The Washington times., 1922-09-17

All the compilations Oh seCurity
prices that have been made in
recent weeks tends to prove that
the strikes have In reality had
security markets, though to these
sources may be traced occasional
reactions which would doubtless
have taken place had there been
no strikes. Most of the market OBJ
servers have attributed the major
movements of stock prices In the last
two or three weeks to the activity OF
professional traders, with the invest
Ing public generally holding aloof.
.., Advances Noted.
The principal advances this week
have been in the equipments, the
high-priced railroad stocks, and, In
the latter part of the week, in the
public utility issues. All Of the listed
stocks of the industrial concerns
which furnish illuminating gas have
figured prominently in the buying
and practically all Of these stocks
have sold into new high prices tor
y the year.
Another phase of the market which
night be noted at this time Ia the
presence Of the so-called bargain
hunter" whose activities are noted
chiefly In the stocks OF companies
which have and are making good
financial record, but which, for some
reason or other, have been neglected
in the forward swing Of the market
IL. general. Those who purchase
taese stocks figure that, even though
there should be d general slump IN
the. market later ON. such stocks can
be put away to await the next for
ward swing more than paying their
keep" In the meantime.
Some unsettlement was caused in
the last day Of the week by the war
like developments in the Near East.
amounting, according to some au.
thorities, to the first rumblings OF
another Balkan struggle. AS a mat
ter Of fact, the signing Of the treaty
of Versailles did not bring peace TO
Europe; and, since that eventful time,
there has been intermittent clashes
Of arms In different parts Of CONT
mental Europe.
Bond Market Active.
With the exception of the last week
In April the output Of new bonds for,
the past week was the largest OF any
similar period this year to date. In
this the investment bankers have
fulfilled the promises which they
have been making all summer, to fur
nish a new lot of desirable securities
Immediately after Labor Day.
Offerings of new bonds this week
aggregate nearly S165 900, 900, group
ed somewhat as follows: State and
municipal, $22 900 900; public utility,
$50. 100000: Industrial. S93,00o.0o
railroad, $1,000. 900; farm loan, for
eign and miscellaneous, $1,000, 900.
Among the prominent issues Of this
week were $50 ,OOO, 900 in Z per cent
Swift & Co. notes: S25, 900. 900 Sinclair
Pipe Line bonds, and $21 ,000, 900 Kar-
sas City Power and Light Company
bonds.
On the listed bond market, prices
In the prime issues were firm and
some important gains were made.
while low-priced, or so-called specu
lative bonds were irregular and
losses of a few points were report.
ed in different sections OF the list.
Liberty bonds were in good demand
this week and prices were firm
throughout; foreign bonds made few
important changes in prices, and
the volume, excepting French repub-
lie bonds, was somewhat below the
average.
Despite the warlike complications
In Europe, foreign exchange rates
at the close of the week were
higher than at the start. Consid-
cradle irregularity developed in the
first two or three days, and sterling
sold down to a point apprcximating
$40. BY the week, rates recovered
about three cents to the pound.