The Washington herald., 1922-07-19
FIN AN CIAL'
FOUIPDIEllT. STEEL
, Group FEATURES
TRADINCN STOCKS
Oils Continue Strong, De
spite Cut in Crude
Product.

NEW 1ORh. July lt-A more
cheerful atmosphere prevailed in
the financial district today. For
eign news was good. greater hope
was entertained of q settlement In
the railroad strike and the coal
deadlock at least appeared no worse
Besides. the ev vdences OF further
ease in money were continued. the
2Ks and per cent market for
bankers acceptances, which was
established yesterday for thirty
and sixty day paper, being ex-
tended to the ninety-day form
Time money for = sixty-day Pc
riod which ha. been commanding
4 per cent. declined to 3%. In ad-
dition q further broadening of the
4 per cent market for commercial
paper was report~ d. this figure now
constituting in fact. the ruling rate.
1t 10 thus APPARENT that the rice of
money II dropping to q new low
level Under these circumstances
the entire bond market responded
well, most of the Liberty loans
making new highs and the more
speculative issues also displayins
considerable strength Trading In
stocks was somewhat more active
a number Of industrials. advancing
more than l point and touching new
highs for the year. Steels and equip
ments were features and the oils
remained firm despite another rs
cent reduction in Mid-Continent
crude Fractional gains prevailed
among the rails Call money, after
opening at 3 per cent was raised to
per cent during the last hour.
Mart Broad and Active.
There was a broad and fairly ac-
tive market for most of the indus
trail shares on he Stock Exchange
this morning with decided strength
In a number of individual issues and
a tendency toward higher prices no.
ticeable throughout the list The
railroad shares were dull but firm
Among the industr-als the star per-
formers were Crucible, which at one
time sold some 8 points above yes
. terday's close. Studebaker, which
made a new high for the year above
139; International Paper, which
also bettered it's high pr.ce. and In
dustr!al Alcohol. The session was
noticeable for the very considerable
number of transactions in the suocks
of the many of the smaller indus
trial concerns which are normally
inactive.
CrucibIe Steel
Selling at 81 this morning Cru
chile had advanced over 80 points
above its low price for the year
and there was much interest in the
street as TO the source of the buy
ing this morning whje eh sent the
stock up points from Mondays
close and 10 points above the price
at which the current upward swing
began on Saturday. In general, the
opinion was freely expressed that
the stale short account in the stock
had concluded that the time had
come to take shelter but in other
and more authoritative quarters il
was stated that the interests close
to the controlling faction in the
company have been heavy buyers ot
the shares during the past two days
and that their enthusiasm is based
on the expectation that the present
level of business may permit re-
sumption of the common dividends
during the last quarter of the year.
There has been no secret about
Crucible's improvement in the Sec
ond quarter and unless difficulties
now unforeseen appear the last half
OF the year will result in substan-
ttal earnings.
Stude5aLer
With the stock making a new
high almost daily Wall Street is be-
ginning to again take an interest
in the next directors meeting of the
Studebaker. scheduled for July 81,
and the usual crop of predictions
as TO just what the board will do
in the way of an extra distribution
to the common stockholders. The
most popular version Just now of
theaaction expected is an extra divi-
dend of from So to $3.50 on the
stock
The paDer industry was one of
the acut1 sufferers from the de-
batton mSiady and the paper stocks
IN the opinion of many observers
have not yet recorded the fairly
complete recovery of the better
companies from the unenviable post
ton in which they stood only a
year ago. Tho-e who hold this
view. pointed to the increased busi-
ness which International Paper is
doing as an indication of the bet
ter conditions ahead for the COM
pany and as sufficient warrant for
the recent advance in the stock
which at its high this morning was
only some IL points up from the
years low.
Earnings of American La France
Tor the first half of the year indi-
cate that about 16 per cent will be
shown for the common stock as a
result Of the full years operations.
American La France is the principal
manufacturer of fire apparatus in
the United states and it has profited
by the easing of money rates.