The Washington times., 1922-12-17
STOCK PRICES RISE
TO A HIGHER LEVEL
DURING PAST WEEK
Good Buying Of Steel, Copper,
Equipment and industrial
= Stocks.
BY w. 8. COUSINS.

ySopyEi8uts AVSss W SOoHnORoheeh AS0Ws
Service.l r,
NEW YORK. Dec. 16.--Stock
prices during the past week did
not reach a very much higher
level than that which prevailed at
the close of the preceding week.
but there were some important de-
velopments which resulted In the
evening up of prices In some de-
partments which had failed to keep
up with the speculative leaders
in their latest upward movement.
Consequently, we find these leaders
in former upward movements. with
few exceptions, practically station.
AIRY this week, while the rank and
file of speculative stocks have been
moving up into position. Perhaps
this fact is evidence aplenty that
the market continues to be g high
ly specialized and professional af.
fair. with the general public In
a. participants.
Buying Good.
There has been good buying Of
the steel. copper. rubber, equipment,
motor and Industrial stocks thu
week, in line with the generally
favorable development In the indus
lAicB iucIlltOHcQ. Inc WSch-cuu Tduy
in United States Steel which carried
the price Of this active stock to
above 10S, was linked up with the
wonderful progress In the steel
trade during the latter part Of this
year and the revival Of reports that
the directors would be compelled to
order q stock disbursement for
their own protection before very
long. At the present time the sur
plus of the giant steel corporation
- far in excess of it's total out
standing common stock, and
switch from one form to the other
might be considered good business
in view of the present agitation tn
sundry forms Of new taxes; Ga. e|
The week was not without it,
special and spectacular movements
in u number of the Industrial favor
ties, many Of which attained new
high record prices for the year.
The Can stocks were again prOmi-
nent, Continental setting its stand-
ard about seven points farther UP
the scale and American holding all
the gain II had won AZ q result
Of being on a per cent dividend
basis. Mercantile stocks. long Q
neglected factor in the speculative
0CllNlllc6, CditIc O<ACh oSAOh8 hh NAAe
latter part of the week and showed
some of the form which distinguish
ed them q few months back. Pan
American oils retained their posi-
ton of leadership in that division
of the market, and their activity
was Increased rather than dimin-
ished by the marking off of the 25
per cent stock dividend and the
declaration of the new 20 per cent
dividend.
New avenues of profit were open
ed up for this company this week
by the signing OF AN important con.
tract with the Navy Department OF
the United States Government for
the drilling Of some Of the oil re-
serves in Lower California. Ship
ping stocks as q rule were irregu-
lar, in line with the dwindlfng proar
poets for the passage Of the ship
subsidy bill in Congress.
Bend Market Active.
AS a result of the rally that has
occupied practically all of the last
two wekes the. general level OF
stockS prices has been advanced to
about the point at which II stood
before the severe decline OF the
first week in December.
The most important event in the
bond and money markets during
the past week was the refunding
Federal Treasury Department.
About 100000, 900 in Victory notes
were called for redemption and
payment was made In the sum of
$300,000,000 In treasury certificates
and interest on the public debt. On
the other side of the ledger were
offerings Of about e700. 900 900 in
new treasury certificates and short
Industrial bonds featured the Of
ferings of new securities 8 during.
the past week. The total offel7nEs
were about 3Ss.ooo. 900. Of which
Ss7.ooo.ooo were industrtalE $ls,;
100000 public utility. municipal
sular possessions philippine govern.
ment. The most important OF. the
new Industrial issues were the
$16,S66,700 Of the new DunlopI
Tire rs, and Verttentes Sugar Com
pany, first mortgage rs.
In the listed bond market. atten,
tion was attracted to the bondS -Of
the British government by. reason
Of the sensational advance in ster.
ling exchange. The 81 per cent?
bonds Of 1879 sold up to 1 new
high at 115 this week: :, ErencA,|
government issues and Continental
European government h6nds we're !
active and ,generally y hie4ier.
Among domestic bonds the mott
active were the cohyert1bae tssule
Of prominent American COPPER conn
panieS which advanced I'm line wtth
the rise in stocks IN the lieta6
market. There WAS sumo irroenlafs
1y in the market for the sec3nd.
grade railroad and bond is6uSs, ut
no severe declines. ~ ,.s
NEW YORK COTTON MARKET
Furnished By W.. .. .Hibss q Co.