Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-04-08
|ST0CK LIST FIRM,
RAILS FAv0R|FES
Some Profit-SelIing, But
/ Sales, Are Well Taken.
r. SteeIs Hold.
BY STUART p. WEST.

NEW YORK. April S.-The stock
market today again encountered
heavy realizing sales which gave 1t
at times a very irregular appearance.
But there was no suggestion that
the force of the upward movement
was abating.
New high records for the year were
made in railway stocks and in the
independent steels, in the former. be-
cause of expectation of favorable
traffic statements for March and the
still attractive investment return
offered at current prices, in the latter
because of more price advances at
the steel centers. The strength of
the effect of profit taking elsewhere.
Rail Bonds Firm.
Many new highs were reached also
in the railway bond list and it was
another day of undiminished activity
in this market as 1t was in stocks.
The only influence traceable to the
government crop report appeared In
the shares of the southwestern rails,
the strength which was at least partly
attributed to the removal of all doubt
regarding a possible wheat shortage.
The wheat market itself had been
so well prepared by private estimates
for the government figures that ii
was not much affected.
For the first time since the third
week in March sterling got above the
4.4O level. 1t was still cents Ill
the pound under the high record
of March 1.
Rails Keep Strong.
Nearly all the brokerage advices
continued bullish on the rails. There
were no spectacular advances in this
quarter, but a steady absorption went
on, under which prices kept pointed
upward. Baltimore and Ohio was one
of the features. Missouri Pacific is
sues were bought on the strength Of
the government crop report. which
relieved any fears of crop shOl j.
age in the southwest.
Southern Railway preferred went
higher in expectation of the renewal
of dividends.
Steel Shares Leader.
Independent steel shares were the
leaders among the indstrials in to-
days pretty much mixed market
Bethlehem Steel B, Lackawanna Steel
features, most of them getting
through their former highs of the
year.
Steel common did not come in for
the same attention, although the
street looks for a good-sized increase
III uHuHeu orucrS " DC SuoWH III Tie
monthly tonnage statement on Mon.
day. Pool operations were resumed
after lengthy interval in Pennsyl-
vania Seaboard Steel.
The stock, attractive to spectators
on account of the low prices. was un-
usually active. One object of the pool
operation was supposed to be the
marketing of a large block of stock
thrown over several months ago
which was taken at the time as a
sort of salvaging enterprise.
Financial Notes.
The Pittsburgh Steel Company has
advanced wire nails and other wire
products. except plain wire, 10 cents
a hundred pounds, and Youngstown
producers say they will follow.
declared the regular dividends OF
$3.50 on the common and TX per cent
on the preferred stock, payable May
l to stock of record April FL.
The report of the Alvarado Mining
Company for 1921 shows a net deficit
of $242.870, compared with a profit of
$717.911 in 1920.
The orders to start the blooming
mill, bar mill and eleven open-hearth
furnaces of the Carnegie Steel Com
pany at Farrell have been counter
manded. The coal strike is said to be
indirectly responsible because of the
difficulty in securing sufficient fuel
The annual report Of the Inspira-
ton Copper Company for 1921 shows
a loss Of $1,790,421 after charges. fed
eral tax and shutdown expenses.
against a surplus of $2,294,276 in 1920.
The American Locomotive Company
booked orders for twenty-eight loco
motives this week.