Evening star., 1922-08-30
STOCK LIST FIRM; )
RAILS IN THE LEAD
Market Displays General
Confidence of Investors
and Spectators.
BY STUART p. WEST.

BY STUART p. WEST.
NEW YORK, August 30.-Again to-
day 1t was not SO much any actual
changes in the labor situation that
Influenced the market as it was the
! conviction that pessimistic express
sions on the subject were largely for
political effect and were unwarranted
wall street decided that, while
here and there during the next few
weeks industrial plants might be
hampered for lack OF a proper fuel
supply. the bituminous mines are
rapidly getting back to maximum
output and that any serious curtail-
ment OF manufacturing is unlikely.
concerned. this has never been a mat
ter Tor the investment community
TO worry about.
Heavy Cur Loadines.
The latest statistics on car loading
covering the week ending August
~ showed a substantial gain over
preceding weeks and an increase of
4l,oIS cars over the same period a
year ago. This gain could not be
attributed to a larger haul of coal.
Tor the union mines in the third
week of August had scarcely had
time to get under way.
II was due primarily to the gen
eral merchandise movement and, be-
sides, emphasizing how little the de
fection Of the shopmen has inter
fered with things.
Rail Shares Strong.
In all brokerage advices sent out
this morning a very bullish tack was
taken on the rails The ease with
which the losses Of and 8 points
sustained from Friday TO the Monday
close had been wiped out in the MAJ
ket tuesday made decided impres-
sion.
So did the success attending tho
special buying operations in the West
ern Maryland shares. Talk of dea
with Wheeling and Lake Erie was
revi,sd and the Wheeling stocks Were
MaryD-nd.
At rIe same time. the suggestion
that the latest efforts TO settle the
anthracite strike would be successful
caused hurried buying of the haru
coal stocks.
California Petroleum.
With California Petroleum in demand
at rising prices, the street heard once.
more the oft repeated rumor that the
STOCK would be placed Oh dividend
OASIS In the near future. Most of the
rumors were to the effect that the rat,
to be established would be 81
Endicott johnson.
Endicott Johnson directors are sched-
uled to meet Thursday for action on
the dividend. The stock now carries div
idends at the rate of S. annually. The
belief in certain quarters is that either
an extra cash dividend of good size or
an increase in the regular rate will be
authorised. During the first half year
Endicot johnson earned SIS a share on
the cofctnon, or better than the full
years dividends after allowing for pre-
ferred dividends and employer profit
National Lead.
The reason for the recent strength
in National Lead has been twofold
In the first place a block of 25.0o0
shares of the common stock held by
the Rockefeller Foundation was
gradually liQuidated. and is reported
to have been absorbed largely for in
vestmens. The improved business in
the building trades has been respon-
sible fos National Leads good earn
:ngs. for the company's products nil
construction needs to q large extent.
The question of increase in dividend
above the present 6 per cent has
been discussed lately in the street
In the early part of the day foreign
exchanges were pretty weak. German
marks lost the greater part of the
previous days gain. so did French
francs. But in the afternoon rates
strengthened all around. These f1uc-
tuations represented evidently nothing
more than the varying speculative
ideas of the moment as to the decision
OF the reparations commission regard
ing German moratorium.
Leaders in Rails.
Shares of the northwestern roai-
roads in GLIDING Canadian Pacifis.
which mate a new high record, and
shares of the anthracite carriers were
foremost IN the advance in the rail-
way section.
Buying of the anthracite stock had
in view the rather well defined hope
held out in the press dispatches from
Washington that the latest attempt to
compromise the anthracite strike
would succeed.
The one exception to the rise on the
railway list was Chicago & Alton
bonds and stocks, which broke very
badly on rumors of an impending re-
organization.
The last hour brought forth some
further interesting testimony as to
the ascendency of the forces working
for higher prices. Wall Street gossip
started a story going that the Fec
eral Trade Commission was about to
put it's foot down on the two big
independent steel mergers
Apparently there was no real
sound basis for this report: oficials
concerned professed not to have
heard anything about it but it served
as pretext for a drive against the
Independent steel shares under which
they fell away point or so rather
rapidly.
Immediately, however. this selling
movement got under way it was offset
by few more striking demonstra-
'tions in the railway equipment stocks.
Baldwin Locomotive and American
Locomotive. the two leaders of this
group, rushed up to new highs.
The weekly iron trade journals re-
port a very confused situation re-
sulting from the wage increases and
the subsequent general raising of
prices. These price advances have
been so numerous and so sharp that
they have confused sellers and buyers
alike inasmuch as the mills are
reluctant to accept new business for
future delivery until price conditions
become more stabilized.
SHORT TERN SECURITIES.