The Washington times., 1922-04-23


e.orIhed TO the bonus revival in the
Senate, which now apparently
threatens TO result in presenting
measure Of some kind to President
Harding.
Bonus and Other Legislation.
Not only the bonus but a good
deal Of other pending legislative
and executive action IL Of first i'm
portance to the market. The ac-
ton of the Administration with
regard to oil lands has naturally
exerted a direct influence upon
prices which. on the whole. has been
favorable to the domestic OIL com
panies. AT the same time the ap.
parently impending recognition OF
Preaident Obregon OF Mexico tenus
70 confirm the advance both In the
MEXICAN oils and in the stocks OF
other corporations with large Mex
ican interests. There is an increas-
| ing degree of Importance In the
tariff schedules whose effect Is al
ready seen in a good many groups
OF securities. The renewed threat
of the bonus has already had pao
effect upon Liberty bonds and In
directly upon the prices OF other
sccurities which are nftecteo py
| Treasury conditions in one way OF
another. Should a sales TAX De
enacted, as Is now proposeu Dy
Senator Smoot, in the form OF an
amendment to the bonus bill, II
would, of course, come as an aaol'
tion TO existing taxation, ana IL it
included. as many expect, a severe
tax upon transfers OF STOCKS Anu
bonds the result would be, OF
course, exceedingly unfavoraoie 70
the investment market.
Continuation OF Industrial Advance
Judge Garys address before the
United States Steel stockholders IN
which he estimated an average op'
eration to the extent OF about 70 per
cent of capacity in the steel plants
OF the country, was naturally very
encouraging TO those who have been
confident of the future OF the metal
! Industry. Equally reassurtng has
been the report of steady advance IN
orders placed with equipment COM
panies, while copper conditions have
also gained ground. The prosperity
of automobile manufacturers seems
TO bid fair to attain something like
the level which they had reached In
the early postwar period. Activity
Ia now spreading decidedly into
nearly all basic industries and talk
about unemployment has practically
| ceased, although there is still, OF
| course, some of II in various parts oil
the country. The question OF EN-
pIoyment is today largely a matter
| of wages rather than of opportunity
for work Railway earnings con
tInue to maintain the favorable qosi'
tion which they have been develop
ing during the past few weeks, and
| the satisfactory reception accorded
TO new offerings shows that the in
vcqtment public has apparently
i ehed the conclusion that the
I future has still better things In
store. Even in foreign trade, the
field where so much retardation has
occurred, latest figures point to
decided and steady Improvement.
Foreign trade seems to be once more
becoming a matter OF finance rather
than OF demand.
VOluTne OF New Financing.
A striking feature OF the present
financial situation is seen In the
great volume OF new financing which
has come upon the market during
the past month. Not only have for
eign countries found II surprisingly
easy to place their bonds here at a
satisfactory rate OF interest when
stated I'm dollars, but n definite
opening for bonds stated in foreign