Evening star., 1922-08-29
STOCK MARKET IN
SHARP RECOVERY
Public Utilities Command
Most Interest-RaiIs Fol-
low Leaders.
BY STUART p. WEST.

NEW YORK, August 29.-The re-
rovery today on the stock exchange
was not due SO much to any favora-
BILE outside developments as 1t was
TO more cheerful view taken of the
strike situation at home ana the
financial problems abroad.
The more the proposed shutdown OF
the Ford plants was looked into the
more it seemed to be regarded as an
entirely special case. II a temporary
coal shortage forces the closing or
Industrial plants during the next rev
weeks the number of these closings
will be very small. this being the
conclusion which Wall street drew
from the information received over
night.
Conditions Brighter.
Efforts at Washington and else
where to picture the coal trades con-
dition in the light Of great national
rrisis have been very much overdone'
Soft coal production is already back
between two-thirds and three quar-
ters of normal. The remaining deh-
cheney will be made up WITHIN the
course OF another fortnight:
The one dubious feature Is ability
of the railroads to provide adequate
transportation facilities.
But coal will be given the Priority
in, the assignment of cars and, bar
ring possible cases of congestion in
certain localities, there is very little
doubt that the country'S industrles 5
Will be getting their full supply OF
coal by the end of another week or
two.
Recovery Easier.
In the light of today's happenings
MONDAYS decline in stocks seemed to
he due far more to inside than to out
side conditions. The market, after
"a weeks continuous advance, was In
line. for Il reaction. and outside news
was used as a mere excuse with
conditions inside the market strength
cued prices came back very easily
over the ground lost. 1t took less
than an hour this morning for the
list to retrieve all of Mondays losses,
and in the afternoon the upward
msvement was renewed in a large
rumber of industrial and public util-
ity issues.
Action I'm Rails.
Railway shares, while not as prom
inent as the others. rebounded with
scarcely less readiness. 1t hardly
needed this recovery, however. TO
Irove that Wall Street has never been
at all perturbed over the shopmen' 5
strike.
The weekly figures on car loadinss,
and now the July traffic returns, nave
made it entirely clear that the strike
was doing no harm to railway rev.
enues or to the general freight
movement.
Steel and copper stocks, railway
equipments and oils all did better
Some of the advances in the public
utility group were extraordinary. In
the case of North American and
Western Union the advance was man.
ifestly anticipating higher dividends
In the case of American Telephone
1T was merely a readjustment in ac-
cordance with the lowest investment
returns required by present money
conditions.
Public UtiIitIes Strong.
Again today the principal features
of the market were provided by the
public utility group. North Amer
lean had another extraordinary jump
10 9S, accompanied by talk that the
dividend would be raised in the fall
to at least SIS and quite possibly 81.
Philadelphia Company, on which In
creased dividends are also being
spoken of, got up to new high, and
Consolidated Gas rose sharply, indi-
eating that even the 10 point rise
within the last few days had not
completed the discounting of the new
recapitalizatiou plan.
American Ice was another utility to
make A new high.
The New York City fractions did
better. apparently, on the conclusion
drawn from overnight discussion that
the Hylan plan for "recapturing' the
subwayS and Scrapping the SURFACE
and elevated lines, was altogether out
of the question. because of the pro-
hibitivc cost involved.
In the public utility group the tele-
phone and telegraph issues were to
he included, and these stocks gave a
remarkable demonstration, especially
American Telephone and Telegraph,
which crossed 25 for the first time.
Cast Iron Pipe.
Both United States Cast Iron Pipe
common and preferred got into new
high ground for the year on buying K
of the same sort that has been in
evidence for s9Re days past.
The company is now working with
the new Delavaud process. and the
tests made are said TO show d revo-
1utionary change in the pipe situa-
rion The Birmingham plant is now
equipped with the Delevaud process,
and tests of the pipe turned out are
said to be thoroughly satisfying to
the engineers of the company.
The Closing.
In the dealings of the final hour
more attention was paid to two or
stocks.
ment in the western Marylands.
The Wheeling and Lake Erie's were
taken up alphabetically. and there
in the Missouri, Kansas and Texas
shares.