The Washington times., 1922-12-06
FINANCIAL COMMENT
Copyright. 1922. by Cosmopolitan
Nawa SarvicaN

news Service.D
NEW YORK. Dec. 6.-with the
general improvement in every de-
partment Of domestic business and
industry, Wall street leaders are
looking forward to a busy season
after the turn Of the year. The
market has settled down to a level
where the better grade Of securities,
both stocks and bonds, are believed
TO be attractive from the price stand
point. Moreover, the sold-out condi-
tion OF good many speculative ac-
counts should be an important fac
tor in the absorption of these securi.
ties In the coming period.
There is one fly in the ointment,
however, and that Is the Legislative
situation at Washington. 1t Is not
the fear of what will surely happen
that is occupying the attention of
traders at this time, but the general
uncertainty created by the babel of
conflicting opinions and sentiments
that come from new leaders In the
important legislative center.
Business leaders hope that II will
be possible to bring order out of
chaos, and that nothing will be done
that will not be for the best interests
or the country as a whole.
No one will deny that certain read.
1ustments are necessary, but how to
bring this about Is the important
question. There is at the present
time too great a disparity in the in
comes OF those who produce and
tnose who. as the saying goes. are
living on their Wits" But the i'm.
portant question Is whether such diff.
ferences can be more equitably ad-
Justed by legislative enactments than
by the application Of natures laws.
1t appears that the Federal Re.
serve Bank Of New York will not
fopow the precedent set by the
stock exchange authorities in dis.
continuing Its scrutiny Of brokerage
call and time .oans. Announcement
Is made that the bank will con.
tfnue It's present policies 80 as to
keep In close touch with every
phase OF the money situation at the
big financial center.
Further Improvement in the
traffic situation Ia expected to be
reflected in the next report of
freight car demands. This report
will show conditions Of rolling stock
for the week ended November %,
as compared with the previous
week. 1t Is expected that the
freight car shortage will show q
decrease Of severa. thousand cars
as against the 158,236 car shortage
reported on November Is. The fig.
ures will be released today. Practi-
cally all railroad equipment build.
ers are booked up until the middle
of next year, and inquiries in the
Chicago market were put at $1,000
cars, 300 OF which were entered
last week.
The majority Of the business and
financial leaders Of the country, at
the end of 1922, will doubtless be
of the same opinion concerning the
immediate outlook for business as
was expressed by them at the close
of last year: namely. that while no
boom Is yet in sight. the country
may expect steady and continued
ity. Excellent Improvement has been
made during the past year, especial
iy in what might be considered the
major industries. steel, copper, tex.
tiles, railroad equipment, ETC., and
r this may be expected to continue.
It is significant that while Federal
expenditures are being gradually
cut down, the State administrations
have not yet learned their lessons
of economy and win have some
sharp lessons along this line In the
near future.