Evening star., 1922-08-04
MARKET IS QUIET; !
UNDERTONE FIRM
Traders Are Cautious IN
View of Conflicting Condi-
tions-Strong Spots.
BY STUART r. WEST.

NEW YORK, August 4.-Specula-
tive opinion about the strike re-
| manned in a state of suspense today.
there being very little new informa
ton to work with.
In consequence stocks moved back
and forth ftfully
The undertone was as firm as it had
been before and scarcity OF offerings
Of some Of the steel and sugar stocks
enabled traders to run them up rather
briskly now and then.
A direct reflex Of the rail strike was
seen in sharp advances OF American
Express and Adams Express, although
! it was a question from the purely eco
that the rail strike would increase
the movement Of goods in express
trains had a good basis.
Figures and percentages about shop
workers issued by railroadvemployers
Indicate d a steady expansion OF work
I'M .Jrces. and IL this is the case
iUughout the country the transfer
, of freight, outside of coal, should
show less and less effects of labor
difficulties.
Opening Firm.
At the start of business. gains were
fairly general, although mostly OF
fractional extent. Where speculative
endeavor for the rise was exercised,
II got quick action evidenced in new
high records for Corn Products, West
fern Union and several others.
The resumption Of dividends ON
Laclede Gas shares at the old rate OF
81 a year, stimulated that stock. and
Crucible Steel fuctuated with con
siderable rapidity between 90 and 81.
United States Steel, Republic and
others of the group around midday
at the same time that some OF the
rails recovered part Of their gradual
reactions recorded earlier this week.
Cautious on Rails-
The trading in the railroad depart
ment indicated that the street war
acting cautiously in increasing com
mitment.
The movement by eastern railroads
to send recruits to western and south
ern lines to fill strikers places looked
like q reflection Of improved mechan-
ical conditions in the east. Never
theless one Interpretation was that
conditions in territories away from
the seaboard might be less satisfac-
tory than had been thought before,
necessitating a draft on outside labor
supplies.
Money az Per Cent.
An easy:ng tendency of call loans
was explained in part by this weeks
federal reserve statement. Money
went from to az per cent before
noon. The reserve systems increase
Of more than $21 10000 in reserves
SO completely onset an expansion OF
$4,000. 900 in reserve notes and q rise
Of nearly $20.000.00o in loans that ths
ratio Of cash to notes and deposit
liabilities was carried up to the high
est point in almost fve years. At
New York the expansion OF reserves
al Un.fh
Of the entire reserve growth OF the
consolidated banks.
Pere Marquette,
Pere Marquette was one of the fea;-
lures of the low-prtced rail group
and moved ahead with ease once ii
got into new high ground above 80
Despite the coal strike, the June
sEins. eGo.. Go .He Of ss.se4.ssss. Compares
with $3,151.544 in June last year.
while the net OF S70S.44s. compared
with $451.03z in May and $4s7.520 in
June of 1921. The large increase i4l
net results are due partly from saS-
ings in operations.
Little Rails Advance.
Reports that there was much
stronger drift by the tired-out shop
men toward their old Jobs was for
lowed by demonstration in the Junior
rails, especially the speculative favor
ties such as the St Pauls, Pere Mar
quette. New Haven. the Atoms, the
Fries and the Texas and Pacific.
Remington Typewriter.
For the first half Of 1922, the Rem
ington Typewriter Company earned
equivalent to 1898 a share on the first
preferred stock. The company in 1921
reported q deficit. after charges and
inventory write-off, Of $2,S5o.000. 1t is
said that dividends will be resumed
hA Aref
are satisfied that the per cent rate
can be continuously earned. At the
present time there is 8 q per cent in
accumulated back dividends.