Evening star., 1922-08-08
MARKET IS SP0TK,
BUT FAIRLY FIRM.
Equipment and Rail Shares
Display the Best Strength.
Tires Soft.
BY STUART p. WEST.

NEW YORK, August 8.-The over
night announcement that the bitumi-
nous coal strike was likely. to be set
tied within the next few days. and
settled on a national and not 4 10.
cal basis, gave Wall street a pleasant
surprise. 1t had been supposed that
the utmost the Cleveland conferences
would accomplish would be re-
sumption Of operations in three or
four states in the middle west.
The stock market took the news a.
warrant for further buying move.
ment, which centered upon shares OF
rying railroads. The list held up
strong until the early afternoon. Then
the trading element began to WORK
for a reaction on the ground that
there were "a number Of weak points
to be found among individual stocks
and that in it's present narrow
range the market generally had had
about enough Of an advance for the
time being.
Tires Weak.
Tire stocks had been weak from
the start. They were actively solo
again in the later dealings.
The logic Of events in the tire in
dustry seems to be toward mergers
like those of the Independent steel
companies. brought about under the
urge of strenuous competition and
abnormally low prices
SO far as the motor stocks are
concerned this is always the slack
season. Comparatively speaking. the
indications for the second half year
are that earnings will compare favor
ably with the like period in other
point there is no immediate incentive.
to take hold of the stocks in the
market, as there was when the auto
mobile trade was booming in the
spring.
ShippinEs Weak.
Stocks of the shipping companies
were another weak spot and there
was some pressure against the oils!
The rails, which had been storing
at the outset were affected by the
latest selling movement, but outside
of the few groups mentioned there
was no real weakness.
Operations in the foreign exchanges
were of little signiflcance for two
reasons. first because cutting OF tho
gents interferei with business and
second because the turning over of
the French proposals for a German
moratorium to committee OF experts
meant, so it was realized. further de-
lay in obtaining any accurate in
formation about the proceedings at
London.
Financial Notes.
The Baldwin Locomotive Works
has received an order for twenty-five
consolidation-type engines, to cost
S1.000,000. The order was on a cash
basis for fall shipment. The COM
pany also has received orders for
&c, t,4 Joft =
Ohio. fifteen switching engines from
the Illinois Central and six switching
engines from the Southern.
Standard Oil of California has re-
duced the price of fuel oil at all
points and forms of delivery Is cents
Copper producers. II strikes are
out of the way. expect good sales
this month. with the probability that
the present price Of IA cents deliv-
cred will show a moderate gain.
Subscription books on the new $13.-
Gimbel Brothers were closed this
morning. The issue was offered yes
terday.
The Standard Oil of Kansas de-
clared its regular quarterly dividend
of SO a share. payable September Is
to stock of record August 81.
The Pennsylvania railroad reports
a coal car surplus and its ability
to move all coal shipments with same
regularity as before the shopmen's .
strike.
COnl Stocks.
The coal stocks were naturally in
fuenced favorably by the prospect
of an early termination Of the strike
in the bituminous regions. While
this still leaves the anthracite mines
tied up. It was felt that the threat
of competition from soft coal would
force a speedy compromise between
the hard coal operators and their
men.
The Burns Brothers stocks. which
have had in view higher dividends
in a reasonable time after the strike
settlement, were bid up. and 30 was
Pittsburgh coal. The way the latter
has stood up all through the suspen-
sion of mining operations, with the
heavy loss entailed, has been remark
able. 1t goes to show how closely
the stock Is held.