The Washington herald., 1922-08-08
EXCHANGE FIRM
RUBBERS AND !
TIRES DECLINE
Strength in Rails Reflects
Quiet Optimism on
Strike Settlement.

NEW YORK. Aug There was
little Of enthusiasm visible In the
movement Of prices on the Stock Ex-
change today. but. on the other hand,
there was clearly apparent q large
neasure Of quiet optimism founded
on the belief that the current week
win zee the end OF both the railroad
and coal strikes and leave industry
free to make the most Of the funda-
mentally sound situation. With the
exception Of declines in the rubber
and tire stock aid in o. ~ --9
other issues which are affected ~
special influences. stocks were nr.A
throughout the list. while several i'm
portant groups moved upward
Strength In many Of the rail issues
Throughout the day gave evidence
even before the announcement Of
President Harding's new plan to re-
fer the only undetermined issue OF
the railroad strike 10 the Labor Board
OF the markets confidence in them
Profes~ionais Turn Buisish
Although the strength In certain
issues which marked the early
trading in today's stock markets was
not very impressive, IL nevertheless
served to Indicate that the profes-
sional element which under present
conditions dominates the trading, was
continuing its search for new fields
Of activity on the bull side Not hay-
ing been able TO get the market dow.
on the various installments Of bad
news which have been published dur
ing the past two weeks. many OBJ
servers think that the professionals
are trying to hnd the path Of least
fcso f.,
Those who hold this view point 10
the manner in which various groups
Of stocks have been taken in hand
and run up sharply. the public utili-
ties week before last. and last week
many of the rails. the so-callet
amusemant stocks. and the tobacco
shares.
Mail Order Stocks Raided
This morning it was the mail order
and chain store stocks which were
selected for the usual trial OF
strength. the particular interest which
inspired buying being Montgomery
Wards semi-annual earnings stale
ment, which showed net profits for
the first half of the year or $1,000
oO as compared with a deficit Of
s2.500.O00 during the corresponding
period last year. There was also bid
ding for Sears Roebuck. said in some
quarters to be based on orders from
the West, and that issue advanced
more than two points from its oren-
ing price before noon. Meanwhile
Woolworth and Kresge confi,uad
their advance OF the past week which
has moved woolworth up some ter
points and Kresge about fifteen from
the lows Of last week. Extra dfyi-
dends on both these issues are being
discussed as possibilities early in the
fall.
Blocksrding Factor.
The two factors which seem n
threaten a blockade along the nath
10 better business and higher secur-
ity prices are European finances ana
American labor, and the various dis
agreements involving both these $:
uauons were in the conference sta -e
this morning. Although individusuy
ne varies from one extreme TO the
other. the composite stock market
operator is hopeful person. always
VIKING 10 put the best possible inter
pre1auon on any uncertainty. and ha
was sure this morning that a u-sv
VIII he found out of both dirIr,,l,ies
Frehminaiy coal production figures
Tor the week ending Aus,,,t =.
announced this morning bv tbe r-,,,.s
states Geological Survey. indicata5
that there had been a small inc-e,so
IN production as compared with the
previous week. Production for ,ha
week VIII be about $3.50 600 tons q
compared with 3.es5.o 900 the weeL
oeiore. This represents Improvement
oi course. and in that respect is chez
ing. bui II is less than half Of ,o--
MAJ production and is still a million
tons less than the weekly total A,-