The Washington herald., 1922-08-04
MARKET HAUlVIS
FIRM TONE m FACE
OF STRIKE CRISIS
Rail Changes Are Small.
With Irregularity in
Industrial List.


NEW YORK. Aug. IA gem
orally nrm tone In quiet tradIng
continued 20 express the stock mar
ket's estimate OF the existing
strike situations The idea pre-
vailed that the administration 10
now disposed TO await further de-
velopments bearing on the ability
Of the railroads to rebuild their
shop forces and move the .neces-
ssry trafic. particularly coal. In
this connection encouragement was
found in reports OF q sharp gain in
loading on Monday and In the sat
isfactory returns for total freight
loadings in the week ended July ~.
On the other hand. it was realised
that a marked gain In working
forces and coal output 10 necessary
to forestall some form Of assrss-
sive action. Rail shares were firm.
changes being mostly In the form
Of small fractions. and industriais
were irregular. Motors continued
to be sold on the basis Of current
price reductions. Bonds remained
steady.
Errstie st ope.ins.
At the opening this morning the
stock market presented an irregu-
lar appearance OF strength. but as
the morning wore on the selling
appeared TO grow in volume ana
by noon declines considerably out
numbered the advances. Several
unfavorable factors appeared TO be
Affecting different groups Of stocks.
Reductions in oil and gasoline
prices were interpreted as unfav-
orable TO the oils. the motors still
labored under the weight of price
reductions announced during the
past few days and which now in
clude practically all the popular
medium priced cara. and reports
from the steel centers as to the
coal situation were not reassuring.
Announcement that the decision Of
the railroad executives not TO ac-
cept President Hsrding's proposal
Of settlement for the shopmen's
strike had been followed by con-
siderable increases IN the number
Of men applying for employment
pleased Wall Street and served TO
bolster the railroad shares to some
extent
Coal shortage.
The financial district is going to
watch the weekly coal production
figure OF the Department OF Com
merce with great care for the neat
ia
deal of disagreement as to just
how serious the present coal shot1-
age really is. Il is generally known
that the situation presents at 1ezs-
the possibility of a serious suspen-
sion of some Of the basic indus
tries and particularly the steel i'm
dustry. and reports which were
published this morning indicated
further closing of steel mills apd
banking OF iron furnaces and 1el-
lowed the publication Of dsts
showing twenty-one less furnaces
active at the end OF July than on
June 80. The steel stocks. how
ever. reacted no more than might
have been expected from the ten
dency OF the rest Of the market and
the Street was inclined to accept
this as reassurins. M 4F
wester. Union.
with the rest OF the market I'm
clined TO be reactionsry, western
Union advanced two and a quarter
points to a new high for the year
Of 10 following the exhibition Of
strength which has carried the
stock from below par TO its pres
ent price In less than a month.
With it's present dividend rate ap-
parently amply secured. Western
Union is appealing to speculative
investor class those who are not
satisfied with the return from a
simon pure investment and who
have confidence in their own abil-
ity to watch the business situation
closely enough to protect their in
terests. The stability Of Western
Unions wire traffic no matter what
fluctuations take place In general
business also inspires confidence In
the character Of its stock.
The advance in Western Union
appears to leave American Tele-
phone and Telegraph behind the
market for high grade utility
stocks. This company enjoys In
even higher degree than Western
Union the advantage OF earnings
which fuctuate within a very linn
tied range even when depression
succeeds a boom in industry gen
orally.
MalIinson silk has been among
the active issues for several days
past at gradually advancing prices.
A pool is reported to be operating
in the issue on the strength Of
nIans which are under considers-
tion 10 extend the compsny's sctivi-
ties in q held where greater proht-
are believed to lie possible tran
under its present scheme OF OPP