The New York herald., 1922-08-16
FINANCIAL NEWS
AND COMMENT
Better Situation Regarding
Strikes Elevates Prices in
Stock Market.

The Improvement In the strike situa-
tion. particularly with reference 10 the
coal dispute. found instant reflection In
the financial market yesterday. and a
distinct reversal Of sentiment was regis
tered. Whereas on Monday stocks had
been obviously weak on selling induced
by unfavorable strike news develop
ments. the buying movement was suffi-
GENTLY aggressive to wipe out most of
the preceding days losses and substi-
tute in a majority of cases fresh gains.
nevertheless, the market continued
largely professional. except in few
specialties. and public participation was
on very small scale.
One Of the impressive features OF yes-
terday's market was. the manner In
Which business broadened out to cover
the OIL stocks. group which has been
more or less under pressure for the last
three or four weeks as result OF the
| depressed state OF the market for crude
ana refined oil. Buying of oil stocks
yesterday was of a character to indi-
| cate return OF confidence in the in
dustry itself and indicated that predic
| tons OF further reductions in the price Of
crude oil were without much foundation
Probably the outstanding factor in the
advance yesterday was a dispatch 70
private sources in the financial district
from Cleveland setting forth the sign
ihs OF the agreement between the soft
coai miners and the operators 1t is n
development which Wall Street has been
confidently expecting. but 1t neverthe-
less made great impression and Gre
ated new sentiment which played a very
i..ipoi a,,9 lant part In the buying Of stocks
Just before the close.
The fact that no wage reduction uas
made and that no arbitration agreement
PROVIDED Tor in the settlement, as indi-
cdted III this dispatch, did not cool the
aruor OF those who hailed the agree
inent as tremendous constructive fac
TOR. The principal result of the settle
inent as they viewed it was the oppor-
tunity 1t gives for resumption Of bust
ness, now greatly restricted for want OF
iuel. me next step is expected TO be
o0.l'efheht or the controversy between
tne miners and operators in the an
| tbracite fields
With these two problems ont or +ba
way, there will remain but one oh
stacIe on the road to business pros-
perlty, Which big industrial leaders de-
clare will be the biggest ever seen
nat rs the railroad strike Fear that
government operation might be re-
serted 70 in the present crisis, which
iesuIted IN some selling of railroad
STOCKS on Monday. seemed to have dis
appeared yesterday. Nevertheless. there
was 4 strong Indication in advices from
washington that unless something Is
arrived at soon. the President will 90
BEFORE Congress with some sl,h plan.
Inc possibility Of a compromise he
tween the railroads and the striking
shopmen at this time is brighter than
! ~ any tifne. and private advices from
administration circles indicate that
steps may be taken any day which win
permit the men 10 20 hack To work at
once While remaining difficulties in the
way or final settlement are being
threshed out Such move would
eliminate the danger OF Government
control and would give tremendous
impetus to business generally.
\ Bonds were rather quiet yesterday,
WIN Liberty issues selling off some
What. IN the cotton market most of
Mondays losses were recovered. while
| the reactionary trend of the last few
days IN the corn market was turned
ana q sharp rally ensued. Wheat con-
tinued soft.
Foreign exchange rates. with the ex-
ception Of French francs. moved mar
rowly Francs were decidedly weak un-
VI the late trading when they re-
covered sharply. German marks made
a new low at ten-hundredths Of a cent
Call money was in free supply ali
day and after a renewal rate of 3h
per cent. declined to per cent, the
closing figure.