The Washington times., 1922-08-28
BUSINESS AND FINANCE HHassasaaHszzSS2GsD Hasa aHzS
Market Comment
Copyright. lsss. by Cosmopolitan News
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Copyright. 1929, by Cosmopolitan News
.. .service.) ..
NEW YORK. Aug. as.--A sum
mary OF general business and in
dustrial factors affecting the stock
market at the beginning of the new
week reveals few important changes
from those which prevailed during
the past two weeks.
The anthracite miners are no near
er the conclusion Of their strike, 9 nd
the foreign situation still appears
cloudy. Wall street rs not disposed
to take seriously the reports that the
Government will seize" all of the
important mines and railroads of the
country. Meanwhps the stock mar
ket is giving a fairly accurate esti-
mate OF what the country could do
il II were unfettered by industrial
disorders. How long 1t will maintain
its present attitude in the face of in
dustrial disturbances is a question
which only bold prophet would at
tempt to answer.
Mines opening under the Cleveland
wage agreement have already mate
rally increased the production Of
bituminous coal. An output or at
least 100000 tons for the week
ended August 26 was assured by re-
ports for Che first three days OF last
week, and additional tonnage from
other districts that are known to
have signed the agreement may raise
the total to 6.250,000 tons. Produc-
ton of anthracite, however. rem"tns
practically zero, the total output DIR.
ing the week ending August. 10 being
Nxir nxt Ctn Giz
recovered by river dredges. In the
of anthracite were produced. '.
Most of the July statements Of
railroad earnings that are now COM
ing forward bear out the predictions
made in railway circles as to a re-
duction in net operating income COM
pared with a year ago. In none of
the districts thus. far reported have
the railroads realized. during the
first six months of the year, a re-
turn of per cent on their tentative
valuation. The hard coal roads were
naturally more adversely affected
during this year, the Lehigh Valley
showing a loss of more than $700, 900
against July, 1921, the Lackawanna
more than $l,300,000; the Norfolk
and Western. on the other hand. in
creased it's earnings about $500, 900.
Public utility and equipment
stocks have assumed the leadership
in the stock market, and leading
issues with these groups are now
in the strongest position they have
occupied in two or three years. In
the former group, the leaders are
Consolidated Gas, Columbia Gas,
Public Service of New Jersey. Peo-
pies Gas and Lima Locomotive. A
recent compilation shows that for
slightly more than seven months.
from January to August ~, 1922,
a total of 900 engines have been
ordered from American builders, of
which 1876 were foreign and us
domestic. This is in contrast with
the fact that in the entire year 1921
domestic orders amounted 10 only
about 240 engines; the record Of rail
road cars is somewhat smaller. The
public utility companies have always
maintained a strong position in the
stock market for the reason that
they furnished a commodity which
has steady market. rating, and
is in as much demand in fair
weather as in foul.
AS rule foreign stocks and
bonds have been firm and inactive
Notwithstanding the troubled, fl
nancial conditions in England.
France and Germany. On the Ber.
lin bourse the Calamity Boom"
continues, ahd some idea of the
rise in stocks there may be obtained
from the fact that at the end OF
last week, Hamburg-Americ sold
at 74O against 470 in the last week
of July; North German-Lloyd at
577 against 339; General Electric
at $50 against 752; Badische Anilin
at 2,276 against S45; Deutsch. Lux
emburg at 2,675 against 1885:
Rheinish Steel at 2,675 against
and Siemens Halske at 1850
l, 400: Schubert at 1,400 against 1888;