Evening star., 1922-09-13
RAILS ARE EASIER;
METALS F|RMER
Stock Market Shows Senti-
ment Mixed--PooIs Are
Back of Favorites.

NEW YORK, September l3.-The
two most important aspects of
the movement on the stock exchange
today We're the same as they have
been right along-a lively specula-
ton, especially in stocks of the pool
variety, accompanied. however. by
solid sub-st stratum of investment buy
! ing showing itself in the sustained
high level of bond prices and in the
the investment or semi-investment
class.
i The pool operations bore witness to
confidence in the sufficiency of the
autumn money supply. and belief
| that the next six months will see
further increase in general business
activities and satisfactory profits for
| the great ma ajority of manufacturing
and transportation enterprises.
| The investment operations indicated
a searching out of bonds and stocks
which still offered a good yield at
tendant with reasonable measure of
security, and which had not been
brought into line with the general
market.
Conditions Much Mixed.
The individual price movements. as
on the previous days. were very much
| mixed.
Realizing sales bore heavily against
certain stocks, while new buying
went on vigorously in others
United States Steel common again
touched it's high point of the year.
and a number of new high records
were made, notably in Baldwin Loco
berS of the equipment group and
several OF the gas and other public
utilities.
AS the afternoon went on trading
in the general list slowed down con-
S;derably. CoincidentaIly there were
more surface signs of reaction. But
nowhere was there any real pressure
to sell.
Exchanges Lower.
The foreign exchanges went lower
again, but the declines were too
small to be regarded as significant
of any shift of. banking opinion on
the European outlook in consequence
! of the Belgian ultimatum-
Belgian ~. per centb onds dealt, in
on the New York market fell a point
but this was very slight expression,
II indeed 1t was an expression at all.
VI uiedsIitsS over belgian nnanceS
now that the latest settlement plans
have been held up.
Logical Conclusion.
The most logical inference is that the
reparations commission will effect a
compromise. which the Belgian and
German conferences We're not able
to reach. and that the arrangement for
holding. up cash payments and at the
same time providing an adequate cash
epn
Sterling exchange was off over
cent. the largest loss of any day in
some time. 1t is now nearly 6 cents
in the pound from it's high of a month
the support incidentally furnished the
sterling market during the time when
Great Britain was preparing to meet its
war interest due in the United States.
New York Central
Declaration of the regular dividend
! at the rate of per cent on New
York Central today was expected.
The stock sold off in sympathy with
other rails. 1t has always been the
practice on the Vanderbilt roads,
where they were going to distribute
anything extra to stockholders, to do
this at the last meeting of the year
that is, the December meeting.
That is the time when raising of
the New York Central rate has all
along been looked for. Meanwhile.
another per cent dividend was
voted on Big Four common, confirm
ing that this stock may be regarded
as on regular per cent basis. A
bears the right proportion to 5
per cent dividend on New York Cen
trail. considering the offer of exchange
in the ratio of 5 of the latter for 4
of the former.
That Oil Merger.
Wall street is continuing to guess
about the merger of oil companies
which is to include Producers and Re-
finers as one Of the companies, at
least. 1t has been pointed out that
Barnsdall Corporation is likely to be
linked with Producers and Refiners,
/, but the name of Gulf Oil was Joined
to these for the first time today when
it was said that Gulf Oil would take
!,over both companies
American Water Works.
The demand for American Water
. Works and Electric Company stocks
from the outset of the week has at
tracted special attention. particularly
among people familiar with the COM
pany's affairs. 1T was generally as
sumed that the immediate reason for
the buying of the per cent par
ticipating preferred was the expecta-
ton that the directors at their meet
+, ing next Wednesday would declare
6 per cent on this class of stock.
After the per cent cumulative
preferred is taken care of the per
cent participating preferred has pre-
cedence over the common. When s
per cent has been paid on each the
, participating preferred and the COM
mon, they share equally in any fur
ther distribution.
Financial Notes.
The regular quarterly dividend of
the Youngstown Sheet and Tube Com
pany. payable October ], will mean
distribution Of s775.000 to stockhold-
ers June was the best month of the
year, with slight falling off in July
and August. Gross sales are running
about s5,Ooo.000 monthly. it was esti-
mated today.
An offer will be made in the near
future of st. Paul UnioRDepot Com
pany offering, the purpose of which
will be to retire ss.000.000 guaranteed
5h per cent notes, due December Is,
1928, and to supply funds for the COM
pletion of the 1923 program.
New York State Railways today de-
clared a dividend of s625 on prefer
dividends payable October 2 to stock
holders of record September 81.
The regular quarterly dividend of
the New York Genital railroad of IN
per cent, was declared today 1t is
payable November 1 to stockholders
of record September 20.
Irregular Closing.
Afternoon dealings were irregular
as result of traders shifting COM
mitments from one group to another.
Gas. food and shipping issues were
marked up materially, while profit
taking depressed the steels, equip