The Washington times., 1922-10-08

feet on sentiment, not only in
also in the important. channe
The presence in New York Of an
ePtimistic and enthusiastic group Of
American bankers, representing
every strategic center of the coun-
try. and their uniformly cheerful
statements to the local press, was
also a factor that was not without
Significance In its influence upon
Traders in stocks and commodities
y, every Kind.
1t has always been assumed that
the daily developments In the Near
East imbroglio was without special
effect upon our markets, but the
feeling Of relief which followed the
final decision on the armistice, and
the consequent advance Of sterling
exchange from 1896 to Sap was
surely communicated to the speSu-
]ative district, where 1t helped in the
framing Of decisions by a good many
tintd traders.
Rally Strong.
During the first four days OF the
week the rally was perhaps the best
and most vigorous that has been
seen in the market in many day.
ANCSONCIlcS VI lIOIu live W III ~
points were interpreted chiefly as
representing the natural 'eaction
from the hammering which the mar
ket had received in the previous Two
weeks, eliminating with the vicious
assault on prices on Saturday OF last
week Outside of the Standard Oh
stocks there was no special incen-
tive for the vigorous pushing for
ward of prices, except that OF the
rounding up of the shorts and the
eagerness Of the bulls to acquire
their favorites while prices were
favorable.
The widest appreciation in prices
was seen in the standard OIL shares
that of the New Jersey company ad'
vancing 80 points. from 1874 to 224,
while in the outside market the New
York and Ohio companies, as also
Vacuum Oil, added as high as IS
points to their market quotations.
Mexican Petroleum got back about
l3 points; Pan.American. 5: United
States Steel, 6; bethlehem Steel, u:
Lackawanna. IA: Union Pacific. 3;
Baldwin, 5: National Biscuit. Is; Fa-
nous Players, 8: Cora Products. Is;
Marine preferred. 8; Consolidated
Gas. s: Studebaker, 10, and Tide
water Oil, Is. The market average.
which had previously hit it's high
point on September IL and WAS con-
siderably flattened by the subse.
auent reaction, was almost wholly
restored as a result Of this weeks
movement of prices.
Big Oh Dividends.
Two of the Standard Oil groups
this week made official announce
ment concerning important readjust.
ments in their capital stock, the
California company by declaring
stock dividend OF 100 per cent and
the New York company by award
ing to stockholders a 200 per cent
dividend and splitting the shares
into blocks Of s25 par. In other
words. each holder of the share Of
stock will now receive a, certificate
for twelve shares. The most i'm.
portant considerL ton. from the
standpoint OF the investor, is that of
dividends; and maintaining dividends
at The current rate wouldI mean an
annual disbursement OF SAB a share
as now co stituted, or 81 per share
on the NV digits. Should there be
NO increase in the dividend, the only
possible advantage of the chang
would be the additional facilities for
trading in the stock.
Investment bankers are inclined
to charge up against the European
settlement their unwillingness to
consider new foreign loans at the
present time. There Is not very
close connection between the Turk.
ish invasion of Smyrna and the
domestic finances of Argentina: vet
American investors. to whom the
idea of worldwide financing is com
n"r"'' ''v"lv new. ~" 'imid about
placing their funds abroad when
co"A.,.uns S!v. amy signs of un.
settlement. For that reason, the
number and amount Of new foreign
bonds coming to the market Of late
has been very much reduced.
New Bond Issues.
New bond issues durng the past
week amounted to abcut $50, ,OOO, 900,
Of which the public utility group in
itself represented a little more than
half. The most important new issue
in this group were $12 500. 900 five
per cents Of the Milwaukee, Electric
Railway: S7.5Oo.000 six per cents Of
the American Gas and Electric Com.
pany, and S6,1S2 900 five per cents
OF the Ohio Power Company. Four
new Industrial issues were included
in the total, the most importnn,
being that Of $40 1000, ,0O0 ~ nor
cents OF the Brier Hill Steel Com.
pany: twelve new State and murici.
pals. in the amount of $6,5OO.0 900.
The firm market for stocks was
reflected In the listed bond market
and moderate advances took place
In most of the active railroad. in.
dustrial and public utility bonds dur.
ing the week. Foreign government
bonds, which were fairly steady in
the first part Of the week. lost part
OF their grins IN 'ho ,,tnr sossions
All Of the important trade AMI
business barometcrs arr sending or
optimistic statements and predic.
tions as the week ends