The Washington herald., 1922-04-23
FINANCIAL,
SHORT TRADING !.
SESSION BRINGS
OUT FIRM TONE
Interest. Conferred on In.
dustrials, Especially
Steel Securities.

NEW YORK. April 22.-In an ac-
tive short session with volume OF
sales totaling well over the 100000
mark stocks displayed a firm tone.
: Interest was conferred chiefly among
the industrials. and especially the
steel shares. Belief that most OF
the mills had ample reserves OF coal
led to buying and some of the In
dependents. such as Lackawanna
and Midvale made new high prices.
Republic. Bethlehem and Crucibie
also gained. United States Steel
was bid up to 99E but then re-
ceded fractionally. The rails were
steady but for the most part neg
lected with the exception of New
Haven. The stock of this road
added to its recent Improvement by
an early gain Of a point. Bonds
were steady.
Eastman Kodak.
Eastman Kodak stock, both the
old issue traded on the board and
the new no-par value stock on the
Curb. were active and commanded
more than passing attention in the
Street during the past week. With
the Offering of $4,000 shares of
stock at s77.50 a share by a bank
ing group which was heavily over
subscribed. facts regarding the at
fairs of the company were made
public which indicated an except
ionally strong position enjoyed by
that organization in the particular
Held that IL covers. 1t was brought
out that earnings of the company
have shown remarkable expansion
over a series of years and the out
look for the future is a highly
favorable one. The company in
1921 showed earnings Of something
like s14.000.0O0. the latter part OF
the year being partly estimated be-
cause the figures are not yet avail
able. and over the twelve-year
period from 1910 to 1921 inclusive.
the company shows net equal to
about s7.35 per share. a new no-pai
value common stock now outstand
ing. In 1920 the actual cost net for
dividends was equal to 1926 share
on the present common stock of no.
par value. The volume of trans
actions in the new common stock
on the New York Curb was unusu-
ally large.
Soviet Currency Low.
Soviet currency holds the position
OF having sunk to the lowest level
ever known for any tokens ever
issued by an existing government
The Soviet ruble notes are freely
offered in this maa<et at 81 for
100000 rubles but banking insti-
buttons are able to buy these notes
as low as 100000 rubles for 81 or
1000 rubles for one cent. This Is
at the rate of 100000 rubles for
IS. The quotations for ruble cur
rencies however. which are carried
in daily market reports are for
Romanoff rubles Of the issue of
1912. The 500-ruble' notes OF this
hsue recently sold as low as .04%
of a cent to the ruble but in the
present week advanced to .0S of a
cent to the ruble The 1o0-ruble
notes of the Romanoff issue are
scarce and are quoted far above
the 5O0-ruble notes. Russian ex-
ternal bonds. or 81 bonds have
appreciated materially in the past
few weeks the 81 per cent bonds
selling as high as 80 early this week
against low of 9 in December.
1920.
For the first time in several years
the money market was designated
as easy by leading brokers making
a speciality OF banking accommoda
tons Last night three and four
months money which had ruled at
a. per cent was offered at per
cent. the lowest rate noted in re-
cent years. Five and six months
money was quoted at AZ to "A
per cent. The business in time
money was far smaller in volume
than in the three preceding weeks
but this falling off in business was
due wholly to the fact that the
large transactions made for some
time past had completely filled the
active demand Call mnoey ranged
during the week at 31s per cent
but in the past few days loans were
made outside of the stock eX-
change at ; per cent.
In connection with the low record
made by Russian currency atten-
ton was called to securities that
have made high records for quoted
values. One of these is the stock
of the Cuba Company which a year
ago was quoted at s150.00O a share
bid and it's recent quotation was