Evening star., 1922-08-11
STOCK LIST HAS
AFFIRM UNDERTONE
Speciality Shares Show Most
Activity - Utilities and
Rails Are Favored. :
By STUART p. WEST,

NEW YORK, August 1.-THE pre.
'diilhg tendency in both stock and
oond markets today was upward. Il
was however. the same sort of a move
inent that Wall street has been hay-
ing all through the last fortnight.
namely. collection of advances in
individual issues, while the rest OF
the list was stagnant.
The street was disposed to asre
Win the coal miners head that enough
VI the opera tors could be got to ac-
uepe the wage scale indorsed by the
uhion 10 bring about an early resump-
tion of coal mining
AS Tor the railway strike tho ,n.r
ket showed the same inperturha him
on 1he subject that it has right along
railway stocks continued to hold ,hei.
GROUND and some of the lower and
lheoiufn priced members of the srou,.
even moved ahead.
Foreign News indefinite.
Aavices from the London reparations
oone.e were too vague and to"
conflicting to permit any clear iudy
ment as to the outcome. Thai III.
french and the English cabine,s
Nouio support the attitude of thei-
premlers was, of course, part of In.
game and the announcement mean
nothing ''''o'
whether there is 10 Le a compromi.,.
pet"eeh the two radically opposed
programs is wholly a matter of con
lecture, and the foreign exchanr.
market confessed it's uncertainty H..
attempting very little new bushes
rrench rates were somewhat highe
ana SO We're English. while the Ger
man marx sold under .06l2 again.
Utility Shares Firm.
The principal advances on the sto-,
ekcnange occurred in gas and electri.-
IiShtihg shares and in industrials :.
the specially type. Another sdvanc,
IN newsprint prices brought Sctiy-
buying into the paper stocks becaus..
IL confirmed the evidence which ha=
Deen steadily accommodating that III.
demand has SO increased within th..
iast rev months as to force the mills
up pretty close 30 full production
The brilliant crop outlook has i,s
Ioglcal erect upon the stocks of com
panles whose main custom is from
these sections.
International Paper.
me advance in International paper
was simply the foremost America
paper stock joining in with the sctiy..
speculauVe movement in CANADIAN
psper shares on the Montreal ex-
chahge. The general basis for this
speculation lies in the increase in The
demand for newsprint in this counrr,
ana canada. At the same time. Tho
scdFt over European competition
Which was represented a year ago a.
l,heiE 10 play havoc with the Amer
can paper industry. has subsjded
Herrnany is practically out OF the run
Oh account of her demoralized ex-
change and the impossibflity Of NAL
ing contracts for future delivery with
an! assurance as regards prices
NOn-Dividend Rails.
Medium and low-priced railway
shares again attracted much atten-
ton.
Among stocks of this class which
pushed through their previous highs
OF the year were Southern Railway
preferred, Pere Marquette and the
St Louis Southwestern.
Southern Railway preferred con-
tinued to anticipate the early resump-
tlon of dividents. which are now look
ed for some time in September
When the remaining per cent in
back dividends is cleared up on Pen
Marquette preferred the common viii -
large surplus available for distribu-
ton. without anything further to
stand in the way oil its being begun
Ii is only the well known conserve
tism OF the S.. Louis Southwestern
mana cement which has kept the pre-
already. in view CT the SHOW of earn
irgs during the last eighteen months.
There was unusual activity also in
Wabash preferred 4. Western Mary
land and the Missouri. Kansas and
Texas issues.
Bears Take q Recess.
Through the afternoon the markets
were dull Perhaps the most nc
table point of difference from the
early days of the week was the re-
linquishment OF professional attempts
to drive prices down by developing
weak points in special stocks.
This was good enough evidence that
such efforts had not been profitable
Trading sentiment was nat urally i'm
pressed by the manner in which til,
market market had stood up against pnfs-
But while this served to keep sell
ing in check. ii did not lead to much
fresh buying. The disposition was
to await the outcome of the meeting
of railway executives and their de
cision as to whether or not to accepi
the Harding proposal to arbitrats
the seniority question.
The Atlantic Refining Company de
clared its regular quarterly dividend
of per cent on common stock. pay
able September 16 to stock of record
August 81.
The Continental Oil Company de-
clared its regular quarterly dividend
OF 50, payable September Is to stock