The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1922-12-30
reflect !.
IMPROVEMENT IN
BUSINESS world
Many Predictions Of Further
Business Prosperity in
Country Evident.

NEW YORK, Dec: 3O.-(By
The Associated Press) Stocks
and bonds generally close the year
at materially higher levels. which
is not only a reflection OF the
marked improvement that has
taken place in business and III.
quiry during the last twelve
months but also construed by
conservative New York banking
interests IS an indication Of still
further progress In the coming
year.
The year closes with conditions
favorable for q further apprecia.
ton of commodity and security
prices IN the opinion Of the fin
ancial community. Unfayorabie
and unexpected developments In
the political and economic sltua-
ton abroad are generally consid-
cred as the only probable OBJ
stacies to arrest the improve
ment in: the business and finan-
cial world, which began in the
summer OF 1921 and has contin-
ued, with few temporary inter-
ruptions until the present time.
Tho prediction OF further bust
ness prosperity Is based on sew
eral well known facts. Foremost
among those is the easiness Of
the money market and huge suns
available for commercial credit.
In addition most stocks OF. mer-
chandise are low, railroad traffic
Is close TO record levels, exports
are increasing, the principal Eu-
ropeanl exchanges are heading
back to par and the European
economic situation shows signs OF
improvement, exports are increas-
ing and untitled orders for rail-
road equipment are the largest in
years. Other favorable signs are
seen In the facts that no big
strikes are threatened or pending,
a great amount Of construction
work is still in arrears despite a
record breaking year OF activity
in the building industry, automo-
bile production reached a now
peak, which probably will be ex-
ceeded next year, while gasoline
consumption has been the high
esL In history and electric COM
panies are doing q record busi-
ness.
Sales Of stocks during the year
totalled approximately 100000
900 shares as compared with III.
100000 last year. 223,0O0, 900 in
1920 and 307,SO0,O00 in the
record breaking year OF 1919
when postwar Initiation was at its
height. Bond sales this year
reached the unprecedented total
of approximately S4,155,OO0, 900
as against $3,505,000,0 In
1921, $3,945,00 900 in 1920 and
S3,775,000,000 in 1919. The
peak OF bond prices for the year
was reached in tine middle OF
September and the lowest level
early in January.
One OF the features of the bond
market was the return Of United
States government war bonds to
par, the refunding Of the Victory
notes, and barring war loans not
yet refunded, the record breaking
volume OF foreign government,
corporate and municipal flota.
lions, which reached u total of
S6S5,16,000 for the first ton
months of 1922 as compared with
$403,100,000 during the same
period in 1921.
The widest fluctuation in the
stock market took place'in shares
OF the Atlantic Refining Co.
seldom dealt In, which ranged
from a low Of 5000 to a high OF
ISIS, oriS675 difference. Among
the active industrial issues Next
can Petroleum provided the chief
feature, getting as low as los S-4
and as high as 322, OF a range
OF 215 Ia points. Approximately
95 per cent OF this stock has been
acquired through conversion by
the Pan-Ameriean Petroleum &
Transport Co., thus Virtually re-
moving It as market factor.
Among the railroad shares Michi-
gan Central fluetuated the most,
selling between 15e and $40, or
174points. y The smallest fluctua-
ton took place in Alaska Gold
Mines, which sold between 7:s
ana ia ofl ~ m =. "A Z, 9%J,o,.,tys, ~.