Evening star., 1922-08-01
STOCKS ARE Slow;
! MOTORS SELL OFF
ny STUART p. WEST.

bH
NEW YORK, August 1.-The lack
Of uniformity and consistent price
trend which characterized the STOCK
market movements today was ex-
plained by the trading attitude tc-
ward important outside events.
1t is conventional, after a period IN
which the market has been discount
ing future developments, for quota
tons to become uncertain and rather
rimid, and these developments are
about to be realized.
So traders were content to mold
aloof from new commitments until
D the railroad executives conference on
the strike had taken some definite
shape.
The meeting got under way with so
representative an attendance that the
street was convinced that lasting de-
risions about the shopmen's strike
would be made.
Stocks started off quite firm, but
after fractions had been added to
many of the more prominent rails
and industrials; business slowed
Will Affect Coal Strike.
The financial community believes
that if the railroad strike is settled
before the end of this week it will
have a powerful effect on the coal
situation.
The invitation issued by ]. L. Lewis
Of the Coal Miners Union to opera =
tors Of the middle west to meet with
union leaders in Cleveland on next
Monday was quite the most encour-
aging occurrence noted in the long
disturbance.
Stocks for d fortnight have been
discounting the end of both strikes.
In this process. such representa-
tive rails as Pennsylvania. New YORK
Island. St. Paul and c. & O., have
risen a point to more than two points
and past market history suggests the
possibility of reactions when the
good news finally comes out.
About the only feature of the rails
today was the rise in St. Paul COM
mon and preferred, which eased on
later.
Motors Are Weak.
Weakness in the motor shares re-
f1ected the views of the trading COM
munity on the price cuts being an.
nounced almost daily. The General
Motors Corporation units are the leao-
ers in this price-cutting campaign.
but the stocks of competitor compa-
mics are the ones which are suffering
most in the market. Chandler sold
off rather sharply, as did HUDSON MO.
tors and Maxwell. but Studebakersheld
steady. with price-cutting now un-
time for the professional traders to
start the rumor that Chambers divi-
derd is in danger" said partner In
one of the big Broadway houses
which is close to the Chandler man.
agement. There is one thing which
should be borne in mind about Chandler
however" continued this man, land
that is that Chandler will make money
at whatever price it sells Its cars"
Rails Lead Advance.
Rail shares continued to lead in the
advance which carried the averages
once more into new high ground for
the year. Chicago. Milwaukee and
st. Paul common and preferred. made
new high prices. The buying is
considered an index to the mind Of
the financial district regarding the
settlement of the strike.
CIuett-Peabody.
Continued strength in Cluett-Pea-
body was based on the expectation
of a restoration of dividends. The
company has made great strides In
getting back to normal.
Earnings for the first half year
have been at normal rate, but
bank loans which stood at close to
$1,000. 900 in 1920 and at s2.000,000
at the close of 1921 have now been
practically eliminated.
The Closing.
In the last hour furry in Consol
idated Gas. carrying it up about two
points drew attention to the fact
that today marked the end Of bond
conversions which theoretically had
been holding the stock down. Call
money was in better supply than on
Monday. lending at per cent. Cot
ton options finally reached levels
more than IS a bale higher than the
day before and late reaction was
fr hn md slr a
strength. Foreign exchanges were
inclined to sag. marks reaching a new
low point under .O015.
Financial Notes.
The General Cigar Company in the
first half of 1922 earned the eQuiva-
lent of s3.S3 a share on the common
stock after charges, taxes and divi-
dends on the preferred and debenture
preferred stock, as compared with
s392 share for the first half Of 1921.
The United Verde Extension Mining
Company produced total of 9.249,092
pounds of copper IN April. May and
June.
The Paige Detroit Motor Car Com
pany had one of the best months in
its history in July. producing $500
cars. Profits are estimated at nearly
100000.
The New Niquero Sugar Company's
final outturn for the season amounted
TO 270.S86 bags of sugar. The pre-
liminary estimate of the crop was
100000 bags.
The production schedule for the
new line of Buick cars will provide
for turning out 1S5.O0O cars for the
fiscal year beginning today. This
compares with 10000 for the best
previous year and 1901 900 for the year
lust closed. The new prices of Buick
open models four-cylinder cars showed
a reduction of $50 and reduction of
approximately $500 on open model
six-cylinder and $3.50 on closed
models.