The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-05-13

go 80" 49,"
dictionary course OF prices IN the
New York stock Exchange during
the past week has naturally led TO
the inquiry "a 10 whether stock
prices have more than discounted
the general business revival whiclf
has thus Gar occurred or will
as far az this year II concerned. or
whether, ~ now seems probable,
o much more than the regular
scaronal improvement can be
looked for until after the mid-sum-
mer season.
That the stock market should
have shown hesitation at the tire
that the mercantile and financial
agencies were reporting definite
evidences Of increasing trade and
booming industry h not 10 be on
dcrcd at. FOR the stock market al
ways prccedcs ami forerhadoy-, a
changed financial and commercial
situation. either for the better or
for the worse. In December %
1919 an abrupt downward reaction
in the stock market pointed unmis-
iakaby to the trade reaction
which did not reach is eliminating
stage until 1890 was well nigh
half gone. Whether another "a
tended decline In the security mar
kets is now 10 follow the upward
movement 81 prices which has fea-
turcd these markets since rhe at
ter part Of 1921 ia ~ course. prob
lomaticai and Will depend ul.ou
the composite Judgment OF thon-
sands % active participants In the
markets in every section of the
country.
The oil and Independent steel
stocks have. Of course, been influ-
onccd By special factors that could
not be expected TO apply To the
markets - a whole. The sudden
halt in the production Of coal.
leading certain OF the representa-
tive Industrial enterprises OF the
country to consider seriously the
substitution OF oil for coal as fuel,
the repeated marking ~ of prices
for gasoline and other OH products.
the successful exploitation OF new
oil fields both at home and abroad
land the consequent outlook for
fH22 earnings OF the oil companies.
: have attracted u large following 10
the oil shares in the listed mar
krta. with b result that there har
boon "a genera. acVaurc In the
q prices OF these atocks. There has
been more than merger talk IN
tho steady advanccDncnt OF ths
J market quotations Of the indcpen-
dent steel shares. most % w.licll
3 has gone up q long way from Tho
bottom before the merger neRo-
tiotions assumed q serious aapact
The steel companies have ircf
blowing In their respective far-
naces on a steady progression shines
IN iarn OF the yea actuateo by
! an increasing demand Tor their pro 4
e ucts at prices which compare quite
= fav9rabiy with any posted rates
since the ending OF the q Th-s,
companies will receive a substau'
! tial benefit from the expected r.
! duction In freight rates which
with the high scale Of wages nov
prevailing In the Steel industry
4 now constitute the highest item 1
cNpenfc IN the manufacture anf
distribution o. steel products.
rails
n WIz Anticipated that thu
March net earnings Of the rnilroati
wouid bc susflcieni 10 cover the
I. fgrr cent return on tentntive Valu
J, uuuus and tho rcir1i frfurns fnu|
= tl.af tho ,%arricrr f~n short 81 mi
mark by only - Of one per cent
= IT,ie rcai l.tyzls. that win hp. !.
. solved. until April reports att -rn
\ miftcd WI weeks hence, T. whcthc
/, the April sarning~ record VIII riakI
AZ favorable y showing. A niontl
ago Il wis generally conceded tia
d. hurinces. IN anticipation Of the cgi
4 strike. Ind greatly Initiated Ma-rl
I earnings and April wus therefor
expected TO show a heavy declinl
with the posiiblc exception OF
~ few 81 the roads which opernted
!. the ~non-union coal fields. The ~
port on ear kadinEa FOR some q
these lines has not. however, q
In line with expectations, for mo,
ii Of the western and southern linz
ioadings hive not fnllen off IN "a
dcgre. anticipated. and In quite
la number Of cases have continued I
n increase, In consequence Il h mo-
r generally expected that the AR
earning statemenis will make "A
a UNEXPECTEDLY good showing for
= number of carriers. The lin'
q which serve the anthracite an
bituminous coal fields VIII. I
(, course, show the effect 81 a.
l. strike. but ever In the ease Of the,
compunleH incroaccd traffic
- hirh class merchandise frrigi
may serve to prevent earnings fai
Ing AZ far IA traffic ID appeal
Ipr0bably. then, that thr shown
OF the roads a. q whole IN ApI
VIII be less favorable than dturtr
the preceding month, but hat tibet
will he nHny individual exception
International finanrins
During the fifteen muntlla cnut
March ~. 1919. foreign loans
an amnunt approximating one hi
lion dollars have been noatcd
the Tnitod tsatea. For the calei
har year 1891 foreign issues taks
by American investors totale
se2S. AGO. geo. while dursnE the fig
three months Of 1923. The abaorI
Ion OF Fimllar Issues hi our !.
gestnrs reached t4o1. G27 .o0o.. ma
ling q tofni for he period FRO
lIannary 4. 1921. TO March Z
tfs4f. te1f.o ST 600,
The figure includes only SUI
issues as have been a matter
public record and does not GOV
lprttAte ~purchhfes by Individuals
I~nftfiunons witch in ne eHrreau
would prnbably raise the total q
sorption from the fe27, k22. 900 :
cofdea 90 around an even biiii
ld0ilarr.
re rapid increase Of forci
bond absorption IL tbs INIT
States has raised the question
"a whether ~compuiHiun ought
he hruunhf 80 bear upon fnrell