The New York herald., 1922-08-17
FINANCIAL NEWS
AND COMMENT
Stocks Gain as Coal Strike Vir-
tually Ends and Rail Dispute
Is Near Adjustment.

The virtual ending of the strike OF
that the anthracite workers soon will be
at work again, coupled with acceptance
by the railroads OF the invitation OF the
Big -Four brotherhoods to a conference
on the rail strike situation, were domi-
mating factors in yesterdays markets.
All other events of the moment were put
aside and speculation once more as
sumed new life.
The entire list Of stocks, with but few
exceptions, gained a great deal of
ground and reflected the immense relief
which indications of the approaching
end of all present labor difficulties
brought to the speculative community.
Purchases were made with more conf
dence than at any time In the last two
or three months.
The rails naturally were among the
first to give evidence OF the complete
shift in sentiment. The advance was
not OF runaway variety. however. but
persistent and steady. Short covering
no doubt played some part, particularly
in the moro speculative issues. such as
international Paper. some of The chem
ical stocks and few of the specialties
In which advances were greater than
the average.
In the main. however. buying was
done quietly and cautiously and with
none of the abandon which marks reck-
less speculation or covering at any cost
Some of the utility stocks. shares OF
companies for which a sufficient coal
supply is the very breath of life, re-
sponded sharply to the news from the
coal fields, and number of them made
new high marks.
a reflection of the general uncertainty
that is felt concerning the European
situation was found yesterday in the ac-
tion of foreign exchange rates. Ster-
ling, as has been it's custom for the last
fortnight and more, stood distinctly
apart from the rest of the foreign cur
rencies. Francs were under steady pres
sure all through the day and German
marks continued their downward swing,
making another new low at 9i., meas
ured In hundredths of cent.
Cotton futures advanced moderately
on publication of a bullish weekly
weather report. The influence of this
report was partially offset by the Gen.
sus Bureaus July consumption report
which was not as favorable as had been
anticipated. In the grain market busi-
ness was dull and after an early buying
movement there came a slump which
wiped out part of the gains. The close
was but slightly higher than Tuesdays
Call money was again In free supply.
ranging from ~ down to 3 per cent,
with substantial amount OF funds re-
naming idle at the close
Liberty bonds recovered small por-
tion of Tuesdays losses and the bond
market as whole was firm but quiet.
There was nothing In the money marke.
TO explain the Sight ease of the Gov
ernment war issues on the preceding
day.
The weekly reviews OF the steel in
dustry are far from cheerful They in
dicate that not only is the industry
feeling very severely the pinch of the
coal and rail strikes but that the out.
look for material Improvement over a
period of months is none too good The
steel industry does not occupy the sana
advantageous position with respect to
the urgent need of its products as ii did
in war times and any rationing of fuel
at this time will find the steel mills
much further down the list than they
were in 1917.
Immediate resumption of fuel ship
ments. too. the reviews set forth. will
not be of much immediate value, for the
shortage of railroad facilities for the
movement OF fuel are playing an import
ant part in the present stringency in the
iron and steel trade. A further substan-
tial reduction in the percentage of op-
erations OF leading steel mills was made
during the last week