Evening star., 1922-06-30
ARE
MORE EFAV0RABLE
Evidences of Strength
Shown in Many Stocks.
Oil Liquidation Stopped.
BY STUART p. WEST.

NEW YORK, June 30.-Three con-
siderations entered into todays stock
exchange movement. The first was
the rather strong hope held out OF an
eleventh hour settlement of the rail
way shopmens grievances.
The second was the confidence felt
that the administration at Washing
ton would be able to adjust the differ
ences between the mine operators and
the miners at the conference called
for the week end.
The third was the fact that the gen
eral market Thursday and again this
morning had failed to show any SEN
sitiveness to the weakness in the oil
shares-that quarter in which pool
operations were most reckless in the
campaign Of April and May.
Fairly Strong.
The result was a moderate demon
| stration on the side of rising prices,
centering upon some of the motor and
equipment stocks in which short in
, terest had collected and upon num-
ber of the rails. Along with this
| public utility stocks. notably the
Brooklyn Rapid Transits and North
! American, in which favorable earning
statements were the influence.
Railway bonds went somewhat high
er with the stocks.
Liberty ~ s OF the fourth loan madS
| new high. These were indicationS
| that the bond market was beginnin:
to feel the traditional effect of tha
"reinvestment demand" by the re-
cipients of the July interest and divi-
dend payments.
Marks Still Sink.
German marks continued to sink with
out affecting the other exchanges. Both
British and French rates were higher.
sterling being up nearly four cents in
| the pound from its recent low. The call
money renewal which on Wednesday
was per cent and yesterday ~ was
lowered to AZ per cent. This was the
| combined result Of the cessation Of out
of-town bank Withdrawals and the COM
year settlements.
Stop OIL Selling.
Selling Of the oil stocks ran its course
by the end Of the first hour. The rea-
son for the markets indifference to the
break in these stocks was merely that
they were regarded as a point Of spe-
cial weakness. the clearing up OF which
was a distinctly good thing for the gen
eral list. Actually, Of course, the latest
developments in the oil trade have
| been altogether favorable and the de-
cline in the oil shares was wholly re-
ferable to their market position.
The recent advance Of cent gal
lon in refined oil products would seem
to refute the idea that the huge pro-
duction Of the last six months has
brought about serious oversupply.
Speciality Moves.
Here and there. a cautious resump
ton Of speciality operations was notice
able. American Ship and Commerce was
actively bought on the announcement
that its principal subsidiary. the Cramp
shipbuilding Company. had declared
of 81 a share for American Ship and
Commerce owned stock.
Coal shares went up on the strength
of the White House Intervention in the
coal strike situation.
Brooklyn Rapid Transit.
There has been steady buying Of
Brooklyn Rapid Transit at rising
the middle of the week of the May
earnings report. This. when an
alyzed, showed that the road. besides
covering its fixed charges and taxes,
was earning at the rate OF over
per cent on the stock. The meaning
B, r. T. will be out of the hands OF
the receiver before very long.
Oil Stocks.
Oil stocks were under pressure
again for a while today. Fresh ma
terial for bear campaigning was
found in the report that the negotia-
tions between the Mexican finance
minister and heads of the American
oil companies doing business In Mex
leo were not proceeding favorably
and that the whole project 10 JOIN
forces for the exploitation OF new Oil
territory in the Mexican republic was
in danger of being abandoned. Mexl-
can Petroleum broke quite Sharply
for a time, and so did the Pan Amer
leans.
There was conspicuous weakness
again In California Petroleum. Mar
land and In Producers and Rehners
On the other hand Sinclair. Phlllips
and Texas Company were better sup
ported
Coal stocks.
The stock most affected by the gov
ernment's intervention in the coai
strike situation was Pittsburgh coal
This had sharp run up representins
the shares of company most of the
mines of which have been closed down
Pond Creek Coal went along mod
erately with Pittsburgh Coal. but this
!! was not at all logical in view OF the
fact that Pond Creek is non-union
company and the stock has been bull
ed because of the abnormal earnings
during the strike period. These, OF
course. would cease with the resump-
tion at the union mines.