The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-05-27
EVERYTHING LOOKS WELL ON THE
LONG SWING, FOR BOTH
STOCKS AND BONDS
Insiders waiting for n Shutdown and
Chance to Buy Again


has hccn acting tho past few days and
rho various rumora that arc about re-
Cardinr the great steel mergers we haHH
sought tho opinion OF Roger W. BAOSon
concerning tho same.
SO far as the long swing goes SAYS
the s;atiStician. "cVcrTthl"G LOOKS well
both for tho luud market and Tor the
stu,H market. Wo are entering INTO
rcricd OF low money rates which may
extend over some years. II SO. the bono
market viii continue 70 climb upward
for a similar length Of time. This does
ru, moan that bonds Will advance a.
much next year as they have advanced
lhis year, nor as much In l9-f As they
VIII be In 1928. Moreover. reactions VIII
occur now and then. The general ten
dcncv, however. should be for strong
bond market for several years.
Tho stock market has not vet reached
It's zenith. Those who have bought So
curitics and have them IN their boxes
should not worry about present market
movements. or conflicting rumors. We
have only started on Il great broad move
mrnt in the security markets which
Will take both bonds and stocks 10 much
higher prices. The United States OF
America has always been great Coun-
try; hut today It is the center OF the
worlds production. distribution, and fin
RuCing II IL IS two years before We are
back again in another period OF pros
prrlty, II Will he two years before the
stock market turns on It's great trip
duwnwar
Like the Ocean
The stock market. however. IS IKE
the ocean. In addition to the great tidal
movements. there arc squalls, storms,
and periods Of CalmneSS and or rough
ness Tho stock broker watches GER
tam barometer ~ does the mariner at
sea. This barometer strongly suggests
today that there may coon DO n storm
In the stock market. II looks rather
cloudy and at points there 10 pressure
which is not natural. Tho optimistic
tone which has been characteristic or
the market for many months has tenn
purarily gone. The rumur-mongers and
llpStcrs are again doing business. In
sidcrs who have been aCCumulatinG Tor
some months arc known - have d!Stri-
butcd their holdings. Thcy are now
waiting FOR \ Shakr-d"wm ana another
chance % get aboard before the next
upward movement
'RrEIrd.ng the reported st"c'm"rEcr
continued Mr.. Rahson II will say that
lUtIe ilNb bttlI IllN' ~ t'NiN Hp'''N N'''S' 49,
much so that II LOOKS as If certain
parties wcro using II for window dres-
sing. The capita l.2at!on Of the com
b!ned bethlehem and lACkawanna com
panics Is about 1000 600. The COM
hlned capitalization OF Mtdvalc with
Rcpubljca. YOUNGSTOWN. and other COM
panics proposed 10 merge Is about $3.50
Uu0. VOo. Thus If the entire consolidation
goes thru II would mean 4 capitalization
Of about $3.50, 600 600. 1t IS prepostcr"us
70 claim that this IS an equal revival Of
tho United steel Corporation which has
today clear investment OF about one
billion and half dollars.
when the earnings arc considered
similar condition will hc found. For in
stance, for an avcrag" period OF years
tho bethlehem and l.ackawanna show
gross earnings Of about $Sop.V"V'"oV
while the independents mentioned above
show gross earnings Of about Si5O,0OV,-
600 Thus tho total gross earnings OF
the combined companies would he not
exceeding $500. 200. including Eethle-
hem. Lacka wanna. M!dvale. and tn" rest.
For the same period Of time the United
states Steel Corporation d!d Il gross bus.
lucss OF sl.750 0o0. 600.
Look Out For Squalls
considering the poor condition OF Tie
steel business at the present time, II
rather looks az II concerted effort was
being made by certain PARTIES to get out
Of the stock market ~ ut least to get
out OF steel and into copper or some
thing else Some one asked the other
day for my opinion regarding n certain
New England railroad stock and my re-
ply was. SHOW me the stock books ard
VIII give Won an answer If tho