Evening star., 1922-10-02
GOOD GAINS MADE
IN STOCK MARKET
Shorts Rush to Cover on Bet.
ter Near Eastern News.
Financial Notes.
BY 9. p. WEST.

NEW YORK, October Amy one
doubling the influence Of the Turkish
! situation on the stock market must
have ceased doubling after noting the
very emphatic manner in which Wall
| street welcomed the more peaceful
! news from Constantinople and Euro
pean capitals.
Gains were general and important,
averaging about 2 points. and in some
instances more.
Shorts were thoroughly scared. and
/ with fresh buying orders throughout
| the entire list. with the industrials
! scoring better advances than the rails,
just as they had been the most severe
sufferers.
/ At the immediate opening crucible
Saturdays close; Midvale Steel rose
point: Republic Steel. Is; Bethle-
hem B. IN. and Steel common, at
102h. was 1 y better.
Studebaker gained 2 points, Baldwin
Locomotive moved up 2A. Mexican
points higher.
Sterling exchange opened up 2
! points.
Gradually the market became quiet
er and after the most urgent orders
had been filled some reactions were
| sustained.
New Buying Develops.
While the main impulse came from
the buying in Of short contracts. a
lot OF new buying orders which had
been held up by the uncertainty of
what might happen over the week
end were released. These purchases
| did not begin to make themselves felt
ing jump Of to 2 points and had set
tied back over half the ground gain
| ed. Then the market started forward
| again, railway shares this time fall
| ing into line with the industrials and
public utilities, which had been most
prominent at the outset.
Strength in Rails.
The strength Of the railway stocks
| showed that the market had shaken
off the unfavorable influence of the
August traffic statements and had
begun to give more attention to the
| expansion in railway tonnage indir
| Gated by the latest statistics on car
loadings and the complete disappear
ance Of the empty car surplus.
recovery in other members Of the
| steel group were proofs that the mar
ket had gone to an extreme in its
professions Of disappointment at the
| falling through of the Republic Mid
vale merger.
Equipments Strong.
| Shares Of railway equipment COM
| panies which had resisted last week s
decline better than the rest. were con-
| spicuous in the advance. AS Is well
| understood. the basis for the move
| ment in this class of stocks is the
| remarkable increase in orders on the
| books of locomotive and car making
common stock. But the main thing is
that the seasonal slump in the motor
! industry has not occurred this year.
at least the falling off has been COM
paratively slight. Consequently the
| outlook for Pere MarQuette's earn
ings during the remainder of the year
Is that they will be larger than usual.
Railway Equipment Orders.
A comparison Of the amount Of new
business on the books Of four Of The
railway equipment sm.fan ocomotiye
American Car and Foundry, and Pull.
man-on January LIST, with tho amount
! estimated at the present time, indicates
| that the total figures have increased ap-
proximately three and a half times IN
gregate Of s5o.ooo.ooo at the beginning
| Of the present year the amount has
grown to over $175, 900. The demand
| for cars from. American Car and Foun-
| dry and Pulln1an mas kept pace Will
the orders given to locomotive concerns
for new locomotives. In each case the
unfinished business is sufficient to keep
the company well into 1928.
The Steel Stocks.
| All sorts Of opinions are held about
the steels. some of them positively
bearish, others mildly bullish and still
! others neutral. Traders who persisted
| today in selling Republic Iron and
I steel made the point that the steel
industry was in the midst Of a period
| of severe competition, and now that
| the merger was of, Republic would
be at disadvantage as compared
| with United States Steel and the new
Bethlehem Steel combination.
! This competitive situation is moth.
| ing new. however, and the fact thai
Republic Steel at its low was bach
| virtually to where 1t was selling be.
| fore there was any idea of a merger
| was interpreted by those more bull.
l1shly inclined as indicating that thu
Ibreak-up of the combination plan:
lhad been discounted. Both Saturda,
and today Midvale Steel acted like
/ stock does when special buying is il
progress. The street had a repor
that Midvale might go into the Beth
lehem Lackawanna amalgamatfon
But against this the point was mad,
that the Bethlehem, having escaped
the censure Of the Federal Trad,
| Cop, rsfon an far rorld ho,dl,,