The New York herald., 1922-08-11
FINANCIAL NEWS
AND COMMENT
Disturbing Strike News Makes
Stock Market Dull, but
Trend Is Upward.

, Once again the financial markets dis
, played more or less characteristic dis
regard of disturbing news Developments,
and in yesterdays operations what pres
! mornings reports OF further strike ac-
tivities. especially among some OF the
brotherhoods, only served 10 throttle
business in securities.
Throughout the day the market for
stocks and bonds moved rather unevenly
and as on preceding days the session
ended with many issues standing at new
high levels for the year, while others
were substantially below the closing
marks OF Wednesday Tre ding was ex-
/ tiemely dull all day in stocks and sub-
ject largely TO professional influences.
The same was true of the bond market.
Unsettling news regarding the rail-
road strike situation. especially. the tend
ency among hitherto unaffected work
men to walk out. was more than coun-
terbalanced by the weekly statistical
reports from the roads showing the
number of idle cars, bad order cars.
car loadings. &c. While car loadings as
a whole were substantially below those
of the preceding week, there was a big
gain in the loading of coal, indicating
10 what extent the railroads are benoing
their efforts to move fuel in compliance
with the yelled threat from Washing
ton.
One interesting feature of the car
loadings report, however, was the in
crease in the loading Of grain and grain
products. With the coming season for
crop movement not far away 1t is not
unlikely that there will be a steady and
progressive expansion in loadings of
that class Of freight.
Additional statistics published yester-
day morning indicating the extremely
high yield per acre in the grain districts
served to heighten the feeling of optimism
concerning the earnings which will
accrue to the railroads this fall and
induced an even greater absorption Of
the stocks of carriers. Those same
issues which have been in best demand
in recent sessions were agains bid up,
many OF them to new high levels.
Notable gains were registered by Chi
cago and North Western. which crossed
ST; Great Northern, Northern Pacific
and some of the other roads of that type,
but an unexpected feature was the sud-
den squirt of buying in some of the other
carriers, particularly Chesapeake and
Ohio. which made a new high at II.
Trading in the general list was more
or less irregular, but net changes in the
most active stocks were for the most
part on the ZIP side.
The New YORK Federal Reserve Banks
weekly statement failed to reveal why
cali money should have been marked up
from 31h to AZ per cent. While there
was a substantial drop In reserve, there
was a sharp contrac In deposits and
circulation. and the reserve ratio ad-
vanced from Sc per cent, where II stood
week ago. to SIS per cent. A sharp
decline in loans also was revealed. The
statement for the entire system. on the
other hand showed an expansion In the
currency item, indicating that the In
terror institutions are Withdrawing cash
probably for use In connection with the
comirg movement of crops. A reduction
of deposits seemed to indicate much the
same thing.
Exchanges were dull and Sfeatureless
save for another new low Tor marks.
The seizure of transatlantic cables has
hampered business in foreign exchange
to a marked degree. Wheat continued
toward lower levels. but sharp upturn
in cotton reflected private condition
figures OF a bullish character Geceived
here.