The Washington times., 1922-03-19

In the extremely low rates
the abundance of loanable fl
Even before the heavy financial
operations incident to the paying of
the first quarterly instalment Of the
Federal income tax on Wednesday.
evidences OF easy money" had BE-
sun to exhibit themselves In the
financial district. but on tho con-
clusion Of this operation loaning
rates fell of to the lowest point In
three years for call money and In
dve years for time funds.
New Records Made.
It 10 time that the stock market
continued without interruption the
advance which has been smashing
past records and carrying prices Of
speculative leaders to higher and
yet higher levels: that the bond
market has shown remarkable &C.
tfvity and an ability to absorb all
the new issues introduced to It:
that foreign exchange and wheat
prices have forged ahead, and that
general business II now giving
promise of actually fulfilling the
most sanguine predictions OF bust
ness leaders. But all these factors
have their real foundation In the
money market. the source of credit.
which II the life blood OF business.
Tight credit and high money rates
(Ars the greatest handicaps to prog
ress and prosperity, while the free
prise n the chief requisite for sue
nd v,xnovoaa
There 10 apparently no change
either In stock market sentiment
or In the general tendencies in
stock prices. The action Of the
market was simply the carrying for
ward OF the movement, which does
yet seem to have run its course,
Tor pushing prices to higher levels.
New high records are made with
such frequency, both In the general
level and In the performances of in
1ividual stocks that 1t il difficult to
keep the, situation IN hand.
On one day OF this week CThurs-
day. no less than thirty-four stocks
made new high prices for the year,
and on the following day the high
record OF dealings in separate Issues
was made. Four hundred and
forty-one separate issues were
traded In. compared with Q previous
record Of 424 Issues changing hands
On December %. 1890.
Market Broadens.
But the broadening Of the market
- demonstrated not only in the
number Of separate Issues COM
manding attention bat also In the
frequency Of s.million-share" days
and In the buoyancy with which
comparative inactive stocks reach
up for new high price levels. There
u no doubt Of the fact that the
market II q highly speculative one,
largely dominated by professionals
and pool cliques of every variety.
Rumors Of raids and corners are
IN constant circulation, while the
large brokerage shops are anxiously
'awaittng the return of the outside
public to the speculative mart. The
biggest difficulty facing the pro-
fessionals II that of completing
their unloading process, for Of what
value are paper profits. unless they
can be converted to real cash at
pleasure7
While the steel and railroad stocks
have been comparatively quiet this
week. tho motor and accessory, the
equipments. the industrials and the
public utility issues have led In .
spirited advance. A good deal Of
attention has been attracted to the
copper stock because Of the grow.
for copper, and the showing Of
freatsr activity In the big copper
producing companies. The steel
stocks have been rejecting the bet
ter prices and greater working ca
pacity Of the steel companies. and
the motor stocks tho tremendous in
crease In output of motor vehicles.
While making q spectacular show
Ing on tabulated records, the high
price records of the specialtie1 ara
not important in view of the mar
row market for these shares and
the paucity Of public interest In
them.
Bond Market.
The bond market has been influ-
snced to some extent by the same
factors that have been operating in
the stock market. There are specu.
Iative bonds - we'll an speculative
stocks. and the greatest fluctuations
viii. Of course, be found In this Sec
ton Of the market But good in
vsstmsnt bonds are bought to stay
bought, and are withdrawn from the
street to form . lining for the safety
deposit boxes Of fortunate individ-
uals who anticipate the rainy
day"
Sevsral large issues Of foreign
: governments as well a. foreign and
domestic Industrial bonds have
Ssen made this week. most Of them
Immediately going to q premium,
while tho old bonds already listed
on the exchange have continued to
advance. The total Of new bonds
for the week was $146. 342, 900. In
Guiding $40.000.000 Dutch East In
dies; $46,000.000 Sinclair OIL. &c.,
100000 Framerican company. and
3t0,o00,00o Paris-Lyons railway.
The market for domestic Govern
nent war bonds has remained
steady, while foreign issues have
steadily advanced. sAs our investors
have learned to appreciate the at
Effectiveness of these issues they
have sought the bonds with high
coupons, the market supply of