The Washington times., 1922-07-19
Market Comment
By w. 8. COUSINS,
,pyright, ls22, by Cosmopolitan News

copyright, 1s22. by Cosmopolitan News
- ServiceD
NEW YORK, July ls--one by one
the different groups in the stock
market come forward for attention,
and developments market;wise are
fairly parallel with those which
feature the expansion of the repre-
sentative companies In the Industrial
field. After a long absence from
the active speculative issues, a
number OF industrial stocks, repre-
senting leading manufacturing Con
Germs of the country, have returned
to the field, receiving a cordial well
come from the speculative com.
munity, and soaring up to new high
price levels by way of returning the
compliment.
= Included in this list we may men
tion Industrial Alcohol. General Elec-
trio, American Can, Allis Chalmers,
Railway Steel Springs. international
Harvester, National Enameling, to
say nothing OF a host of equipment
and accessory stocks which have
jumped into prominence by reason
of the new prosperity of the COM
panies to which they particularly
cater.
Just as these stocks were kicked
about and buffeted during the prog
ress OF the bear market of 1890,
they are now being footed and
boosted in an effort to make them
as attractive as possible to traders.
Reports and rumors Of big develop
nents in the way of cash and stock
dividends are heard everywhere in
the street, while the stock commits
sion houses issue the most aluring
and optimistic statements to buy
on reactions" Interest in the stock
market is maintained in the mid
summer dull season by such tactics,
and the progress of prices is steadily
upward. Shrewd observers of mar
ket conditions look for a turn in the
market as soon as definite an
nouncement OF the ending of the
coal and railroad strikes is made.
There is active speculation as to
whether the directors OF the Fed
eral Reserve Bank Of New York,
at their regular weekly meeting
today, will announce a reduction in
the rediscount rate from 4 per cent
TO 3iS per cent. 1t will be remem.
bered that the last action of the
kind taken by the bank was in the
week following the reduction Of the
British bank rate to 3h per cent.
Last week the Bank Of England
came down TO per cent and the
gossip of the street is that today
is the day for the New York bank.
The deduction may not be logical,
hnN NJ 10 NJ n
fernce between financial conditions
in London and America at the
present term and open rates in the
former market are much lower than
those which prevail here. Par.
ticularly is the call money market
an unstable gauge of financial con.
ditions considering that in yester.
days market the rate went from
3. to per cent in the last hour.
Considerable interest has heen
aroused by the cabled reports OF
Great Britain's willingness to cancel
the French war debt to her. pro-
vided the German indemnity is re-
duced by that amount. The MA
jority opinion is that common sense
and keen business judgment, rather
than philanthropic motives. dictate
such a policy, and that II might be
a good thing for America to take
a leaf from the experience OF Eng.
land in such matters 1t is general
ly conceded that the restora ton Of
international trade is more i'm.
portant factor than the LIQUIDATION
OF international debt and that the
country which first accomnlishes
the former will be much better off
than the one which haggles about
the latter.