The Washington times., 1922-04-16

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pean nations.
These developments affected the
steel. cotton. oil and export trade:
the railroad traffic, the money and
investment markets, and were fur-
sher reflected in the continuation OF
the rise in security prices on the
New York stock exchange.
Taken as whole, the week has
furnished conclusive evidence OF the
further Improvement In domestic and
export trade. In the perfecting OF the
mechanism of commercial credit, the
strengthening of the great carrier
system. the arteries OF the countrys
trade and communication. and the
gradual cutting down Of the army
of the unemployed. II is unfortu-
nately true that the strike In an i'm
portant industry has retarded the
advancement of other industries
woich are directly dependent upon
the coal trade. and that little prog
ress is yet evident in bringing both
sides to the controversy to an amica-
BILE adjustment of their difficulties.
The country in general, which is al
ways the most injured innocent by
stander' in this form Of industrial
warfare, is still hopeful that prog
cess and prosperity in the coal trade
~srIl in a reasonably short time be
added to the list of national assets.
steel Industry Busy.
AS the steel industry is regarded
as one of the most important busi-
ness barometers OF the country. the
gratifying Improvement In that trade.
as exhibited In the monthly state
ment OF untitled orders OF The United
States Steel Corporation In the early
part of the week, furnished an excel
lent stimulus to the leaders of bust
ness, as well as to the security mar
kets. Despite the fact that that
giant corporation is now operating at
better than 20 per cent capacity.
that the independent steel companies
have advanced from "pauper 10
prince" in general prosperity, the
steel corporation showing the largest
number of untitled orders that has
been seen since the business slump
two years ago.
Equally inspiring was the exhibit
of net earnings of the Class i
railroad systems for the month OF
February as presented to the In
terstate Commerce Commission on
Thursday. Compared with deficit
Of over IS 900 900 I'm the correspond
ing week last month, the roads were
able TO report net earnings OF
sx7 7sa 400 which, on the basis of
their tentative valuations, is at the
annual rate of 4.57 per cent. March
records win be even better and the
increase In business which always
comes In the late months or the
year should easily bring net earn.
ings up 20 the per cent standard
fixed by the new transportation
law.
Foreign Trade Increases.
The March foreign trade figures
reveal the fact that exports in that
month were the highest In any
month since October. 1891. and the
imports than at any time since
December, 1890. More important
than the srowing demand for Amer
scan products In tho markets of
she world In the increasing ability
Of these markets to finance their
purchases of these goods, instead OF
expecting continuous advances In
the form OF long credit. As bear
ing upon this phase of our trade.
an important event OF the week
was Ine r0pOkIuk W tno ooneo SA
the Administrator tariff bill which
has met with general condemnation
because Of the high tariff wall
which VIII discourage reciprocal
trade with some of our most inn
portant foreign customers.
AS evidence of tho further drift
Of money rates to lower levels the
two outstandins events OF the week
are the successful flotatton OF the
new Treasury certificates at 1h
per cent and the reduction of the
discount rate of the Bank OF Eng
land from az TO 4 per cent Com
nuercial borrowing rates have been
marked down TO tho pre-war basis.
Low money rates have always been
q stimulus to speculative operations
the bond market and Il is hero
that the spectacular effects Of all
the factors which have been emu
naerated above are now in evidence.
The horizontal advance In the
prices OF every variety OF stocks ON
the principal exchanges Of the coun-
try has added billions of dollars to
the market value Of the outstanding
securities OF the Industrial enter
prises Of the country, and this higher
rating IN justified because of the
greater poesipinues Tor pront which
the coming business revival will
usher in. A few specific examples
wfll suffice. The American Telc-
phone and Telegraph has tho largest
number of Stockholders of any In
Austyial concern In America An ad-
vance from 1ft TO 124 In the market
value Of Its common stock. of which
there are b,b00,00o outstanding,
rneans an appreciation of sb5, 200, ,0oo
I'm the public holdings Of this stock.
On the same basih, United States
steel has advanced $50, 900, 900; Bald
win Locomotive. s5<,soo, 700, and
Psnnsyivania railroad. s5,00o,ooo.
Stock Trading Active.
The rise in the stock market dur
tns the past two weeks on every full
day OF which more than million
shares OF stock have changed hands,
has not been confined TO a narrow
range of stocks, but has included
every speculative group within the
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