The Washington times., 1922-12-31
EVEN TREND RULES
YEAR.END TRADING
ON STOCK EXCHANGE
Selling to Establish Tax Losses
Cause Slight IrreguIarity.
Bonds Firm and Active.
BY w. s. COUSINS.


NEW YORK, Dec. 30.-There
were few signs of irregularity in
the year-end stock market, though
evidence was furnished aplenty that
selling to establish tax losses con.
tinued right through to the last ses-
sion. 1t requires only a glance at
the stock lists, however. to see that
only in isolated sections are cur
rent prices so much below the
higher records prevailing earlier
In the year that actual sales to es'
tablish losses were urgent. The big
market leaders like Baldwin, Stude-
baker. United States Steel, Pan
American, New York Central. ETC..
are as high as they have been at
week or so when they sold at peak
prices. and 1t must not be forgotten
that some of these stocks have paid
regular dividends In the meantime.
Thus Baldwin at 139% in Decem.
ber, was equivalent to 143k in the
last week in November. on account
of the Sh per cent dividend paid on
the stock In the meantime.
CONSTRUCTIVE FACTORS.
OF constructive factors In the
general business. financial ana
speculative department of activity,
the week has been unusually full.
Reports from the leading railroad.
copper, mercantile, building ana
manufacturing centers of the coun-
try have been uniform In their Ia
vorable tenor, not only as related
to past accomplishments, but In
their indications for the coming
year. The heads of these enter.
prises would not be adding to their
equipment II they did not anticipate
q bigger business in 1923 than they
have had during the past year. and
which, in many cases, has permitted
them to establish new high records
for the postwar period.
The oil stocks, as a group. were
again in the forefront, both as to
speculative activity and in the gen-
eral advances In prices. At least
two members of this group estab-
lished new high price records for the
year, and all Of the active members
are not far from the years high at
present. Speculative activity was
stimulated in the oil stocks by the
rapidly increasing worldwide de-
mand for their products, the con.
slant opening up of new wells. and
the persistent rumors Of impending
mergers and other important de-
velopments in these rich companies.
BOND MARKET.
The closing week of 1922 In the
listed bond market was uniformly
firm and active in every department,
despite the fact that the banking
tvH~
reserve funds for special purposes
up to the highest rate in two
months. There was less evidence OF
tax loss selling than appeared In the
stock market. On the other hand,
1t was apparent that traders who
had sold their bonds in their mar
ket, which prevailed around the first
part of the month, were again
active on the buying side. q,
All issues Of Government war
bonds were more active than at any
other week during the present
month and a generally higher price
level prevailed. Foreign Govern
ment bonds failed to make any i'm
provement. but enjoyed a fairly
active market.
LOW RAILS ADVANCE.
Perhaps the best record this
week was made b, the second
grade or the so-calleu speculative
railroad and industrial bonds, some
Of which made additions Of three
to four points in their market rat.
ing. The best buying appeared in
the bonds of the railroad com.
panies, which showed considerable
Improvement In their operating in
come during the past month, in.
cluding st. Paul, Frisco, Baltimore
and Ohio, and Southern Railway
The prime railroad and Industrial
issues maintained their former
price levels on a fairly heavy vol.
ume of sales.
The record of new bond offer.
ings during the past week was the
smallest for the whole year, aggre-
eating less than $1O.00O,0OO.
Investment bankers have been
carrying on quite extensive neRo.
tiations with domestic industrial
concerns rs well as with officials
Of home and foreign governments
for the placing Of new loans which
will appear as bond issues early in
the New Year. One of the first
results will be the new $50, 900. 900
Cuban loan, for which bids will be
opened on January 12. New loans
to South American and European