The Washington times., 1922-07-30
Rails Maintain Strength.

While the leaders. in the steel
stocks made a spectacular bid for
recognition. covering a wide terri
tory and selling up to new high
levelsl 1t was ths>railroad shares as
gr9hp which showed consistent
strength all the way through. not
only sbettering their former posi-
tons but holding firmly against
the Inevitable attacks of bcarlsh
professionals. r-..-.
The averages of the railroad
stocks are now at the highest figure
for the year, while individual mem
bers pf this group, backed by the
excellent earnings records Of the
completes, have been eagerly hid
Tor at,prices which compare favOca-
bly, With the high records cstab-
lished lin 1919. No less Than seven
prominent railroad stocks, including
AtchispIl, New York Central, Penn
sylvapia, and Baltimore and Ohio,
hung sup new high records for the
year as result Of this weeks
dun MARKET in this, stock. . 1t is
Significant that in almost every in
Sta nee. In which apprehension was
felt as, to the ability of the Iail-
roads, to meet certain financial
tests the roads have more than
justified the confidence placed in
themt first by their own managers
and. SECOND, by the investing public.
But activity in the stock market
has by no means been confined to the
rail and steel shares. Copper stocks
nave enjoyed modest boom, as have
also the Independent oils, equipments
and industrials.
1t Is estimated that Wall Street
brokers' loans, which have been grad
ually decreasing in recent weeks, are
now slightly in excess of 81 500, ,000,-
700, figure that is far from eXcCS-
siVe under present conditions, and
which has often been exceeded. Com
PARSONS in Wall Street statistics are
difficult for the reason that hundreds
of millions of dollars in new stocks
have sbeen listed on .ths big board
since the days before the war, and
dollar values have shrunken consid-
erably in the meantime. The total
listings of stocks and bonds on the
New York stock exchange are esti.
mated at nearly ,S35, 1000 100000 par
value, as well as over 67,000,OO0
shares of no par value.
Call Loans Unstable.
In banking circles there is a we'll
defined policy with regard to the
granting of loans on Wall Street col.
lateral, Some of the banks do not
catefsin any way to this class of bust
ness while those which make
praCtice Sof leaning In Wall Street
assign ~ this channel only such
funds as are not required in COM
merclal activities.
There is nothing so unstable in
Ia ktnIo
loan department, and this is becaus"
Of the wide variation in the amount
OF funds available for the purpose
The reason, moreover, is as wide and
as broadsas the whole banking sys-
tom, for hanlxsjn every section of the
country send money to Wall Street
in their duh seasons to be loaned in |
the cali market.
Only as an incident in interna.
tional finance should IL be mentioned |
that The German mark descended to |
a new low point this week. There is
question that the mark is be-
yond redemption and that financial |
receivership for Germany is the only
sequel to the present debacle in the |
currency experiments of that coun.
try. ,tessytea-~a
The-past week was an active one !
IN lUp TlbthtI lOT lHNSSllIltfll DOIluS, |
and both in the Yolumne of new !
securities and in the strength and |
activity of the listed market, the /
week will compare. favorably with |
any Of its predecessors. New bond
offerings were featured by seven new |
important issues. aggregating $27.-
900, 900, the largest of which was the |
S12 ,000 900 71a's of the Virginia |
Carolina Chemical Company. The
week also produced three new public |
utilities issues, aggregating 100000
900; sixteen new municipal in the |
total sum of $15,OOO,OOO, and three
miscellaneous and foreign issues in
the total sum of $4,000. 900. The
record of the week insofar as the
reception of. these offerings is con-
cerned, was identical with that of !
previous weeks when the demand I
exceeded the supply.
Bonds Close Parallel.
Trading in industrial and railroad |
bonds on the stock exchange paral. |
leled that of stock of the issuing cor