Evening star., 1922-07-18
Stocks HIGHER ON
FAVORABLE news
Changed Attitude Of France
HeIpfuIHBeIieve Strikes
Are Nearing End.
BY STUART p. WEST.

y" " sSSNs" IVY essNs
BY STUART p. WEST.
NEW YORK. July 1s-There was a
marked reluctance of spectators to
offer stocks today. This resulted In
an early rise and the later retention
Of much Of the initial advance.
Moreover. the really remarkable
change of the attitude of France to-
ward the reparations problem. be-
sides stimulating stocks. was very
real influence in the foreign exchange
market.
Sterling had a slight advance and
France rose about one-fourth OF a
cent before noon. Generally speak
ing. the markets had more cheering
information and forecasts before them
experienced since the railroad strike
began.
The easy money situation remained
RS one OF the chief bulwarks of the
days improvement in securities. call
loans again renewing at per cent.
Cut Reparation Demand.
The cabled suggestion that both
France and England have tacitly
agreed to a heavy cut in German rep
arations was quite unexpected to per
sons on the side unfamiliar with
French politics.
Within the last few days 1t had
appeared as though Poincare and his
supporters were as fully determined
as ever that theVersailles pact should
be carried out 1t remains to be
seen. of course, whether France will
consent to a reduction from 132.000.-
100000 to $4,000. 900. 900 gold marks.
even though arrangements be made
whereby the French debt to England
would be Cancelled. An ironical slant
Is attached to the proposed reduction
in that the new capital amount event.
ually esta blished would be very close
to the maximum which Keynes, the
British economist. named as the limit
of Germany's ability to pay in his
diatribe against the peace treaty and
Its economic aspects.
Factors in Rise.
There was no question but that the
new French attitude was a factor in
the strong buying movement which
carried stocks up point to six points
in the first half hour of business.
However, the better news about the
railroad and coal strikes was prob
ably the more influential force in
checking sales.
1t was noticeable that prices halted
in their advance when the Presidents
lators were sufficiently confident that
no easing of Mr.. Harding's position
would occur and later stocks became
f1rmer.
New Highs Made.
New high records for this year were
reached by broad list Of industrials,
including American Can. Aliis Chal-
mers. American Locomotive. Indus
trial Paper. Studebaker, Sears-Roe-
o1
Asphalt.
The abundant supplies of money,
evidenced by a shading of long dated
time loans, again stimulated the bond
market.
Coca-Coia Earnings.
Coca-Cola earnings in July are
running at a new high monthly rec
ord. exceeding the June figures of
slightly more than 100000. Com
pany offichils have maintained right
along that Coca-Cola would set new
tions to date have more than borne
out this forecast. 1t was stated
some time ago that an increiase in the
Coca-Cola dividend was likely this
year, and that such an occurrence
could be looked for when earnings
for any one month ran above $1,0oo,-
000., "
Industrial Alcohol.
United States Industrial Alcohol
made a new high price for the year
and held near It's top. The company
pending. and settlement Of these is
expected in the near future. One
market expert expressed the opinion
today that mot even selling by in
sfders can destroy the speculative
position which has been built up. al
IL
ment of the movement"
Cut in Crude Oil.
. Oil men yesterday were wondering
would be announced, and today felt
gratif1ed that 1t was out Of the way
so quickly. Oil stocks appeared to
have just about discounted these two
cuts and while rather irregular. did
not sell off materially.
Sears-Roebuck.
Sears-Roebuck stock responded
sharply to the news that the COM
pany will retire its serial notes due
in October. The company has already
bought uA about $3,600,00o of these
notes and the remainder will be paid
when due. 1t is considered probable
also that arrangements will be made
Of the $10,000,000 in notes due Octo-
Der, 1928, without new financing.
Closing II Steady.
A brief period of hesitation in the
stock market at midday was followed
by fresh buying. A moro emphatic
reflection of the foreign situation was
seen in the foreign exchanges. which
went well above the best prices Of the
morning. Belgian francs were espe-
cially prominent. getting across the
Scent level. Francs reached $50. as
compared with s.301a on Monday, and
sterling. at 4.46 for sight drafts was
IN cents higher than the day before.
The statement by the Department
of Commerce on our June foreign
trade was interesting in that exports
were $2,s98, 600 less than in June, 1921.
but exceeded the May result this year
by 100000. Imports were $74,000.-
900 greater than In the same month
last year. and while they were only