The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-07-15
MARKET ADVANCES
AFTER DEPRESSION
i'm EARLY TRADING
Independent Oils. Stude-
baker, and Baldwin Lo-
connective Feature.

NEW YORK. July n-Anr
period Of weakness during the morn
ing In the course Of which the on
shares continued the 6ecline beFun
yesterday and many OF the industrisi
issues also sold OF. the market ttrnsd
upward. The independent oils, LED BY
the shares Of the Mexican cornpar,e,
rallied sharply and studebaker, Bad
win and some OF the more specula-
tive issues In the industrial eroup
also advanced. The movement by no
means EXTENDED TO the entire list,
however. and even some Of the stocks
which participated In Il did NOT "a
vance enough TO recover all Of the
mornings decline 30 that the net re-
suit Of the day was irreguIsrity IN
the price changes.
Money Turn Easser.
Fixing the rate on call lo,ns NJ
per cent and further easing IN n.
general credit situation az reflected
by q slight Increase In the reserve
ratios Of both the local bank ana the
Federal Reserve system az a whole
aid not have any apparent effect on
prices during this mornings trading
on the Stock EXCHANGE There was
considerable volume Of selling DUR
Ing the FIRST hour and prices were
marked down In consequences. Il was
very generally thought that most o.
the early Liquidation was for the ac-
count Of q Chicago nrm. failure OF
which was announced from the ros-
trum shortly after the opening Of
business. This was reported 70 be
completed during the first hour ana
sTsk -
with reversal Of the downward trend
Of prices.
A. r. a r. Earni,ss
Publication Of the American Teie-
phone and Telegraph compznys semi
annual earnings statement showing
earnings Of sS.75 q share on the com
pany's stocks for the FIRST half OF the
year. approximately the same rate as
last year and materially In excess Of
dividend requirements served 10 pro-
mote some buying OF this issue which
advanced nearly q point from the
levels at which Il has hung for some
weeks past At the present rate Of
dividend and current price the stock
returns purchasers nearly IN per
cent and apesrs attractive from an
investment standpoint a. compared
WIN many OA lne tlAuoAro olNloeno
payers.
The American Railway Associatoa's
weekly report Of revenue freight
loaded on the railroads Of the United
States during the week ending July
l showed a slight decrease from the
total OF the previous week The
exact amount OF the difference wa
sos cars. This 10 the FIRST week etnce
April which has failed to better the
total OF the week before with me
exception OF the week includins
Memorial Day.
Rails Are Sirens.
Whether IL is in accordance vfth
that Oldest OF Wall Street Dextms,
Never sell stocks on strike nevI,-
or because the Street has reason 70
think that the labor troubles Of the
roads are nearer q solution thar
perusal OF newspaper headlines for
the last few days would indicate. the
fsct remains that the raflroad shares
continued this morning 70 exhibit the
strength which has marked this grouf
Of stocks ever since the strike beean
to loom up a. a possibility nearly
two weeks ago. There were some re-
cessions in the rail list today but
the changes were unimportant snd
were varied with gains in other rails
Free selling OF the oils during the
morning brought further recession,
in this group with many Of the
Standard OIL issues losing almost a.
much as the VIGOROUSLY unstable
Mexican stocks