The Washington times., 1922-08-10
STOCK MARKET
RALLIES AFTER
WEAK OPENING
After First Selling Wave h
Early Trading, Market
Receivers.
BY w. s. COUSINS.

tcopyright. 1s2a. by Cosmopolitan News
service,)
NEW YORK, Aug. 10.--Stocks
were quite generally and heavily
sold in the first period on the stock
exchange today. though there were
evidences that the bulk of the sell.
ing came from professional sources,
rather than representing liquida-
ton from long holders of stocks.
1t is, of course. difficult to say
how much Of this selling was due
to the overnight accumulation OF
orders from those who were some.
what concerned over the latest de.
velopments In the rail strike situa-
tion. but doubtless this was a fac.
tor OF some moment. for, after the
first selling wave had run its
place. especially In the industrial,
railroad and steel groups. United
States Steel moved somewhat irreS.
ularly and lost a full point In the
first hour on selling induced by
fear of an unfavorable monthly un.
filled tonnage report to be pub.
lished later In the day.
Motor Stocks Weak.
The motor stocks were the weak.
est Of the whole list In the first
hour, and studebaker. ex-dividend
81. sold down to 12sh. for q loss
of points. Chandler sold below
81. Mack Trucks at SAY. and
Willys-O Overland below Z. The sub.
stantial support which soon came
to these stocks took them out OF
the rut and Chandler sold higher
than yesterdays closing level. while
Studebaker sold above 124.
The good effect OF the Govern
ment's crop report on the railroads
which will transport these crops
was seen in such stocks as Chicago
and Northwestern. Northern Pa
cific, Great Northern, st. Paul,
Rock Island. etc, which were uni
formly strong and steady. In some
cases exceeding yesterdays high
prices. ST. Louis Southwestern
took the lead In the low-priced rail-
road stocks, the common selling at
a new high at 33b, while the pre-.
ferred was also in new high ground
at 51&.
The latest compilation shows that
Southwestern is not only earning
itA fixed charges nearly twice over,
but at the present rate Is return.
ing 1918 per cent on the preferred
stock and SIS on the common
stock. Calculating from the pres
ent market value of the stock.
Southwestern is showing earnings
OF 27.7S per cent in the preferred
and $3.50 per cent on the common.
Other low-priced rails that are max
ing an unusually good showing are
Texas and Pacific, $500 per cent
on market price; Southern railway,
31.95 per cent: Virginia railway,
1884 per cent; Pere Marquette,
21.13 per cent; st. Louis and San
Francisco, 2s.17 per cent; Gulf, Mo
bile and Northern, 1851 per cent
Louisville and Nashville, 20.2l per
cent; Norfolk and Western, 1851
per cent; Chesapeake and Ohio
24.31 per cent. and Big -Four, 2S.lO
per cent.
While q disquieting situation has
developed in the railroad strike. the
financial district took more encour'
agement from the fact that idle
freight cars are now at the lowest
point since January /; that loadings
Of coal cars have perceptibly in
creased this week. and that all par.
ties to the coal strike are striving
to effect a settlement. The senti
ment of the street, therefc<e. ap
peared to be that while some tenn
porary advantage might accrue Ia
those who sold their stocks today
and waited for the reaction, the
long pull offered by far the best
opportunities for profitable specula'
ton.
Call money was In good supply
at per cent.