Evening star., 1922-07-17
STEADY MARKET
DESPITE STRIKES
Some Early Selling Followed
by Better Tone.
Trade Dull.
BY STUART p. WEST.


market could not escape today the uh-
settling effect of unsatisfactory news
regarding the coal and railroad
strikes. but as soon as traders deter
mine that the situation was at leas'
no /. = disturbing than On Saturday
the firm tone of prices succeeded the
first hours irregularity.
The action of the market was in
some respects rather surprising WI
view of certain events OF apparent
economic independt nee l.,
The ability of the oil company Is
sues to throw aside the influence oi
additional reductions IN cruue PelIo
Jcum prices in the east suSsesteo
both that RI" general reduction OF tnr
.oil prlce level had been discounted
last week and that the excellent oe
nland for particular rehned pro9ucts
was supporting specu cohhoehce
In the future.
AS far as the strikes were con
cerned the market saw clearly tnat
both government officials and par'lci-
pants in the controversies were ahA
ious to find some points OF contact, "i,u
this meant hope that settlements III
both troublesome situations might pc
found shortly But the threat OF
track workers TO follow the shopmen
menaced the entire outlook ana II was
doubtful if spectators in securi.ieS
on strike information.
Call Money, 3 Per Cent.
= The action of money showed that the
clearing house bank statement. out SAT.
urday, had been clear in its iorecast ot
rates and supplies for the iorepaIt U,
the new week. Call money was per
tent FOR the renewal of standing loans.
n there are forces working for tight
money before the usual autumn require
nents draw near there surely are no
Evidences of them at this time.
; While the July needs OF corPo,a,lons
Acted TO carry the deposits of clearing
house institutions in New YORK apout
tI25. 900. 600 under the level prevailing
early in June. the heavy pach no" ol
funds from tine interior, reported III tHe
last few days, shows that o'nel e eS
are abe to meet calls upon them ana
s,ill have an abundance of money TO De
lent temporarily in the metropolis.
ore OF the outstanding demonstrations
of this years business read)ustHS..s
has been the ease with which meinoer
hanks have taken care of their customers
and at the same time possibly reouceu
their commitment at reserve banks
The bond market continued to feel Ihe
supporting influence OF easy money me
demand for liberty bonds and for cor
poration issues today, Whle no. 50
vigorous as it was last week was never
theless Indicative of the strong invest
ment position
Oil Specialists NerSous-
The opening hour witnessed Qul.e
q reaction in the oil stocks. ana spec-
uIation which is shaped to degree
nv romen,ary fears, brought some
selling into the specially group oi
industrials.
was affected by the chance that Ger
man dyes would not be emoarsoeo
under the tariff bill. lost l y points
or so. and good sized fractions were
Topped off American Can. taVoritS
OF last week. and several OF the steer
issues.
short selling. however, brought
hardly enough results to make 1t pay
in any direction and when Crucloie
Steel was bid upward with mueh
force toward noon, the entire market
took on better appearance.
high record for this year and Amer
'fcan Locomotive approached it's best
level for 1922. 1t would be posslnie
70 deduct optimistic probabilities TOT
the railroads from the recent actIoii
of equipment company shares Inc
speculative community hardly is ex-
.pecting a long-fought and destructive
strike when it is able to buy ,ne
equipments with the confidence dis
played last week
:, Equipments stin Lead.
The equipment stocks which started
u
the feature of the market again to-
day, most of the members Of the
group scoring further gains
:. Baldwin Locomotive made new
high record for the year and was in
demand right from the start.
. With the settlement of the coal
strike an increase in car 1oadings OF
some 100000 week is expected.
:, This would bring car loadings up
close to $4,000 a week, and would
~. ,ryN1t NJ n
Oars. Should anything be needed to
stimulate railroad equipment buying.
this in itself should be factor.
=, An Old Favorite Returns.
., Without any trade reasons to justify
Its advance. Crucible Steel continued
to move ahead today, making new
high record for the year. while the
were doing practically nothing at all.
.Srucible Steel always has been a mys-
,eerious mover, and. while the present
activity might suggest something
special in Crucible's situation. it is
more likely that.the- usual short in
terest has been trapped.
6, Strong Mt Closing.
- Business was exceedingly dull
throughout the afternoon. but 1t was
noticeable that traders who wanted
American Can, Allis Chalmers and
The equipments had to bid for them.
several new nlSh records lot the
year were established.
:, The pool in American Can showed
Ahat 1t had as strong grasp on its
favorite as at any time last week,
kending the price above 81.
o., The copper stocks were apathetic,
somewhat strangely so in view of
Sstimated trade that June had seen
Record sales of the metal with turn
over of 17o,o00,000 pounds.
a.. The quiet state of trading was
practically the only indication that
great strikes.
sit The injunction against selling
Stocks on strike news, which has pre-
vailed for many years. was effective
An holding down transactions for the
fall of prices and, by the same token,
6uyers evidently were averse to max
Ding extensive commitments in ad-
vance of constructive news about
these strikes.
a. Exchange Heavy.
., The foreign exchanges were some
what heavy. but there were no par
Sicular features attached to dealings
In view of the news from London
that the British authorities had about
given up expectations that the debt
to America would be Cancelled, an in
feresting question is raised regard
Ing the recent decline of sterling.
.,As significant financial develop
fnents frequently are reflected in the
markets in advance of actualities, it
Is possible that the fall of sterling
from above $4.51 discounted disap-
pointed opinions about the debt.
-, COTTON MARKETS.
!. NEW YORK. July 17.-An easier