The Washington herald., 1922-07-18
ANCIAL
STRIKE SITUATION
CAUSES DULLNESS
IN STOCK MARKET
Most Prices Stay Steady
With Light Buying
During Day.

NEW YORK. July I7.-Dullness
was. the rule in the financial mar
kets today. the condition being quite,
consistent with the season and the
Uncertsinties surrounding the trend
OF events in the two principal strike
situations. Trading in stocks
amounted to only 100000 shares and
prices were little changed. A brief
burst. of buying shortly before noon
brought a number of fair-sized
gains. but these diminished before
the close, leaving fractional gains
the rule. Oils sold of in the NOR
ing on ascent cut in the principal
Eastern crudes. but recovered fairly
we'll HI the afternoon Bonds mean
while held recent gains, one Liberty
touching a new high. Call money
ruled aat per cent throughout and
an ample supply Of time money was
available at 4 per cent.
Rail Deadlock Continues.
This mornings news deyelop-
mentS were not of a characSs1ee
encourage speculative buying d
stocks. The continued deadlock In
both the, railroad and the coal wotk
crude oil prices were all calculated
to induce caution in making such
commitments. As a result there
were fractional recessions at the
opening both in the rails and indus
trials, with rather acute weakness
during the first hour in many of the
oil issues. However. just before
noon some large buying orders ap-
peared in the market. and while the
volume of transactions was not
large there was a noticeable stiffen-
ing of prices, particularly in the
groups which had displayed weak
ness earlier in the day.
The morning market movement OF
the rails was much the same story
as that in the oil group. except that
the range of price movement was
much narrower. There was early
selling followed by dullness ana
then by buying orders. which drove
prices up fractiOnally from the
morning lows and in some cases
above Saturdays close.
The sensational strength in the
equipment stocks which developed
during Saturdays dull market was
again in evidence this morning
after the early selling had run its
course. Baldwin, with an advance
of a point. and Railway Steel Spring
were again the leaders.
Dividend stocks Advance.
Because their market movements
are confined to fractions as a RUE
and they are, therefore. of less in
terest to the average market oper-
ator. TN better class Of dividend
paying stocks seldom break into the
news columns. Nevertheless no one
factor of recent weeks has been OF
great significance than the dow but
steady enhancement in the value of
many of the so-called investment
stocks and their steadiness during
periods Of stress. American Telee-
phone and Telegraph. Union PacificE
Norfolk and Western, National Leah
Endicott- johnson, Western Union
are other issues from which the
professional market operator has
little to hope in the way OF quick
action have neverthelesF steadily
mounted in price when the trend of
the market was up and have gem
crafty held their gains during pc
riods of rection-
No Change iH Strike.
sithough the Geological Survey
reports no significant change in the
number of striking coal miners, its
returrs for the week ending July Is
show that the railroad walkout is
row having its effect on coal output.
Despite the fact that the influence Of
the holidays is past. the weeks out
put is placed at only 100000 tons.
This is practically the same amount
as that mined during Fourth of July
week and is approximately 1850. 900
tOnsushort of the level reached in
the prect ding weeks. The drain on
stocks has. accordingly. been en-
phasized. while the supply of un-
billed coal at the mines has fallen
To small proportions. Under the
circumstances il is clear that the
strikethas reached the critical stage.
Pending further developments in
the German situation the foreign
exchanges remained quietly steady.
Gables from, Paris brought the
news that the reparations commits
sion has been officially notified that
Germany has deposited 32.0O0.000
gold marks to meet the July Is
payment. Paris advices also re-
pored. the return of the guarantees
committee which has been in Ber-
lin for some time examining the
condition of the German govern
ment's finances. 1t is rumored that
the cQmmittee which will make its
official report to the commission on
Thursday or Friday. favors the
granting of a moratorium on cash
payments. While the French may
be relied on to emphasize the need
for Grman reforms. il would ap-
pear that the way is being pre-
paref for a more rational handling
OF this whole matter. Sterling was
unchanged at S4.44 3-16 and Francs
held, firm at s.26A cents. Marks
lost y of a point at 0.22B Of a cent.
The general quietness extended
to the principal commodity mar
kets Cotton moved within an un-
usually narrow range after open
ing lower in response to Liverpool
cables. At late price of 22.20
cents the July future was off Is
points on the day. Here. as in the
case of the grain markets, traders
are watching the weather reports
and the prospects of exports busi-
ness. July wheat sold up to S117S
on reports of rust damage in the
Northwest but gave way readily
before selling pressure, showing a
net loss Of 1iz cents at s1.15A.