The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-08-23
.RDCOAL.JAM
FRET
STOCK MARKET
BY STUART r. WEST.

BY 6TUAkT r. WEST.
Hall Street.. New York. Aug. %.
Tho markets today treated the
fAilure Of the anthracite conference
nth the same indifference they
had shown over the discovery that
expectations OF . general railway
peace were not justified.
TIE first effect was to put stocks
OF the anthracite carrying railroads
down to half to three-quarters OF
& 6oint. This brought slight re-
action into the rest of the railway
list. But ON the market as a whole.
the news had surprisingly small
results.
The prospect Of winter with
out hard coal was not seriously
regarded in view Of the certainty
that within the next week or SO
soft coal production will be strain
cd to its maximum. The lnconven-
fence Of individual consumers is Of
slight moment beside the fact that
the normal coal supply for indus
trial purposes Is now assured.
Consequently with few excep-
ticns--and these due to other
causes than the coal strike-the
stock market was decidedly strong.
Facing the threat OF An ocean rae
wAf, shipping stocks were weak
again and for special reasons there
was some selling in the sugar and
rubber shares. The rails, save for
the soft coal carriers, which were
higher from start, went OFF half
point or so during the first han
hour, but rallied subsequently.
Meanwhile the greater part OF
the industrial. list was consistently
strong and special buying opera
lions kept on with as mucn assur-
ance as they have shown at any
time. The tObaccos made new high
prices, as did Pullman and Lima
Locomotive among the equipments
Mexican Petroleum and the related
stocks had one of their character
isac run-ups. Shares OF the leath.
er2tand boot and shoe companies
were actively in demand. Nothing
further happened in the copper
group and the market for the steel
siares seemed to be still endeavor-
ing. to appraise the true signlfi-
canoe of the announcements o.
wage advances.
The first idea had been that thu
steel industry, having gone a long
err distance than the rest on the
downward readjustment, was nat
urally the first to give its employee!
the advantage of improved trade
conditions but this was discarded
in the street today in favor of thu
view that the steel companies hat
been forced to raise the pay o
their labor to prevent it drifting
back to the reOpened coal mines
the railway strike centers and tn
harvest sections where the deman,
this fall will be uncommOnly large
The question now is, as pointe'
out in the weekly reviews Of tn
steel trade, how far the wage in
crease will react upon prices an
what effect a further advance 1
quotations for steel products vii
aave upon demand.
German marks touched q new 10
of .07 and francs got down to thei
low of the year. These declines di
not shed any fresh light upon tn
situation In the international mon
ey markets. But they did sho,
that the more the uncomprOmisin
attitude of France forces down tn
value of the German marks, th
more does it result in sympatheti
depreciation Of French currency.
A series of group movements o
the stock exchange continue
through the afternoon. Consol
dated Gas and Philadelphia con
pany were conspicuous for. the
strength and this time advances
public utilities extended to the Ne
York fractions, particularly MAJ
haitian Elevated. The behavior
the railway list in the face of Il
disappointing outcome of the a
tiracite strike conference and Il
general feeling that the gatheril
of the railway executives with Il
brotherhood heads would termina
similarly was quite remarkabl
There was nc weakness amol
these stocks at any time and son
of them in the course Of the afte
moon either equalled or exceed
- their previous highs.
Studebaker and Baldwin Loo
motive in which there had be
some short selling at the outs
rallied sharply in the last hour. T
selling continued in the liberty boi
group as was natural while there
the threat Of soldier bonus legisl
ton without any plan for new Ia
a4IaS. laf.ax. aasx =