The Washington herald., 1922-03-15
RAILROAD GROUP
INTEREST CENTER
IN STOCK MARKET
Active Demand for Both
Issues r e suits in
Moderate Gains.
INDUSTRIALS DULL
Fractional Gains Predomi-
nate; Low-Priced Sugar
Stocks Rule Strong.

NEW YORK. March It-Tradinr
in stocks was again active with IN.
center Of gravity OF the market iy-
ing within the railroad group. IN.
demand for both high and low
priced issues OF this description was
active and gains Of ! and 2 points
were numerous Many of the re-
Gently active industrials were. on
the other hand. neglected. but low
priced sugar stocks were strong. az
were the gas stocks Fractional
gains predoninated among indus
trials. The bond market meanwhfls
was firm and somewhat more active.
Railroad issues also were the fea-
ture here. Call money ruled at
per cent throughout
Maintenance OF the rate. for call
money at 4 per cent this morning
was generally accounted a construc-
tive factor Of the FIRST order and
WAS coupled in market gossip with
the heavy oversubscription 10 the
Sinclair and Framerican bond is
sues offered yesterday as an indi.
cation that the long-awsited condi-
tion Of real easy money has at last
arrived With practically every in
deN Of money conditions Indicating,
lower rates on the eve Of the MarcI
is income tax payments the specu.
lative community. or at least that
part OF IL which keeps a weather
eye on the fundamentals showed a.
inclination TO ignore fractional
market changes IN the assurance
that nh ak
the Immediate future cannot b.
other than bright.
Unlisted Features.
Those who follow the movements
OF unlisted issues have been exhibit
ing considerable interest in Ameri-
can Light and Traction common.
The stock has advanced nearly %
points from the 1891 high Of IL
Cash dividends Of Z per cent were
paid last year together with a stock
dividend Of the same amount and
in view OF the company's excellent
showing a larger distribution Is
looked for in 1922. Earnings for
1921 were at the rate OF over 81
per cent on the common stock aud
surplus OF over $4,000. 600 on cant
tai Of less than Si3.O0O.OoO ana
funded debt Of oply $4,000. 600.
Local gas stocks eNhioITed TO
newed strength today. following th.
rise which has been in progress m
these securities since the harding
down nf the Supreme Courts dec
sion in the Consolidated Gas rate
case
Rock Island Activity.
Activity in Rock Island for an
hour this morning carried the mem
ory Of many back to the days ~
twelve or thirteen years ago when
the stock was one Of the specula-
tive leaders. Several OF the low
priced rails. notably Texas and Pa
cifc and Baltimore and Ohio. eNhih-
tied also every Indication OF awak-
cned speculative interest in this
class Of securities and we're active
at fractionally higher prices.
Weakness in the foreign ex-
changes and in the prices OF grain
and cotton which has been in evi-
dence for several days Is having
somewhat unsettling influence on
the stock market and according 10
some observers is responsible for 4
considerable amount OF profit-tak-
ing selling. on the other hand
there is another aspect o fthis mat
ter which is also attracting atten-
tton or at least arousinC homes
among those VINO are working on
the constructive side. OF the market
This element freely expresses the
opinion that the eventual result will
he the transfer OF much speculative
interest and Of considerable
amount Of speculative funds to the
stock market.