The Washington times., 1922-08-29
Market Comment

Copyright. 1922, by Cosmopolitan News
Service.)
NEW YORK, Aug. ga feature
of the stock market in recent months
has been the steady buying. for in.
vestment accumulation, OF high
grade Industrial preferred stock.
One reason for this Is undoubtedly
the scarcity of investment bonds,
but II may also be attributed to the
desire of investors to profit from the
fruits of.industry in the forthcoming
prosperity cycle.
A good many preferred stocks, in
addition to their returning from 9
to 10 per cent on the investment.
have yielded handsome profits by
their market advance of from 10 TO
80 points. Among the leaders in this
group may be mentioned American
Ice preferred 8 per cent, selling at
90; American Can preferred Z per
cent at ITO; American Car and
Foundry per cent, at 124; Ameri-
can Locomotive preferred per cent.
at 120; American Sugar Refining pre-
ferred per cent, at 110; American
Dry Goods first preferred 6 per cent,
at SO: Baldwin preferred 7 per cent,
at ia; Bethlehem Steel per cent
preferred, at 114j Burns Bros. z per
cent preferred at 81; Corn Products
preferred per cent, at 120; Cruel
BILE Steel preferred 7 per cent, at Do;
Great Northern preferred per cent,
at 81; Marine preferred per cent,
at SO; National Biscuit preferred 3
per cent, at 1873; United States Rub
ber per cent, at 106: United States
Steel preferred per cent, at l21; and
Studebaker preferred Z per cent, at
115.
Attention has frequently been
called in this column to the Inn
portance of public utility enter
prises and to the attractiveness Of
public utility securities, both stocks
and bonds. 1t has not been gen.
orally appreciated that public ut!l-
pensable industries in the country
and that they command a larger
amount of invested funds.
In it's annual review of public
utility service corporations, the
Financial World estimates that
American public utility companies
now have an aggregate investment
Of about SIS, 200, ,000, 900, divided as
follows: Electric light and power,
$4, soc, 900. 900; electric railway,
81, ,000, 900. 900; gas, including nat
ural, $4,000. 900. 900: telephone and
telegraph, $4,000. 900 900.
According to the 1919 census Of
manufacturers Of the United States
the aggregate capital invested in
the couptry's iron and steel works,
in rolling mills and blast furnaces
was a little over $500, 900 900. The
capital invested in paper and
wood pulp mills was less than
81 900 ,000,0 900: in the industry Of
refining petroleum. less than
81, 200, 900, 900; in the printing and
publishing industry, inc u d n g
books, newspapers, periodicals, less
than s1,2O0,000, 900; in the ship.
building industry. less than 1.400.-
000. 900: in the slaughtering and
maat-packing industry, ,less than
81 200 ,000,000 and in the automo-
bile industry, including bodies and
parts, less than $1,s00, 100000.
Judging from the July state.
ments of railroad earnings that
have thus far been submitted, the
most common estimate of total
earnings Of class one railroads for
July are around $35,000,O00. In
June the roads earned 6,400 900.
1t is estimated that the expenses
Of the roads will run much larger
in July than in June because Of
the special expenses due to the
shop mems strike. Many Of the
new men had to be completely out.
fitted and guards had to be EN-,
ployed to protect life and property.
Twenty Of the roads reported to
the Interstate Commerce Commits.
sion a net operating income Of S..
900 900 compared with $7,000,000 in
the same month last year.
The financial district is com.
placent over the-coal situation and
feels that the danger OF wide.
spread closure of industries for
lack of fuel has passed. Current
soft coal production Is now run.
ming at the rate OF 100000 tons
week. and Secretary Hoover
promises n steady increase, with
prospects Of a 10000 .o00-ton week.
" output in very short time.
The railroad board and railroad
managers will cooperate, and the
winters prospect is not nearly 80
gloomy as II was two weeks ago,