The Washington herald., 1922-08-02
FINANCIAL
IRREGULAR PRICE
CHANGES PREVAIL
IN STOCK MARKET
Trade Doubts Peaceful
Agreement of Senior
ity Restoration.

NEW YORK Aug. i.-rra1fnr in
stocks was distinctly duh today
pending disclosure Of the Presidents
plan for ending the railroad strike
and the attitude OF the railroad en-
ecutiyes toward this plan. Al the
start and during the morning higher
prices prevailed. particularly among.
the rails. As the day wore on. how
ever. the market gradually sarred
back. particularly when IL was seen
that the Presidents plan called for
restoration Of the situation exist
ing before the wsikout occurred
traders apparently having doubts as
to whether the executives would
agree TO this full restoration Of .e-
niority TO striking workers. Toward
the close the changes were irregular.
motor shares having suffered on the
news OF price reductions
Early Prices HigAest.
Trading on the stock exchange
This morning began with higher
prices prevailing very generally
among the more active issues. Be-
fore heend Of the frst hour, how
ever. duliness set In owing TO the
disinciination Of traders to make
commitments pending the outcome
OF the railway presidents meeting.
Such business as was done during
the remainder OF the forenoon was
at fractional recessions from the
mornings best prices with setback.
Of larger amounts in q few issues,
notably some Of the motor shares
The railroad stocks. which IL might
have been supposed would be most
affected by the growing uncertainty
with regard to the outcome of the
strike negotiations. displayed a firm
tone and several were bid TO new
highs.
Motor Prices Out.
Announcement Of lower prices by
two of the General Motors subsi-
diaries. Buick and Chevrolet wa,
blamed for selling which took place
in this group during the morning.
but IL is probable that the technical
| position of some Of the motors has
much to do with their tendency to
seek lower levels during the past
week or two. The shares Of Cen
eral Motors itself seemed less af-
fected by the days developments
than those OF some OF the other COM
panies. Chandler and Hudson Mo-
| tors. each of which lost over a
/
during the morning. Studebaker.
after opening up a point and a quar-
ter. lost its gain before noon and
sold at about yesterdays closing
levels.
There was q pretty general i'm
preston early this morning that the
days negotiations would end in an
announcement that the railroad
shopmen's strike had been settled
and one prominent brokerage house
went so far as to suggest that a
speculative combination which would
afford opportunities for taking
profits might easily take place.
One OF the railroad shares which
continued on the upward path this
morning. despite the general uncer-
tainty, was New Haven. which sold
at 30. a new high on the present
move though several points below
the high price for the year.
International Paper.
with an advance OF 4 points be-
fore noon International Paper set
a new high mark for the year and
excited quite an amount Of interest
among followers Of the more specu-
| iative issues. The paper stocks
have been generally regarded as
being behind the general market.
despite the fact that conditions IN
the industry. which were little
short of desperate q year ago. are
believed to have improved.
Marine preferred broke over .
points early in the day on q rels-
lively small volume OF transactions
Many traders believe that the long
delay In putting European business
and finance on a sound basis 10
likely to prevent any considerable
increase in the earnings OF Inter
national Mercantile Marine for q