Evening star., 1922-03-29
STOCKS MOVE UP
!. ON ACTIVE BUYING
Better Rail Earnings and
Lower Money Are Help
full Factors.
BY STUART p. WEST.

NEW YORK, March 29.-The main
considerations in the financial situa-
ton today were the continuing ease
In money rates. the extraordinary de-
gree of improvement depicted in the
February railway statements and the
confirmation in the weekly steel trade
reviews Of the marked gain In that
quarter which had been set forth in
a mass of unofficial advices.
The fact that the rebound IN call
money quotations had been checked
and that the renewal charge had slid
back again a trifie, from Az to Az
per cent, gave impetus to the demand
for investment securities.
Liberty bonds went higher, and so
did the general average of corpora
ton issues
The disclosure of the increasing
railway tonnage and of the very re-
markable operating results for last
month was evidently sinking in and
the effect was apparent in the very
general rise in railway bonds and
the conspicuous strength in many Of
the rail stocks.
Coal Shares Strong.
Nobody at all well informed about
the practical workings of the street
has ever taken the coal strike as a
bear argument. 1t had absolutely
nothing to do with the reaction in
lowing Monday.
But If there had been any lingering
doubt on the matter. it must have
been set at rest today when the coal
shares-that is, the stocks Of COM
panies which derive their principal
coal-not only did not weaken. but
were among the strongest features in
the trading.
Royal Dutch.
Royal Dutch stood out prominently
among the oil stocks, getting through
its recent high limit. Those who
look for another upturn in the oil
trade in the near future, based upon
the seasonal increase in the demand
for gasoline and also upon the larger
use of fuel oil with the advent of
the coal strike. are optimistic regard
Ing the oil shares, always excepting
those which are too much involved
with the Mexican uncertainties.
Royal Dutch has some Mexican inter-
ests. but they are slight in COM
parison with its possessions in other
parts of the world.
Allis- Chalmers.
The salient fact in the Allis-
Chalmers situation. current reports
show. is not the earnings statement
for 1921, to be published within ten
days. but the remarkable excess of
present bookings over billings. This
balance in favor OF new business has
obtained for the last five months. and
it has been estimated that two and a
half times more business Is being Sc
cured now than last August, when
bookings were at rock bottom.
Steel business Good.
1t has been stated in private re-
ports for some days that the steel
mills are more vigorously engaged
statement is now confirmed by the
trade journals, which say that book
ings are the largest since the summer
Of 1920.
One of these periodicals, which was
decidedly skeptical a fortnight ago
stituted by the independent COM
panies. now comedies that the increase
In new orders following this action
has been a surprise to both producers
and consumers. 1t is the old story
of buyers, their stocks run down low,
ing In as they must have the goods.
Rails Are Firm.
AS a group the railroad shares did
better than the industr1als in the
taking made itself felt. but without
diminishing the strong undercurrent
which distinguished the list as a
whole. Oil shares came in for more
attention because of the feeling that
the increased demand of the spring
season would soon lead to higher
prices for both crude and refined.
Shares of the fertilizer companies
were in demand by reason of the
much better collections. following the
recovery in farm prices.