Evening star., 1922-07-19
STOCKS ARE F|RM;;
SOME NEW HIGHS
Street Evidently Believes
Labor Troubles Nearing
Solution.
ny STUART p. WEST.

NEW YORK, July 19.-The conf
dence Of traders in stocks that events
are shaping for a favorable outcome
in connection with the coal and rail-
road strikes found vent in active
dealings in steel and other manufac-
turing company shares today, while
investment purchases of railroad is
sues were on a substantial scale.
AS on Monday and Tuesday, how
ever. actual changes in the strike
situation were meager, the market:
relying upon broad suggestions OF
Improvement, as outlined in such hap
penings as the Pennsylvania rail-
roads settlement with its shopmen
and the immediate decision OF coal
operators in the Pittsburgh district
to accept President Harding's inVi-
tation to resume mining.
The street sensed in this EFFORT to
break up long continued deadlock, a
possible forecast of a campaign to
set the mines at work again in bitum-
inous fields. A strong speculative
showed that traders were ready to
make the most of favorable steps In
the long fought controversy.
Speciality Features.
The question could be raised in
viewing the stock market whether or
not the hopes of early industrial
peace had a greater application to
such stocks as Steel common, Va
nadium, b. & o. and Columbia Gas
and Electric, than underlying factors
dealing with the present and future
prospects of the companies involved.
While the strong tone of the mar
ket has had its best demonstration
all along In issues which are sus-
ceptible to pool operations. it has
been m q n q
the greatest appeal to buyers have
had back of them proof either of
much improved earnings or of sound
outlook for the next few months.
In the case of B. & O.. the damp
ening influence of the strike handi-
cap has been Offset at least partly in
q market sense by statistics which
snow that earnings warrant consid-
GRAFTON of a resumption Of dividends.
Foreign Exchanges.
The foreign exchanges halted the
advance seen on Tuesday afternoon
and. after hesitating for a while, lost
a little ground. The movement was
contained no amplification and no ad-
ditional information about the Brit
1sh-French discussion of a lessened
separations bill for Germany. I'm
doubtedly, speculation had been slim
ulated by the thought of reduction
in Germany's obligations and natural
realizing sales resulted from q lack
OF actual terms.
Heavy Oversubscriptions.
More than 100000 persons sub
scribed for the $25, 100000 offering of
New York Telephone Company S per
cent preferred stock. and within the
next six days subscribers will be no.
tif1ed that subscriptions will have to
be scaled down to one share to those
who applied for one and two shares;
two shares to subscriptions for from
three to eight inclusive: three shares
for nine to fifteen inclusive; four
shares for sixteen to eighteen inclu-
sive, and five shares for nineteen to
twenty inclusive.
Cuts I'm Products.
The Standard Oil Company of In
diana has reduced the price of
gasoline cents a gallon throughout
Its territory. and the price of refined
oil l cent. All gIhdes of Wyoming
crude have been reduced % cents a
barrel. All grades of Pennsylvania.
except Corning. have been reduced 25
cents a barrel The Sinclair Oil Com
pany met the Standard of Indiana cut
In gasoline and refined OIL
Standard Oil Of Louisiana cut
a gallon. and Sinclair met this cut.
Sinclair also cut the gasoline price
In New York and Ohio cent a gallon.
The Texas Company met the
Standard of Indiana cut.
comparatively inactive. Hayes Wheel
failed to respond to the report for
the six months ended June 80, show
Ing a net profit after charges, but
before federal taxes Of $51o,331,
against s1s4.154 for the similar period
Hudson Preferred Higher.
Among the miscellaneous issues,
Hudson Company preferred was a
close last night of 16,s. but 1t sub
sequently reacted to Is Tobacco
shares were prominent. British
American tobacco issues were up
more than point to new high rec
ords and tobacco products exports
was strong.
Trading started today on a when
issued basis in the new Northern
Pacific railway refunding and i'm
provement mortgage per cent gold
ss and interest to yield over $50
per cent. These bonds opened at
s7% and ran up to s8. but later re-
acted to s7k.
Consolidated Gas.
Consolidated Gas directors at their
meeting next week are expected to
announce the purchase of the minor
StoCh oi tne new ork Mutual
Gas Lighting Company. The Mutual
stock previously owned was $500 per
cent Of the S1,SS6.200 outsta ndinE.
Whether the price paid for the minor
ity stock will be announced Is a uues-
ton, but 1t Is understood to have
cost Consolidated Gas something like
$500 a share. All but a small amount
Of this is expected to be paid in cash.
The Mutual was incorporated under
the laws of New York in 1866, and
supplies New York City below sad
street on the West Side and below
66th street on the East Side with
water gas.
New Highs Again.
Numerous high records for the year
were made today by individual stocks.
This was in line with a further ad-
vance in the stock market averages
20 q new high record for the year.
Among the stocks to make new highs
were General Asphalt. Columbia Gas.
PubIic Service of N. j., Gulf Mobile
and Northern preferred and Balti-
General Asphalt.
General Asphalt broke out of its
traoins range and got into new high
ground toward the close OF the mar
ket on Tuesday. 1t opened up nearly
a point today and added another MONT
before 1t ran into any selling at ali
Asphalt. like several others listed on
the stock exchange. has quite a bit OF
mystery about 1t, and this has alwaya
tended to make it a favorite with the
speculative public. The company 40
far this year has done a yery laf9s
asphalt business, due to the new road
plans of municipalities, while its oil
shipments have far exceeded those of
last year.