Evening star., 1922-07-31
STRONGER TONE :
ITO STOCK MARKET
Rails and Equipments Firm.
Studebaker's Increase and
Z, Extra Dividend.
ny STUART p. WEST.

NEW YORK, July 31.-The stock
market found reason in weekend oe-
velopments in the railroad strike 10
h.,;eve that President Harding's plan
for settlement would win out even
though much opposition might arise
over the seniority problem =.
The result of widespread expectas,
tions that striking shopmeh Few ~Hu,e davs
was heavy buying of ran shaIes.
hrfneins many new high records TOT
the year. r,;,ro,d
eouipment companies went along VIII
q rising rail issues, and the snort
iSterest in such stocks as Stude oakel.
cTucible and the chemical group
oS,ickly sensed the market -treno-
studebaker Shorts Whipped.
;s,udebaker recorded in very abrupt
.Srinrs over a range OF more tnan
fhbr points, differences OF tfaoins
ohinion about the quarters diVloeIlos;
.When news came that directors nao
rtised the payment men drdsned IRON $50 So g paid
sE-an extra dividend che defeat OF the
shorts was complete.
fThe market realized that matters
~ great Importance to business" was
attached to TOMORROW meeting VI
Traders were inclined to feel that
~ managers Of certain roads weuln
Combat a movement to return strih
ers to their old privileges, ana eau
lion over this possibility promote!u1
considerable proht-taklhs ai.ei ~
shares had advanced. from point W
two points all around.
Z. indifferent on Coal Strike.
IA somewhat surprising feature OF
.ttike- influences securities was the
siteht attentioil paid in market com
nxnt 10 the coal strike which. by and
iaree. threatens to have more seri-
ous EFFECT on industry than does
hampered railroad traffic
'But it has been seen for seVeral
6ays that the strikes were CLOSELY
reiated, and the. obvious methods OF
anproaching industrial peace was
through the medium which gave
rn6st promise of early action.
rThe street calculated that rap
nroehement between railroad labor
and .capifafswould. point the way for
decision in the other controversy,
especially as no news appeared over
sunday to, destroy the conciliatory
attitude of coal union leaders ana
Operators in the middle west.
Tarin Action a Factor.
Possibility that final action might
not be taken on the tariff bill until
sfter elections stimulated buying in
particular industrial shares.
"a strong advance of Allied Chemi-
chi was prominent result of buying
or this sort.
Money Exchange.
THE call money rate hrmed up a
trife after standing loans had been
renewed at 312 per cent. This move
nent was not surprising in the light
d last weeks clearinghouse bank
POSITION. which showed a heavy ex-
pansicn of loans in the final two days.
The money situation, however. dis
payed no sign Of real Tightening, and
the bond market again Went forward
quite easily. led by some of the specu-
lltive rails. A dragging tendency in
liberty bonds was altogether explain
en by the almost daily advances of
the last fortnight.
sThe foreign exchanges disclosed
naore life and huctuated more exten
sSvely than at any time last week.
The German rate. after starting at
13-1OO. a new low, rallied to above
1S-1f0. Sterling. and francs turned
about after an Indifferent opening
tie French and British premiers are
expected to meet in London and then
if will be posi- BILE to learn of the
MOST recent developments in the Ger
market became dull in the last hour
and the price front showed an uneven
ttrfdency without looking at all weak.
Some Pront-Takine.
I'm view of new high records
reached during the morning by Amer
idan Can. American Locomotive, B.
and o. Pennsylvania, Crucible and
ethers realizing sales were in evil
dance. Not much stock came out
hkweyer.. and the market seemed to
b drifting.
Fraders didn't know just exactly what
I'd do with Studebaker today. The
stock was bid up sharply when it be-
c1me known what the directors were
planning to do. but when it was Of
htially announced that the stock had
been put on a regular 81 basis and
that an extra of $50 a share had
been declared. bringing the disburse-
n9ent for the quarter up to 81 a share.
tARders were at a complete loss how
II act .