Evening star., 1922-07-21
TRADE IS LIGHTER,
BUT PRICES FIRM
BY STUART p. WEST.

NEW YORK, July 21.-ProfeSSional
traders reduced their commitments
for the week end today.
This was disclosed in the rather
broad fluctuations in prices on the
stock market.
Probably there was some short SELL
ing to expand the output Of steel, au-
tomobile and oil stocks. as well as
the sales of speculative long stocks,
but the market presented a sturdy
undertone.
An irregular trend which developed
after steel and railroad equipment
shares had been advanced more than
a point in the first half hour, was
nothing more than could be expected,
in view of the days news. Friday is
conventionally a day for profit TAX
ing in a rising market and the situa
ton was complicated this week by
possibilities contained by the strikes.
The sending of troops into Penn
sylvania and Ohio coal fields en-
phasized in stock market opinion the
bitter character of the strike. The
belligerent attitude OF railroad
managers displayed in Thursdays
threat in New York that the strike
would be fought out was hardly
productive of hopes that the end of
the trouble was near.
Disturbing Elements.
Strikes, while seldom the direct
basis of stock market liquidation, are
bound when continued long enough
to disturb the thoughts of spec
ulators.
The desire to stand aside and watch
the course of market developments
has no bearing upon 'the more far
reaching fundamentals, and quick
rallies which occurred in Steel COM
mon, Studebaker, Crucible, Baldwin
Locomotive and others after early re-
actions showed that the best placed
holdings were coming out,
Motors Are Easy.
The weakness in the Pierce Arrow
issues communicated itself to the
other members of the motor group,
and these slipped off rather sharply.
One market expert set down some of
the selling in the motors as benig
duo to the fear that if coal supplies
are rationed the motor industry would
suffer.
The tire situation developed more
unsettlement on the announcement of
a cut by the Goodrich company. Key
stone was the weakest member of this
group.
The oils continued to be sold. espe-
cially Pure Oil. This stock opened
off in the face OF good quarterly
earnings and the declaration of the
regular dividend on the common, and
moved downward in hurry to new
low record for the year. In the case
L
the smaller output in the Mexican
field was contributing, factor.
Cast Iron Pipe Earnings.
United States Cast Iron Pipe earn
ings for the month of June alone are
reported to have been better than
for the entire twelve months in 1921.
1t is understood that they were in
excess of 100000. or at the rate of
$40 share on the common, after
-iy,ry f.Ar Ont ha
ferred.
These earnings, however, were be-
fore charges and taxes. Despite this
the June figures are an indication of
what can be expected for cast iron
pipe this year in the way of profits,
it being anticipated that they will be
better than for any recent year.
Studebaker and Steel Decline.
The principal reaction of the day
carried active industrial stocks down
a point and more, Steel falling slight
ly under 101 and Studebaker, which
was really weak, falling off more
than points to 35ss.
1t was noticeable that pressure was
not at all general. for stocks like
North American, American Ice and
General Electric, in which the float
ing supply is always small. went up
to new high levels.
General Motors profited from the
ment and was very steady around 14ss
Such evidence of prosperity as Cen
eral Motors announced. particularly
in an SS4, 100000 improvement in cash
Counting in retired bank loans)
should have been cheering to hold
ers of motor stocks generally. The
heaviness of Studebaker presumably
represented doubt about the much
discussed extra dividend later in the
year.
High-Gra8e Rails Firm.
A feature of the late afternoon deal
ings was the strength of Pennsylva-
mia, L. & N. and tlantic Coast
Line, together with the very steady
position of B. & O., Lehigh Valley
and many others.
Railroads, in fact, gave the market
a new tone. Pennsylvania's leader
ship was attributed to success which
the company has had in dealing with
its shopmen. 1t reached a new high