The New York herald., 1922-07-18
FINANCIAL NEWS
AND COMMENT
Strike Reports Fail to Shake
Firmness i'm Stock Prices,
but Trading Is Dull.

The principal effect of strike news
yesterday was to diminish the volume
of trading in stocks and make rather
cautious the dealings in commodities.
Pool operations in particular shares.
however were not entirely discouraged
by the possibility of spread of the
railroad strike, and while the market
was inclined to sag in the last hour of
business, the undertone was decidedly
firm. The force of speculative purchases
In the morning proved sufficient to estab-
lish new high records for this year in
several instances. a fact that seemed to
prove the presence Of determined buyers
who look upon strikes as temporary and
merely obstructive to the progress Of
industry.
The attitude of the Street toward the
great strikes has all along been rather
surprising. The action Of stocks has
suggested that both investors and specu-
lators either were blind to the serious
possibility of railroad traffic so severely
ings or were persuaded that the Govern
ment's good offices would suffice to bring
the controversies to an carly end.
The news dispatches yesterday held
the last week. that soon Federal efforts
would bring all disputed points to a
basis of adjustment, but at the same
time the strike reports in respect to
were knocking off work. The plain fact
of the strike situation is that sooner or
later industry will be injured, and
injured badly, If soft coal mining is not
resumed soon and the free movement Of
goods permitted
Railroad stocks disclosed non-com-
initial attitude on the part Of the specu-
lative fraternity. price changes being
unimportant. The petroleum shares
quite naturally came In for bearish at
tention for time, the result of the re-
duction of petroleum prices in Eastern
fields to conform with cuts in the mid
continent and Western territory on
Saturday but they were not depressed
very far
1t was doubtful IL economic factors
had much play in the days markets. A
reliable estimate that copper sales in
June were larger than in any month on
record. while stocks were reduced far
below the normal levels Of pre-war
rrrl,o tnxy IN
the metal share market In fact, copper
stocks were inclined lower.
Any discussion of current markets
would be incomplete II no mention were
made Of the supporting influence af-
forded to stocks and bonds by the money
situation. 1t Is not improbable that
when the history of the third quarter Of
this year is surveyed in retrospect It
will be found that abundant funds and
easy rates were the principal factors in
offsetting the market effect Of trouble
some labor difficulties. Call money was
| lent at per cent. and a relaxed position
in time money was displayed In a recess
sion Of 4 per cent. in long dated rates.
The foreign exchanges marked time.
The return to Paris of the Guarantees
Committee which had spent much time
examining into German economic and
fiscal affairs started many rumors
about the recommendations which 1t will
make to the Reparations Commission
and the exchanges presumably waited to
see what would develop.
Bonds were firm. The Liberty fourth
~ went to a new high record.
Cotton and grain lost ground. wheat
experiencing a sharp break after a firm
period in the morning. 1t will be easier
to judge the appearance of these mar
kets when more is known of the crop
outlook.