The Washington herald., 1922-07-23
FINANCIAL
UNSETTLED PRICES
PREVAIL ON NY.
STOCK EXCHANGE
Steels Improved on Rul-
ing Approving Recent
Amalgamation.

NEW YORK. July aa.-rodays
quiet shor. session market was Q
professional affair. with prices us-
settled on selling of some special
ties. The opening was fairly firm
the steel stocks being better ou
the Attorney Generals approval OF
the recent merger. Before the
close. however, the whole list pre-
sented a ragged appearance. whiis
a few scattered stocks made coed
advances. the majority worked 90
slightly lower levels. Motors were
heavy. while rails were irregular.
Bonds. on the other hand. contin-
ued firm. Trading In both stocks
ana bonds was In limited voauma-
q. o. steel
It is looked on as q matter Of
course that United States Steel a.
rectors will declare the regular
~ per cent dividend payment on
Tuesday and little attention 10 De-
voted to that expected action TIE
highest importance. however. 10 at
tached to the showing 20 be made
in the quarterly statement 20 be
issued at the dividend meeting.
chiefly because Of recent estimates
that the earnings for the month
OF June were at the rate Of over
10 per cent per annum on tn COM
mon stock.
Gradual and substantial Improve
ment In the railway equipment ia
sues IL expected by many concerned
in railway afrairs TO develop into
a period OF activity that Will force
the equipment companies TO work
to full capacity for q long time
TO come. The condition Of many
companies. including Erie. has been
commented on for some tim4 as
being such as 20 make heavy ecdi-
tions to equipment and rolling
stock imperative before much more
time passes. but 90 far this outlook
has not been reflected In the mar
ket position OF all Of the equip
ment companies-
Brocklya RAPID Trsnsft
Earnings OF Brooklyn Rapid
Transit have reached q large VOL
ume as q result Of the heavy sum-
nler resort traffic. This year travel
TO resorts has reached Q condition
OF record breskine dimensions and
the reduction OF fare has been more
than offset by the almost complete
elimination OF trsnsfers The be-
lief prevails in unusually well In
formed circles that when the earn
ings for the September 30 quarter
are compiled the draft Of n pro-
posed plan OF Reorganization Will
be issued and that steps VIII be
taken TO release the property from
receivers hands before ehs end Of
the year.
Special attention wfu soon es es-
manded by the outloct for 6fxi-
dend action by many railroad and
Industrial corporations st the Sep
tember dividend meetinel One i'm
portant RAILROAD 10 expected 90 ma
terislly increase its dividend rate
in September and predictions are
made OF Increased dividend on some
industrials and resumption Of divf-
dend By others that were forced
to suspend payments In the pre-
ceding two yeara
C1earnG House etnsemeul
Another increase IN surplus ts
shown by the weekly report Of the
clearing house. The unsettled in
dustrisi situation is reflected By .
decrease In loans and discounts of
ss4.o2e 900. while both demand and
time deposits fen OF. The former
decreased se5.6oo.ooo while the lat
ter declined s4.sss.ooo. Surplus In
creased s31.b64.2so to o total Of
s45.ss1. 900. Reserve In Federal
Reserve Bank or member banks
decreased s1s.so4.o .oon. this item now
standing at 5be,o3s, 900.