The Washington herald., 1922-04-06

Rails and. Industrialsn
Alike Show Increased
Activity.

NEW YORK. April 5.-Another-
! .oeo. ooo-share-day in the stock
market carried the prices OF near
ly all the speculative issues to
new high level. Rails and indus. i
trials alike shared In the aotivit,
which increased during the day
eliminating IN the very activ,
trading OF the last hour. With tn
exceptions OF the coal stocks whic'
the market seems TO have decide
20 ignore utterly. the days de-
velopments were generally favor
able with better feeling reported
in the sugar and copper trsde
higher prices for more steel prod
ucts and the certainty that equip
ment companies Will receive add
tionai large orders from the rail-
roads now in the market for
freight cars. The bond market con-
tinued active with prices strong
and transactions only slightly be-
low the daily totals recently reg
istered- Then rate for call loans
per cent with some loans reported
made In the outside market at a
lower figure.
Early Dissppsintment.
Higher opening prices and CON
tInued strength during the morning
trading disappointed both bulls
and bears. though. of course. for
different reasons. The bears werc
commitments made yesterday could
not be covered at a proft. A large
part Of the bull element was equal
ly regretfui. however. because they
saw no immediate opportunity 10
get back the long lines OF stock
which they disposed Of at q profit
early In the week.
View High Prices.
Another crop OF new high prices
for the year was harvested during
thi. mornings trading. Among the
rails Southern Pacific. PennsylvR-
mia. and Norfolk and Western eN-
ceeded the best previous quotations
by a fraction. Chandler provided
leadership among the motor shares
displacing Studebaker for the time
being. at least. while among the
copper stocks which were all
strong American Smelling and Re
fning bettered Its previous mark
by nearly a point
Another advance I'm steel prices.
this time in the quotations for
sheets. was announced yesterday.
A better index of the real demand
for steel however. was contained
in a despatch from Youngstown
stating that there has been an ap-
probable firming lately in the price
OF steel scrap OF all kinds. The
e. d raj
open one so that quotations are
more sensitive to supply and de-
mand than the prices Of manufac-
tured products.
steel Industry.
Conditions in the steel trade
point 10 a continuation of the i'm
provement in output ssd prices
that has become 30 pronounced
during the past month. according
to the Iron Age. which estimates
the rate OF production at slightly
over 20 per. cent for the Corpora
figure for the Independents. suffi-
cient business has developed to
keep the plants operating at tho
present rate for several weeks.
So far the coal strike has been
without appreciable effect on the
iron and steel markets. Tho steel
operators have sixty days coal
stocks on hand. but IL is believed
that the nonunion mines will be
able TO supply them with enough
fuel to make il unnecessary {"
draw heavily upon their present
reserves. Railroad and structural
buying have been most important.
but the market IL steadily broad
ening. with sheet buying on
heavy scale and the wire industry
booking orders in March up -
about 75 per cent of its capacity
The pig iron market has also
been active. with prices tending
toward higher levels. Tho output
in March. for the first time since
January 1921. passed the ..onn..