The Washington herald., 1922-08-09
STOCKS FARE WELL
DESPITE REACTION
AT VARIOUS TIMES
Fractional Declines Over
Previous Close Prevail;
Mex Pete Breaks.

two periods Of reaction during the
day. the nrst in the second hour
succeeding the early enthusiasm for
the railroad issues. and the second
during the last hour OF trading. the
stock market gave a good account
Of itself. The selling during the
last hour carried many stocks some
what below the high prices estab-
i.shet during the last few minutes
Of trading yesterday. but the
changes were confined TO fractions
except IN the case Of some of the
issues which generally bear the
brunt Of speculative operations on
either side Of the market A break
If over s points In Mexican Petro-
ieum had little influence on the rest
Of the market and recessions IN the
other oil shares. in the motors and
tire and rubber issues were bal
anced by strength in the equip
ments. coppers and steel issues. Re-
neved selling during the lest hour
was attributed 70 unfavorable
Washington news.
The railroad shares assumed the
unquestioned Leadership OF the
market this morning. transactions
during the nrst hour being largely
,Dnfined 70 this group. Although
some proft-tskinG was IN evidence
In those stocks which have sd-
vsnced at the most rapid pace dur
ing the past few days. the general
level OF prices was fractionslly
above the high points attained just
before yesterdays close and a few
stocks. such as Pere Marquette. Union'
Pacific and Great Northern pre-
ferred advanced to new highs. Pres
ident Harding's latest move in the
railroad strike situation was gen
orally regarded with disfsvor in
the financial district as q mere eva
sion Of the seniority issue but IL
was felt that neither side could af-
ford TO reject the proposition that
the whole question be referred TO
the Labor Board and In this sense
the action OF the President was re-
garded a. bringing settlement
nearer.
Cesi strfks.
Settlement OF the coal strike was
thought TO be more Of an imme-
diate possibility this morning than
the railroad trouble and the stocks
which might be expected TO be af-
fected by the Inauguration OF coal
production were bid mp vigorously.
Among these were the stocks OF
some Of the railroads which are pc
culiarly dependent upon coal trsf-
nc such as Delaware. LAckawanna
and Western and also the shares OF
coal producing and selling COM
psnies. Pittsburgh Coal advanced
a point and a half mp TO noon and
Burns Brothers issues. always spec
ulative. were bought In large vol
ume. Even ~ the strike should be
settled within q few days. stocks Of
fuel have been depleted 20 q point
which will make prices rule At a
high figure for several months. sc-
cording TO all expectations.
Besrs Raid Market.
Having failed to get the market
down on the bad news OF the past
two weeks. the bears made q new
try At II this morning after the en-
thusissm OF the FIRST hour had died
away and pront-tak,ng selling was
in evidence among both rails and
industrials. The bear party was
successful in the case Of some of
the stocks attacked directly but
even the rather pronounced declines
In some OF these issues had little
effect on the general market which
ruled dull but firm at around the
early highs.
Corn Products-
!, Corn Products. which advanced
yesterday afternoon to above IIs
was subject to pront-tsking sales
this morning and reacted some 2
points. remaining, however. above
the levels at which II sold prior TO
yesterdays bulge Ofhcisls Of the
\ company profesAed to know Of no
developments in connection with
! the company's affairs and in fact
one Of them pointed out that higher
prices for raw materials and a wage
increase recently granted employees
have increased manufacturing costs
appreciably. On the other hand u
was also pointed out that many ~
the company's products are sugar
substitutes and that rising prices
for sugar which bid fair to con-
| ehoe NJ icosN Ah1Ai dINer the next
Cuban crop is placed on the market
are likely TO stimulate demand for
Corn Products output
with 10000 new customers re-
ported for the first half OF the year.
Brooklyn Edison stock was being
mentioned this morning as a pos
sible leader among the public utility
issues during the next few months
issues listed on the New York EN-
change and is held largely BY the
investor class with whom the COM
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