.
Stocks appeared somewhat uncer-
tain during the early trading today
with the railroad Issues fractionally
lower and some sharp breaks in a
few industrials which, however. were
balanced by gains OF equal size in
ether issues. There was again a
good demand for most issues just
under the market. and where de-
clines occurred they were nearly in
variably followed by a gain Of the
greater part of the ground los,.
Wire houses reported an increasing
public interest in the market. The
volume Of trading. while not so
great as yesterday. was nevertheless
large in comparison with the aver
age session OF recent weeks.
with uncertainty in the action of
today's conference OF the railway
executives. even traders who favor
the rails for long pull profits were
inclined to await developments. ard
many Of those who have accumu-
lated profits during the recent ad-
vance in this group OF stocks were
inclined 10 convert paper balances
into something more substantial
The declines. which were general in
the rail list. were. therefore. re-
gsrded as natural and the only sur
prising element was their moderate
character
worthInEton Pump.
Worthington Pump sold down
points below yesterdays close on
the announcement made late ye--
terday afternoon that the directors
had suspended dividends on the
stock. Marine preferred was also
weak. selling of 3Iz points befor.
noon. The tremendous surplus Of
world shipping is regarded as likely
10 give this compsny's security
holders some uneasy moments dur
ing the next two or three years.
The per cent bonds were also
lower.
Allied Chemical
Allied Chemical had a most Nv
certain morning. II opened at SAL.
of quarter from Tuesdays close
and after selling in considerable
volume within fraction Of thar
price suddenly BEGAN a nose dive
which was only halted after a de-
cline Of nearly points. At one
time the stock broke a full point
between sales. when the decline
was finally halted. however. a strong
demand developed for the issue and
before noon il sold a fraction above
the opening price.
Concerning Wage Increase.
hhdA Auf Naeel nfnpTatl0n an-
vance in wages and the establish
ment of $3.50 wage for coal
miners makes the present pivotal
week" in the steel Industry Is
sNerred by the Iron Age. 1t is
well realized in the Industry" saws
this journal. that in scarcity mar
E't these advances in cost moan
higher prices for steel. and the IN
permost question is how far this
further rise VIII act TO check bust
ness" The trade estimates that tho
Increase in mining waScs represents
an addition Of approximately So
ton to the price Of steel. hut II O..
pointed out that existing coal prices
have ALREADY eNsrted an effect sew
eral times more important Tns
trend Of prsces to date NAV be
Judged by the fact that the avail
able price Of steel products as com
puted by the Iron Age now stands
at :.il2 cents as compared with the
2..5S cents a week ago and 1895
cents early I'm March. with rail-
road transportation and coal sup
plies the limiting factors. however.
enc may Judge that the steel com
panies will have little trouble in
disvosing Of their available product
Fa1l