Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-26
ACTIVE STOCK MARKET
REFLECTS RETIREMENT
Large Volume of Wall Street
Trading Barometer of Re.
turning Normally.
STEEL ORDERS ON THE JUMP
General Price Advance Imminent.
Following Restoration Of Figures
10y independent CompnnicS-Dis
Equipment Due From Railroads.
by Walter IL. Iirown.

w fltten lot tnc nitcd NcWSp
NEW YORK, March 25-No one
can doubt any longer that business
has turned the corner on its return
to normally. Persistent strength IN
the stock market has rendered abor-
tive all attempts of the bear party
: volume OF business has increased un-
I'll million share sessions are again
the order OF tho DAY. Such reactions
as there have been have not lasted
long. and have usually been followed
by a counter-reaction carrying the
market 20 higher levels. all OF which
is now identified rs merely n reflex
business shows Activity.
One does not have TO hunt around
now for evidence of business revival
because they are beginning TO show
in all directions. The report OF the
Presidents conference on uuemploy-
ment is particularly encouraging,
showing n reduction OF uuemploy
ment at practically every point.
Stress has been laid upon the i'm
povcment in tho steel industry. This
has become most pronounced within
tho past week. Tho latest report OF
the United States steel Corporation
places the output at II per cent OF
capacity for the entire plant. Only
two weeks ago Il was being csti-
mated that production would reach
40 per cent by fall. but II the pres
ent rate of increase is maintained
that point Will he reached in another
month. New rdcrs for March are 80
per cen: greater than for February,
and those who are in close touch
with affairs state that a general price
advance IS imminent. This IS prob
ably true. The first iutimations OF
II came with the restoration of
prices by the indcpe nGcnt companies
two or three weeks nEo, indicating
an end TO the price cutting. This has
been followed by an advance in steel
sheets. the first OF its kind since
1920. which may he the foreunner Of
n general recovery. Without doubt
the sterilization Of steel prices has
been responsible for the release OF
new orders which has brought about
the increase in production already
noted.
Much Work Bound I" lie Done.
Other conditions prc responsible
for this. however such as the re
sumption OF construction and maintc-
nance work that could no longer I've
deferred. It will hc noted that the
equipment stocks are in demand for
investment purposes. This is as II
should he. All the equipment COM
panies arc In excellent financial posi-
ton and we'll prepared TO take care
OF the new business now being Of
fcred The car builders. for example.
have thus far this year received
as against $4,000 for the whole OF
1921. The proba bil.ty ia that orders
will be placed still more rapidly In
the near future. in fact. they will
have to be- AZ the beginning OF this
year there were about 5000 Idle
cars reported by the railroads OF the
country
These have been steadily reduced
as loadings have increased until the
total is now about 100000. 1t must
be horne in mind that fully 10000
OF these ears would have had to lie
retired anyway, having become unfit
for service. 50 that there are really
less than $4,000 cars hat can be
returned 10 service. At the present
rate OF Increase this surplus Will he
disposed OF in another seven or eight
weeks 50 that these bad order cars
VIII either have to undergo heavy
repairs or DO replace h.With ncw cars
Coal strike Only 'Fiy>Nn Ointment.
However. tho intervention OF a coal
strike VIII probably disarranrc this
schedule, In case il should be pro
longed, while requirements Of rolling
stock for crop moving puruposcs
which VIII begin Tho first of June.
VIII !caN" tho railroads without suiii-
Gent suitable equipment
Wan street has paid very little at
tcnt'on Ia the actual passage Of the