Evening star., 1921-07-25
STOCKS ARE. QUIET,
/ BUT ALSO Strong
Tire Shares Improve Consid.
erabIy-Equipments Better.
| Traders Encouraged.
BY STUART p. WEST.

NEW YORK. July 25. - The
stimulus given to the market Tor
investment securities by the re-
Auction of bank rates and the
increasing pressure for employment
of money supplies, was again the
outstanding feature in the financial
situation today. There were still
larger offerings Of time money all
the way from sixty days to six
months at six per cent, and prices or
bonds of investment issues generally
continued to move toward level
more in keeping with this changed
condition.
That business Is being freely done
in time funds for long periods at a
s per cent figure means that the
money market Is looking forward to a
term of ease such as has not been
seen in recent years, and the pros
pect of a permanently lower interest
rate holds out the prospect also 1or
permanently higher valuations TO oe
set upon all investment securities OF
EnQuestionable soundness.
The buoyancy of the investment
market naturally reacted upon the
speculative share list.
Some short Covering.
Further short covering. with an ad-
mixture of fresh buying, carried
prices forward in some directions.
while profit taking by last week s
buyers held other part Of the mar
ket in check.
There was nothing like the life in
the speculative trading that there
was in the" investment division. Still,
the speculative movements bore wit
ness to the better feeling il 'anking
circles and in many lines of business.
expressed in trade reviews, and the
pablished statement Of representative
business men over the week end.
Interest was shown in the Presi-
dents message to Congress tomor-
row, in which the new railway pro-
gram will be set forth.
The main features of the relief plan
have, of course, been known for some
time, but buyers of the equipment
shares and the SteelS were evidently
counting upon some sentimental en-
thusiasm for the stocks Of companies
depending upon the railway demand,
from the definite announcement Of the
proposed cash payment of S5Oo.0oo,ooO
by the government to the roads.
Railway shares did little, but the
equipment stocks and some of the
steels were in demand.
So was American Wool on the sue
cess of the opening day Of it's offer
ing Of spring goods.
Finds Sentiment Better.
The head of one of the big Wall
streets wire houses declared this
morning that in talks with repre-
sentative men over the week end he
lad found that sentiment had under
bone a decided change and that busi-
hess men in general were much more
cheerful than for long time past.
This was decidedly true Of bankers.
it was said. These were looking to
the future with much more conf
dence. In only one line was there
continued pessimism, and this was
among steel men.
The Steel Statement.
The statement covering the opera
tions of the second quarter of United
States Steel is due to be made public
tomorrow afternoon and Wall street
els prepared for the worst. 1t has
been rumored for several days that
the report will show earnings SO
meager that they will not cover the
common dividend for the quarter.
This has causd quite lot of selling
of Steel common recently and, cou-
pied with the statement that the corr
poration was in trouble with the rev.
enue department, has built up quite a
oil oo hla short inferaaf n Steel