The Washington times., 1922-07-02

NEW YORK, July 1.-Strike pros
meets and the possibility Of Govern
ment intervention have been TIE lead
ing topics of financial Significance
during the past week. The market
has been disposed on the whoie 10 IN
sist on the underlying factors IN the
business situation, and has SHOWN
less interest In the immediate specu'
lative influences at work on the price
level. 1t Is recognized that from now
on the settlement OF the coal strike
and the definite restoration OF salts
factory labor conditions on railroads
will be of fundamental imnortance TO
all branches of trade. Federal legis.
lation affecting taxation and allied
matters also is likely to come more
and more into prominence during the
latter part of the season.
Traders In a Waiting Mood.
In these circumstances, 1t is to
be expected that market operators
should assume a waiting attitude.
Enough time has now been given to
permit the coal and railroad Difficult.
ties to straighten themSalves out II
they were able to do so, and since
they are not, the time has come for
applying a remedy which the Admin.
istration now evidently has under Sd
visement. From all parts Of the
country come favorable reports con-
cerning business activity. There has
been a large percentage increase In
the production of copper, and in fact
of all nonferrous metals, while the
t,, nd
duction, already so well known. has
continued to 20 forward. A recent
notable advance In tanning and
leather probably represents the ar
rival Of a period Of recovery In this
branch Of business. Exports are also
increasing in a good many staple
lines, the proceeds OF recent large
foreign loans in this market being
used to pay for purchases.
In these circumstances II 10 not
surprising that the past week has
pcen some satisfactory increases In
dividends. while various conservative
enterprises which have continued
their dividends on the old basis have
been shown by their statements to
be amply capable Of an increase, had
II not been for considerations of pru-
dence. The disposition on the part
of the public to hold office In spite
of their hopeful business indications
In due to the feeling that their per.
manence Is 10 largely dependent up.
on the continued maintenance OF
favorable transportation and ade.
quate supplies Of fuel.
Railroad Shares Strong.
II has been an interesting feature
of the past weeks market that in
spite of the fact that 80 many Of the
uncertainties now existent were
found in connection with Transports
ton, the railroad shares have never.
theless maintained themselves un.
usually well. This IL attributable TO
tho exceptionally good earnings re.
port which they have been making
Now York Central conspicuous
among them-and to the practically
uniformly good outlook for new
business some Of which is revealed
by the carioadings reports and by
the general agricultural prospects,
m tho growing seasons. The dispo.
sition of the Administration to sup
port the labor board In It's findings
| has been well received, and tn are
can be little question OF the out
como Of controversy with tho rail.
way unions should one develop. but
every such contest Ia necessarily
costly and injurious. The fact that
ono consolidation among the minor
| railroads has been announced during
tho past week, and that does not
suffice to offset the adverse con-
siderations, although there seems
little doubt that as soon as the prin.
Opal uncertainties in The railroad
situation have been removed, the
various factors now tending to push
transportation upward will be suffi'
cient to produce decided effect
The favorable development of the
various crops throughout the ooun.
tHy suu proceeds. and private rs.