The Washington herald., 1922-04-08
NDUSTRIALLIST
NEGLECTED FOR
SPECIALITY GROUP
Rails and fractions Share
In Limelight-Move-
ments Irregular.

NEW YORK. April THE indus
trial shares which have hitherto
been consplcuously active In the
stock markets advance Of the past
week were cast for a less promi-
nent part today. speciaities, the
rails and local traction stocks oc-
cupied the center OF the stage. with
all the securities OF the Brooklyn
Rapid Transit and Interborourh
companies occupying a goodly share
Of speculative attention In both
stock and bond markets. Price
movement in these issues were er-
ratio. but substantial net gains re-
suited from the days operations
fnterborough Refunding IS were
easily the feature Of the bond mar
ket, the volume OF transactions
being several times the normal
turnover. Trading in other bond
issues maintained the active pace
which has been set recently. and
prices continued the upwatd tend
ency recently SO pronounced The
rate on call loans ruled at az per
cent all day.
AEuoCTt thtIN TOolNiOnn
Traders shifted from industrisls
to railroad stocks in the first hour
Of today's trading. and the result
was sharp advance in practically
every issue in this group. Many
new high prices for the year were
established. both in the high
priced issues and among the cheap-
er stocks. Rock Island, Pennsvl-
vsnia. Baltimore and Ohio. LehIrb
Valley and Reading were all active
at fractionally higher prices. Will.
Norfolk and Western advanced
more than a point on a relatively
small turnover. March railroad
earnings will make an even better
showing than the results obtained
In February, according 90 all re-
ports. While II is yet TOO early 10
estimate accurately the effect which
the coal strike will have upon April
business. oficials Of some OF the
carriers have already expressed the
opinion that the roads in general
will not suffer greatly. while IN the
case Of some OF the soft coal roads
which serve nonunion fields. the
strike has had the effect OF actually
increasing tonnage.
New York Traction Situation.
Recent developments in the local
situation have stimulated specula-
tive interest in all the securities OF
this class. Brooklyn Rapid Transit
stock. which has been strong for
several days on reports Of better
earnings for the company and an
early termination OF the receiver
ship, was again active at higher
prices this morning Much Of the
speculative attention 70 local trac-
tion securities today was diverted
to the bond market where a tremen-
dous volume OF Interborough IS
were traded in at prices which
huctuated widely. After opening
up some-S points. the bonds quickly
lost points. and transactions dur
ing the morning were marked by
great Regularity.
Seeks Huge Loan.
Probably the most significant
piece OF news Of the day was the
announcement from washington
that the Northern Pacific has ap-
piled to the Interstate Commerce
Commission for permission TO pay
of sl0s. 100000 of the Joint 6ILs
issued by that company and the
Northern Pacific to refund the Bur
=.
According 10 reports from Wash
ington the Northern Pacific seeks
permission to call the 6iss at 1881
and refund them with per cent
bonds. a banking syndicate havins
agreed to underwrite the new is
sues.
Gulf States Steel.
The gyrations OF Gulf States
Steel this morning furnished evi-
dence. IL any were needed. that
whatever the extent Of the public
participation in the present market,
pool operations are by no means a.
an end. Gulf States advanced near
ly points in the early trading. and
the commission houses were flood
ed with tips on the stock. Some
observers. however. incline 20 the
opinion that the pool operators are
more inclined to follow the market
than formerly.