The New York herald., 1922-08-24
FINANCIAL NEWS
AND COMMENT
Public Takes Larger Interest
in Stock Market-Prices
Move Up Again.

The almost complete indifference with
which Wall Street received the unset
Ting strike developments yesterday
morning was nothing short OF amazing.
After stocks had been bid up suhstan-
TALLY over q period of several Gays on
expectations sf a final settlement Of
both the coal and railroad strikes. It
was TO have been expected that an
nouncemeHt OF tho breaking off of ne
gotiations between the anthracite. oper-
ators and miners and intimations that
the conference between railroad execu-
tives and shopmen would be unavailing
would give the market at least a tenn
poray setback. Nothing of the kind
occurred. however. and aside from an
almost imperceptible weakness IN the
railroad issues at the opening the list
went merrily on Its upward course.
Many new high marks were estab-
lished yesterday and trading was on
scale which suggested a further ex-
pansion of public participation.
There Is nothing which will bring the
public into the market as quickly as a
succession OF strong and active days.
When day after day stocks make new
high marks and activity continues
great when indication Of fundamental
strength Is repeatedly given by the
markets action. then the outside in
terests who have foresworn stock spec
ulation in any form feel the urge to
get back into the market and usually
do so. 1t is not unlikely, therefore, that
the continued strength and activity OF
the market has drawn in many specu-
lators Of the class called "the public
In the last few days. Reports from
leading commission houses serve to
bear out this assumption.
The prepoHderance of speculative at
tention was turned yesterday toward
the Industrial and utility stocks. The
rails. while not neglected by any means,
were not the leaders ear n the
week. Many stocks M le big 4aEances.
These included Dawson Chemical Con-
soidated Gas. Ch gn U rat Tool.
the tobacco stool my,
some of the steel uber
of other issues. Tie co CUP, a
ject to some profit taking yesterday.
The oils. on the other hand. did-very
well indeed, several of them advancing
substantially above the close of the
preceding day.
The same enthusiasm which marked
the demand for stocks was responsible
for a sharp upturn in the bond mar
ket. There was heavy inquiry here
for all classes of bonds except. perhaps.
the Liberty issues. with high grade
rails the real feature. High prices for
the year and In some cases for all
time were established by the leading
bond issues of certain roads.
Among those which made most strik-
ing advances were bonds of the New
York Central, Baltimore and Ohio.
Canadian Pacific. &c. Some traction
bonds were eagerly bought. too, with
the adjustment issue of the Hudson and
Manhattan Railroad Company a special
favorite. That company's earnings
statement for July was favorably re-
ceived. Regular interest payments on
these bonds appeared now to be as
sured for some time.
The heavy demand for stocks and
bonds created shortage of call funds
late In the trading and the rate ad-
vanced to Az per cent. There appeared
to be no change in the fundamental
credit situation and indications were
that the stringency on the floor of the
exchange was but temporary.
Cotton closed steady and just barely
higher Grain quotations. too. showed
little change and reflected the extreme
dullness of that market yesterday.
Weakness marked the course of some
of the foreign exchanges, German
marks making q new low under seven
one-hundredths of a dollar and French
francs getting down close to their years