The Washington herald., 1922-06-09
FIN NANCIAL
STOCKEXCHANCE
TRADING LAPSE
NTODULLNESS
Aimless Price Fluctua-
tions Again Character
ize Transactions.

NEW YORK. June t-Tr.1inr IN
stocks lapsed back into dulinees to-
day, sales approxtmstinG only $4,000
shares. The same afrnlees nuctuafion
of price which characterized yester-
day's session was again In evidence.
changes being mostly FRACTIONAL and
being irregulariy DISTRIBUTED. Sugar
stocks were firm on the strength IN
the price Of the commodity. sales OF
cIbsn r-Hs Icing Imported at slight
" more tan . cent< In the bond
department ibe feature was strenrth
in Libertys, two making new high
records and two eqrsliar previous
highs. FnrelSn bonds we're lower.
Cali money ienevcd az ~ per cent
the lowest since April -. 1918 The
rate was lowered 20 per cent dur
ing the uocn hour, ..
DuIiest sessse. On weeas-
This mornings stoek market was
the dullest session In several weeks
Transactions during the frst hour
were only slightly In excess Of aoe.-
900 shares Prices again showed a
tendency 20 seek lower levels. this
being noticeable even in the case of
stocks like Consolidated Gas. which
have been bid bp during the part
few days on developments which
promised tangible returns 10 stock
holders In the not too distant future.
Distinct weakness was apparent IN Du
Pont which broke four points before
noon. Sentiment throughout the
Street continued besrish In spite Of
indications that money rates viii con-
tinu4 easy as evidenced not only by
current rates for loans on collateral
security but also by the lover rates
on the Treasury borrowins announced
this morning.
Raiiros1 Crisis Abserbins.
The possibility OF q railroad strike
has become about the most absorb
ing topic Of conversation IN the nnsn-
cial district since the latest vaEe cut
announced BY the Labor Board Wall
Street 10 apparently thoroughly con-
WINGED that there will be no strike,
pointing to the fact that wages OF
railroad labor are still above the ware
levels for similar work In other In
dustries The Street also believes
that such q strike would have small
chance Of success partly on account
OF present business conditions and
partly because public sympathy would
be against the unions. The disin-
clination Of the national soministrA-
tion to have q nationwide strike oc-
cur on the eve OF the important Con-
gressionsi elections this fall is also
counted upon as a factor which will
cause strong pressure TO be brought 20
bear on union leaders against such
action.
There 10 q good deal Of quiet sppre-
hension In the Street, however, re-
garding the possibility Of a strike
during the next month or 90. In
some quarters IL 10 pointed out that
the coal strike and the depletion IN
coal stocks which has resulted from
IL. must be q powerful weapon IN
the hands OF the men since coal trans
portation is Of the greatest importsnce
at thi time by reason Of the
fact that certain non-union helos are
supplying a good share Of the demand
and coal is shipped much greater
distances. Uninterrupted transpor-
tation is therefore an absolute neceE-
sity TO continuance Of industry. II
is also pointed out that labor un-
ion politics are q very large factor
in the ordering Of a strike vote and
that union leaders in many cases may
order q strike even though they view
the chances OF success with misgiv-
irgs because failure 20 call q strike
in the face Of q wage cut will so
weaken their influence In the orgsni-
nation that they prefer 20 take even
the smallest chance OF success.
Aside from strike talk, the other
factors in the railroad situation sp-
pear in a more favorable light Fol
lowing the substantial increase in
car loading reported last week. this
weeks report exhibited another in
crease Of practically the same mag
nitude. Reports showing that the
/ Glass 1 roads had produced net op-
Grating income equivalent to a return
Of practically per cent on their
. property valuation were also inter
( preted as not favorable April Ia not
| ordinarily a month when full pro-
I portion OF net 10 shown. even when
these is no such adverse factor as
existed this year In the coal strike.
I the majority OF roads making their
best showing with the heavier trsfie
normally moving during the fall
months.