Evening star., 1921-07-30
TRADING IS DULL;
CLOSING

NEW YORKSJuly 30.-Today's stock
and bond markets continued to exhibit
the respective tendencies which have
marked their operations during the
week on the part Of stocks-a resistance
in the general list to the effects of the
pressure on supposedly weak indus
trials. and on the part of bonds a
strength which testified to the contin-
uously insistent demand for prime in
vestment issues. What news devel-
oped since the close yesterday was all
favorable, but whether it had any ef-
feet on quotations was doubtful. Rather
was 1t probable that the main influence
was increasing distrust in the perma-
nent safety Of operations for the de-
cline. 49,.
Eloquent testimony to the reality
of the passing of the period of credit
stringency was the recommends tion
of the New York Federal Reserve
Bank to member banks in favor of a
more liberal policy with reference
to maturing loans and the granting
Of new accommodations were sound
banking practices permitted.
Sugar Menace Passing.
The sugar trade authorities, with
the exception Of the one refining in
terest which has consistently pre-
dicted lower prices, were unanimous
in declaring that Improvement had
been marked. and the outlook for
removing the menace from this
source, which has so long overhung
the market. was good. Then there
was the notable catalogue of the ef-
forts of the administration at Wash
ington to aid business and restore
normalcy.
1t is not necessary to indorse all
the methods employed or to share
II fD
admit that substantial help has been
given from this source.
Dealings ON Small Scale.
Actual dealings were on very
small scale. Studebaker and Vir.
tive showings their annual reports
are expected to make. The former
was strong, the latter was weak.
The dividend paying rails as yester-
day. were firm. especially the shares
The dividendpaying rails. as yester-
one feels an optimism which SO far
the earnings statements of these cor
porations have failed to forecast.
Neither the foreign exchange, the
grain nor the cotton market showed
notable changes.
Boston stocks Hammered.
The success achieved in slashing the
price Of United Drug has caused the
supremely confident '''bear" party to
hammer other Boston stocks in an ef-
fort to force the same sort of liquida-
ton. The big bear operators therefore
have been shooting at United Fruit.
Bosch Magnetic General Electric, Ameri-
can Woolen and others. Some success
was attained in the raids on Bosch.
Fruit and General Electric. but there
was no sign of any real liquidation.
The Studebaker report. made public
today, was about as expected. 1t
showed earnings for the second
quarter Of approximately $500 a
share anu earnings for the six
months of approximately S11 a share.
or at the annual rate of S22 a share
on the six hundred thousand shares
of common stock outstanding. The
declaration of the regular dividend
of $1.75 on the common was a distinct
disappointment to a few who had
been predicting that the directors,
who met in South Bend today, would
add something extra The quarter
just ended was the best in the history
of the company. with a production
of $4,000 cars. but the president of
the company in his remarks accom-
panying the report declared that the
schedule for the third quarter called
for $4,000 cars. and he said that all
Of these should be SOlu