The Washington herald., 1922-03-10
RAILS ALONE SHOW
GAINS AS TRADERS
REALIZE PROFITS
Numerous Gains of One
Point Are Scattered
Throughout List.
CALL MONEY LOWER
-
Drops TO 4 Per Cent-Advance
In Steel Prices Attracts
Attention of Trade.

NEW YORK. March "A lack O,
conference was again apparent In
the chief financial markets. each
going TO a considerable decree its
own particular way. stocks gen
erally were strong during the morn.
ing, but profit-taking later IN ire
osy left the rails as the only groun
which was able 70 show consisten,
gains A number OF advance. Of
about l point were recorded in this
department. IndustriaIs were Jr-
regular. Bonds continued firm, with
the feature further rise in Vic.
sorie ~ per cents 70 lOOz on ".
Treasury's offer TO convert thS6,
into four-year note, bearin1 a.
Call money opened at IH ner 80,
and was reduced 70 4 during I've
second hour.
Steel Situation.
me advance in steel prices nv
Jones and Laughlin on Tuesday hs..
iurnished the groundwork for cons
sloeraole speculative enthusiasm on
She steei stocks- As a result OF that
SeNeiopment and OF similar action
the Bethlehem, MidvsIe ana
terests were able today TO attach
some significance to thing, wbIch
had previously lacked adeous,s =.
PLANTATION. For instance. n ws.
pointed out In one Quarter ,od,,.
mat estimating department, Of So
eral OF the big steel and cons,ruc.
tioh were reported TO be workinR
overtime on Specifications for in
terests anxious to file orders $50
az 10 secure advantage of wba,
they believe are bottom prIces >,
steel stocks reflected TODAY 81.
sentimental effect Of the rise q,
steel prices. Steel common wen, 20
~, a price which Is eouiysIe,t 90
the nigh figure OF February "a Urbe,,
account is taken Of the dIyids,S
which came OF February 81 An
tne other steels displayed strenrtb
proportlonate to that in SteeI
common
Market Not overbousht.
There is much talk about ,ho
market being overbought ana ,bsre-
iore TOP heavy. Just as there ba.
oeen on several occasion. since las,
ialL Apropos OF this, one m ,ba
ieaoing commission houses toId i,s
customers today that "the onI,.
people who are finding fault U,i,b
the stock market are the shorts ana
sold-out bulls who see no cbsncs
70 get their stocks back excen, a,
hlsher prices" All Of which provcs
mat there are two sides TO ever.
question. es
Railroad AbsorptIor
Reported absorption OF the Ann
Aroor by the Pere Marouett.
aroused much interest in spite ~
the denial OF the report bv per-
Marquette interests. II is A., on.,,
secret In the financial district thst
number Of negotiations for rail
road combinations are in the nre-
urinary stages and. irrespectiye NJ
the present truth of the renorted
Ann Arbor-Pere Marquette deal. the
market community regarded the
rumor as the first hint of a condI-
ZION which may stimulate specula-
tive interest in the somewhat
neglected rails The securities Of
both the roads involved in the re-
ported deal were only fractionaIIy
higher however
Strength in Canadian Pacific was
ascribed In some quarters to a he
lief that an arrangement for gov.
eminent control OF the property NAV
be looked for in the not distant fu-
ture. Other observers pointed out.
however. that government owner
ship appears to be losing ground
everywhere and suggested that the
real explanation OF the buying OF
Canadian Pacific might lie In eN-
Sctly the opposite direction. Ac-
cording to the later theory a more
reasonable explanation OF the move
ment would lie in the prospects
of the c. p. R r. relieving the
Dominion government OF its rail-
road problem by the absorption OF
the Canadian National system.