The Washington times., 1922-04-30

month as high as s95.0G0 900. The
per cent return on property volua-
ton for March requires $S5,895.7 .769
and the ma jority opinion at this time
converges to the belief that the class
carriers will not earn 6 per cent.
Many Of the western roads. II Is ex-
planned, will not show increase in
gross and net earnings as against a
year ago, and this is expected to
bring the total down. In February
the total net operating income stood
at 1852 500. whereas S47,770.s97
was needed to provide that months
quota OF the 6 per cent return on
value ton.
Rumor VI Steel Margers.
The information that has been
/ permitted to filter through the con-
ference chambers Of those who are
working on the details of the pro-
posed merger Of seven or more Of
| the leading independent steel COM
panies has been sufficient to con-
vince the laity that the merger will
be consummated and amateur econo-
mists have already started to figure
| out the significance thereof in dol
lars and cents. Bankers who are
identified with the merger are still
unwilling to speak for publication,
and will offer nothing so definite as
the date on which the companies
will operate 'as one." Next week
will probably discrose more of the
details.
Closely paralieling the favorable
developments in the railroad and
industrial enterprises of the coun.
try, has been the new status OF the
oil and copper industries. Copper.
especially, has been lifted from the
deficit column and placed in a
position to earn it's own way in
stead OF using up the resources ac
cumulated as the result OF past
activities. Less than two years ago
the market for copper. both at
home and abroad, was so thin, that
in order to keep the companies
above water, 1t was found necessary
to ear-mark fifty million pounds of
the red metal for export. and to
| issue bonds there against
Since the first Of the year the
cobwebs have been brushed from
the walls OF the copper refineries
the winches and windla sses at the
mines have started creaking and
production is again we'll under way.
| Copper companies report an in
creased demand for their products
for exports at as high as 13 cents
pound. with the chief foreign
markets In England. France, Ger.
many. ana China. Foreign and do.
mestic sales for April alone will be
nearly 140,000000 pounds.
The oil companies are benefitting
from combination Of higher prices.
| nA
W OF new areas. not only in our
own country, but in foreign lands.
! American oil companies have been
drilling holes in the farthest cor
ners of the globe. and their enter
prise stretches from Mexico to
kumania, and Egypt, and even the
land or the Soviets will not be free
| IRON their encroachments The
| Government has taken hand in
development of Wyoming fields
that heretofore have been unpro-
ductive. but which in future will
yield bounteously.
All the oil companies that have
submitted reports this year have
shown notable gains in their earn.
inRs, sufficient in most cases to
wipe out the losses incurred during
1921; especially has this been true
IN the companies that are most
largely interested in making use OF
the by-products of petroleum.
Bond Market.
| Including the new Canadian issue
OF 100000, 900 and the New York
city issue OF s45,o00, 900, new bond
offerings this week were the largest
for any week this year, exceeding by
| over SS0,000,00 the next largest
weekly record. The offerings reach.
ed total of s232 2,22s,995, in which
was included s106, los, 900 in foreign
bonds, s59.203,965 State and munic,-
pal, and s11,325, 800 railroad. s51, ,O5o.- :
600 industrial and $4,000, 900 public
utility.
The years total to date is s1.e6o..
4sl,7s5, but since large number
OF these new issues were put out
for the purpose of refunding out.
standing loans. they do not represent
an addition to the current debt of
the issuing corporations, govern.
ments, and municipalities.
The market for investment bonds
has been irregular in the latter part
OF the week, especially in the depart.
ment OF speculative railroad and in
dustrial issues. Considering the ac.
| tivities of the spectators in the
bond market this is but natural. and
may be expected TO continue until
bonds have been removed from mar.
gin accounts" to the strong boxes of
permanent investors.
Cotton and Wheat.
Both cotton and wheat prices re-
Elected the foreign demand for these
commodities this week. May cotton
rose to 1Sk cents. and the later con.
tracts sold up near that figure. The
Department OF Commerce at Wash.
ington reports an increasing inquiry
for cotton, resulting in a gain Of 2s
per cent In volume and of 90 per
cent in value in the March export
over that OF the same month last
year. Wheat prices have been some.
what erratic, closing the week in
firm position,
| Whether we take the record OF the,
business cycle specialists who chart
the future by the records Of the
past, the sunshine artists" who rre
always painting a bright picture, no
matter how gloomy the outlook, or
the keen, impartial expert observers
OF actual conditions. the improve.
| ment i'm general business conditio,s