The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-05-06

NAAN AtiNhf why NHNUf SUD
roquent action OF the stock market
Is an evidence Of the fact thai the
reaction which occurred In the
middle OF last week was nothing
more than q temporary halt In the
forward movement IN prices.
which was inaugurated IN the
latter part % 1891. II IN not u
usual for such an abrupt reversal
Of speculative form 10 exhibit Itself
periodically In the progr.ss OF "A
Sun market. and. save for the ioas
or embafrassmcnt which IL CAUSES
TO the holders Of the stock during
the pcrio,i ~ reaction H. regarded
~ "A Wholesome Development.
Rapid advances In stock prices
with accompaniment 81 a series OF
miiliOnshare days. Invariably az
pealH o the public fancy and the
professional traders. who realize
that without the participation Of
The public. no sustained forward
movement In the stock market can
be possible. ARE most expert In
bringing about such n condition
when the times are propitious.
That they have succecdcd in in
ducing o large amouni Of public
participation at the prescn- ~
quite evident, and, IL history re-
peats. the professionals VIII reap
the usual benefits. while the public
VIII gytln some more valuable ~
perlcncc.
The principal factors In influence
ing stock prices this wcek were
the continuing favorable reports Of
railroad earnings. the progress In
the merger OF the independent steel
companies, the increhse In cot
ton consumption. and the further
progress Of the leading industrial
ORGANIZATIONS of the country, along
the road 10 huflncss normally. II
Is generally felt that there h. as YET
little realization OF the wonderful
changes that have taken place In.
tho financial status OF many of
these concerns, OF the progress that
has been made IN the wiping out
% past debts. and Of converting
deficits into net profits IL Is not
always possible 70 chart the ~
ture conrse Of American business
hy the rocprds OF the past nor - Il
Wise 10 pa; too much dependence
IN the business cycle specialists.
but a sane aRd unbiased survey ol
the situation offera unmistaknble
evidence that there has been a
notable Improvement in nearly
every division 81 Tho country
trade and Industry. and that the
future holds every prosper for a
more rapid Improvement ~ the
scar proceed
Copper aud Iron
Tho leading copper companies
which have been practically IN
active for a two-yoar period. have.
resumed operations on n large
scale and are finding q good mar
kvt for their products in home and
foreign fields. AZ to the iron trade.
q leading dealer ia mtg iron makes
tbs significant comment, II "
most remarkable how suddenly tho
change has ugu from a mere
nand-to-mouth busintha to buying
on a large scale future delivery
Eight weeks ~ no unc could b.
induced Ia buy enough iron ar coke
or steel except to owe Immediate
wnnta and here today the marker
~ full Of customers who are clam
ofing to place contracts calling tor
deli. cry oNer The third quarter ana
the last half OF the year and de-
mand ia quit like old times. The
whole iron trad" la busicr. 'fhe
country IL making Just 1856 per cent
more iron than IL ala last July.
when W. were nj the low puin; OF
NNhNkNNH q So NNNNA hAA II
being used and stocks nre being
reduced The steel mills Ia Jnnurry
were down to a 40 per cen basis ul
capacity Now they are SO per
ceat. Everything once more " goo
inS the right way except IN coat
The strike IN making coke short
and 10 possibilities for trouble are
great. ~ may be that u VIII fiat
ten Qua ana n may ho that II wih
do exactly the opposite
The textile industry Ia sian slow.
although "a better feeling is mani-
Tested In wooden goods. In part thu
result of O settlement OF tho wasc
controversy in tho clothing Industry
IN Chicago and Rochester, two Of
the chief centcrs. The settlement
gives a reduction OF IS per rent in
wage rates, but also comedies more
authority To the employers In tho
management OF operations, Tile
manufacturers are pleased with the
fetiiemeut aud ray that a reauc-
ton 0f prices for cloth will be-.
possible. Unfortunately an adj
vance In wool is inevitable in view
81 the proposed duties on wool i'm
noriF anu is, ~ fact, already taxi
Ink place.
Boad Market
While prices In the speculative
division OF the bnnd market have
been shaded aomcwha duitnR me
past week. there has been no
abatement IN The demand for prim.
investment securiticn, for winch
new top prices have been continu-
ally made Tho bankers syndi-
Gates which have been prominent
tn new underwriting have found
no difficulty In finding n ready