Evening star., 1922-06-29
STOCKS OPEN SOFT,
BUT GAIN LATER
Oils Weak, Rails Strong
Mark at New LoW-Max-
wells Position.
nv sTrART p. WEST.

NEW YORK. June 29.-There were
only two features of any consequence
in today's stock market
One was sharp drive against the
rscent fayorites of the oil speculation.
The other was the strength consist
emily displayed by the railway snares
and the readiness with which they
rallied when the selling movement
ran it's course in the oils.
Taking the list as a whole. IT was
slow to follow the lead of these TWO
groups, either down or up.
With the oil stocks breaking. some
of them 2 to points. the losses else.
where were fractional. The rise OF
/ to . points in the railway sectlon
found the main body of stocks equally
phlegmatic. ~
No doubt selling preparatory TO the
holiday. which many traders nopeo "
extend so as to cover the period from
Friday afternoon to the following
Wednesday. was in part responsloie
for the early weakness
such matters always count IN
market SO narrow and professional
as the present
The later buying of the rails could
scarcely have been attributed 10
eleventh hour hopes that the shop-
mems strike will be averted.
Rather it is an expression OF con-
fdence that walkout of the shop
mems unions and the maintenance
of way men would not interfere with
the operation of the roads. and con-
seouently would not hurt their earn
ings.
Marks mt Low Level.
German marks sank to new low
of .271s. logical enough develop
ment in connection with the further
heavy increase in note circulation In
the latest German bank statement.
This item now stands seven billion
marks higher than it did fortnight
ago, eighteen billions above where
1t stood on the 1st Of May and forty
FIVE billions higher than 1T was at
the start of the year. NO comment
is possible on such a situation. ex-
cept that German finances are rapid
ly nearing the rocks.
Germany has tried the forced loan,
has raised taxes to what impartial in
vestigators have decided is the limit.
and still cannot balance the budget
when stretched to cover the present
reparations payments. 1t must keep
on with the desperate expedient of
paper currency imitation unless eitner
the reparation program modified
or the obstacles are overcome In the
wav Of an international loan. While
this imitation keeps on at Its present
pace no bounds can De set IOr the
possible depreciation in the mark.
Maxwell Retires Notes.
For the second time in three months
Maxwell Motors has called in an INSTALL
ment Of per cent notes. the latest Sc
ries not due for year. The total under
the two calls is $4,850.000. leaving ST.
172,OO0 outstanding. of which $3.000.-
600 are due in 1923, and the rest in
1924.
This action in anticipating the
notes indicates that the favorable
statements which have been made
from time to time regarding Max
wells earnings have not been exag-
gerated.
Railroad Stocks.
The market for railway shares
again displayed its indifference to the
threatened strike. While the, oils
were breaking early in the day there
was very little selling Of rail stocks,
and WREN the rally came later, 1t was
the rails which were the leaders.
New York Central stood out con-
spjcuously. Every share Of this stock
offered was quietly taken at 93h dur
ing the early weak spell. and. once
the market turned. New York Central
went up with the utmost ease.
B. and o. among the medium-priced
rails and New Haven among the
lower priced recovered the readtest Of
any, and the same sort of buying that
has been going on ever since the
declaration Of the regular dividend
continued in Great Northern preferred.