Evening star., 1922-08-02
REACH
NEW HIGH At 1@
Railway Common Strong at
58-Movement in Bonds.
Personal Mention.
BY I. A. FLEMING.

There were two prominent Iea-
tures to todays business on the local
stock market. one the fact that
f.otomac Electric refunding and I'M.
provement rs made a new high at los.
There has been much comment on the
board as to the possibility of this
price being reached. and when the
sales were made $500 at 1oS. pre-
many times doubted
The street has come to the con-
clusion that the action of some in
rerest in feeling" as to the willing
ness of the committee in chsrg" to
dispose of 27,500 shares Of Railway
common was simply propaganda
work intended to help along the bull
movement in the stock.
Despite this. however, there seems
10 be we'll grounded belief also that
the market can hold its own, bid CT
no bid. The common shares sold at
5S, and there seemed to be no pres
sure to liquidate. The preferred sold
sparingly at IS.
Washington Gas does not move with
the rest of the market. seemingly
being pegged at 55.
Lanston was moderately active at
79h.
Capital Traction firm at 1o0Js.
In the bond section. aside from the
action in the Potomac Is. the general
6S of the same company were firm at
100 and. Railway debenture 6s at
99$i.
Movement in Bonds.
At no time during the preceding
Years OF the present century. beginning
with A. D. 1900. has there been any
thing like the demand for bonds that
has developed with each month during
the current year.
This may be enlarged upon. as. indeed,
at no time In the record of the bond
market has there been anything like
the volume of business.
Back in 1897, the largest months rec
ord was made In August, s7l.962.o00.
referring. Of course. to the record on
the New York Stock Exchange, where
the great bulk OF the recorded sales are
made. Other exchanges add to the to-
tai and the sales of bond houses to
banks and investors account for no
small amount of financing annually.
this in turn being followed by build
Ing and other bonds direct to inves-
tors.
But the criterion OF the movement.
which invariably follows an easy money
market. must be the transactions on the
New lorR exchange. with its enormous
list including the leading and minor rail
and corporate as well as utility issues.
At s1O0.OOO.O0O Mark.
In December, 1918. the volume of
sales increased s.sOo.s 500, but In
only one other month in that year
did they reach the 100000. 900 mark.
In 1908. $725O9.0O0 was the maxi
mum. and with the closing months
of 1904. s213.00O.00O was reached for
the first time.
The next decade was one of recov-
cry from the panic Of 1908. and bond
employment elsewhere. This brings
the record to 1914. and the outbreak
of the war.
The next three years were slow
from an investment standpoint, and
then transactions in liberty issues
14s,000 liberties sold in December
of that year the total for the month
made the record of $3S1.170.000.
Liberties q Factor.
In Decemper. 1919. a new record
was made. liberties $604, 100, 900. and
total of 1861, 100000, which stiII
ness.
put ip all the years the record Of the
safes OF bonds other than Libertys
ana an Vfctorys. never passed S1sl,3iS,-
Soo IN any one one month, the mark Of
november. 1921, until January this
year, s1S1: 216.o00: February. S1S7.ses.-
600; March, s237. .S52. 900, and the XnpiI
date "
The record on Liberties and Victory
$5041OO WV
The market for bonds. both Libertys
ana victory notes and general issues
mas quieted down during Nav and
June and has been ranaw., anu
July uoiihs
There Is small question but what
bankers have been the most serfous
GC0Hpe'ftors OF investors for bonds
IheF nave been compelled II ro into
the market and buy and keep buy-
ing bonds that they might get their
tunds . INTO employment. because OF
mand "i ue-
FIotntions for six Months.
considering the future of the hond
market there does not seem to he
any reason why the strength and
nigh prices should not continue
me market seems ready to absorb
onerinss as fast as they are brought
out, tne notations for the first six
moDths OF 1922 amounting 10 ~
ooo'oo0. as compared with s1,so5 900
ooO for the corresponding months Of
!sZI To this great total for the fret
half of this year must be added s67s
UoO.ooO OF foreign securities. $713,0o0,-
.oo state and municipal issues, or
1917! 100000 new financing for six
months Ola
or the new capital brought out in
the last six months s36o,0oo.o 900 rep
resented refunding operations.
Personal Mention.
w W; spaid will. be a guest at At
lantic City for the next ten days.
Roy L. Neuhouser of the National
CITY Company left yesterday for
Gloucester. Mass.
C. c. Glover returned today to Bar