Evening star., 1922-09-14
RAILS MAKE GAINS
ON GOOD BUYING
Earlier Movement Erratic.
Investors Seeking Divi-
dend Payers.

Investors Seeking DlW-
dend Payers.
NEW YORK. September 1.-THE
striking incident in today's markets
was the sudden wave of buying in the
railway shares developed toward noon.
noon.
To connect this with the collapse of
the shopmen's strike was the obvious
thing to do. AS matter of fact. the
strike settlement had little or notn-
ing to do with 1t.
Wall street has known for the last
month that the carriers were winning
Of the weekly figures on car loadings,
which has been overwhelmingly in
favor of the conclusion that the dis
affection Of the shop workers was do
ing the railway business no harm.
Consequently. there was no good rea-
son why an intended buying move
ment in railway stocks should have
been postponed until the actual strike
settlement.
For Market Effect.
There were two much more convinc-
tion in the rail group. One was that
1t was a speculative maneuver. to of
set heavy selling Wednesday after
noon and again this morning in some
of the recent Industrial favorites.
The other was that it. In part. rep
resented investors raising their bids
for the better class of dividend pay
ing rail shares because the yield on
these was still attractive, in COM
parison with those in other quarters
Of the investment market. Both these
reasons counted. and in about equal
measure.
Looks Like Investment.
The taking up Of stocks like
Atchison. Union Pacific. Southern
sylvania. carrying them close up to
or else beyond their previous high
points of the year. was a reminder
that the investment element is very
important factor in the present
market.
Whatever doubt there may be con-
cerning the speculative position. es-
pecially after some OF the recent per-
formances In stocks Of the pool
variety, there can be no question that
the presence of investment capital
seeking employment in stocks. be-
cause most bonds have got out of
range. is powerfully sustaining in
fiuence in the Wall street situation.
U. s. Rubber Drops.
An abrupt break of nearly II
points in United States Rubber pre-
ferred. followed by an equally sharp.
although not a complete recovery, was
the sensational episode of the day.
With this s per cent stock down to
81, discussion of the possible passing
ever. a year ago. rubber preferred
sold as low as "A. and the street was
sure that the dividend was gone, but
it was not.
The United States Rubber manage
ment has reputation for taking
drastic measures where it is felt ad-
visable to strengthen the Treasury
position; this was what was in the
peoples minds today. But on in
quiry, the impression received was
that 1t would be declared as usual
at the October meeting.
Atchison Leads Rails.
Atchiscn led the railway list upward.
and, in fact. turned the whole market
after the weak spell during the first
hour. 1t was a remarkable advance.
the more so because 1t was only We'd
nesday that the regular quarterly
dividend at the rate of 6 per cent was
declared. While increase to Z per
cent has been generally exnected. such
talk now Is premature, The rise ap-
peared to have originated in real
investment absorption based unon
is one Of the strongest among the
railroads OF the country.
Utah Securities.
With the retirement tomorrow of
$6,952,000 6 per cent ten-year notes
the Utah Securities Corporation will
be free of all funded and floating
debt, leaving the earnings of the cor
poration for the stock alone. These
at the rate of about - a share.
Financial Notes.
The Pennsylvania Tank Car Com
500 tank cars of 5000 gallons capacity
each by the Champlin Refining Com
paEy of Enid. Okla. One million dol
lars is involved in the contract.
Net profits of approximately $780,
900. after charges and taxes. are ex-
on the delivery Of between $4,000 and
$4,000 cars in the current quarter.
This would amount to $3.50 share
on common stock after preferred div
idends are paid. Total profits for
nine months. therefore. should exceed
$14.oo0.0o0. or $26.5o a share. against
q net Of 3Io.4os.sso.> or $500 a share
for the full year Of 1921
The Standard Steel Car Company
today announced Is per cent increase
in wages for all day workers, piece
workers and tonnage men at the But
Ter, plants. The new scale goes into
effect Saturday. September is.
Regular quarterly dividend declara-
tions today were: Hupp MOTOR pre-
ferred, SITS, payable October to
stockholders of record September 90;
Air Reduction Company. common. 81,
payable October IS, to stockholders
OF record September 80; Hendee
Manufacturing preferred, TX per
cent, payable October 2 to stock
holders Of record September %.
SRefiners at Oil City, Pa, have ad-
vanced kerosene prices. from Il to I
cent on the gallon.
Prairie OIL and Gas COMPANY TO-
Of IS, and an extra dividend
of 81, payable October 81 to stock
holders Of record September &c.
The American La France Fire En-
gine Company today declared regu-
lar quarterly dividends of IN per
cent on common stock. payable No
vember IL to stockholders of record
/, and OF / 4 per cent on
payable October to
z The Following sold ex7dividend today:
American Express, american Snun,
Coal, Montana Power. common and
~
The Victor Talking Machine Cone.
dividends OF SO on common and $1.7s
on preferreds both payable October
is 70 stockholders OF record Ssptem-
her -. y i ass - u III Is ssiss.