The Washington times., 1922-12-10
SPECDLA ALIVE ISSUES
FEATURE AS STOCKS
/. CONTINUE UPWARD
low:Pnosd RaIls and Indus.
trials Prove ,oaiy Exception !.
TO Advancing Movement.
D. VI 8. COUSINS.

anvancement ana Improvement which
was inspsYrated IA the preesdins
week. Most Of the price develops
nasnts OF the past six days hays
been distinctly toward higher levels.
the exceptions being a small mum.
ber Of the low priced rails and IN.
dustrials In which the ''news''i was
not pf an encouraging nature.
ssncrnose . sSSd ne many ;rs.,I,s 3, rns
stocks which seemed, to require cons
siderable booStipg to hold them in
place, made o .snrprlsingly good
record II the period under review.
Without doubt. however, the
palm for the week goes 10 the big
specuiatiys leadefs like Studebaker.
Baldwin. United States steel. New
York Central, Pan,Amerlcan, and
other stocks which had tumbl9d 90
precipitately IN The bear attack on
the market. which was finally
brought to hiatt In tho first part
Of last week. Thpre wsre many
favorable factors to help along the
advance. but perhaps none 20
pFominsnt ~ the fact that the
bears had Tar over-extended their
short interest. had Eold themselves
inte . bag and had not succeeded
IN bringing ont the block: OF long
stocks without which theie attack
on prices could have been II. sue
cess. II II 4
OUTSIDE FACTORS. .:...i.
Turning now to the outside fac
tors which are generally relied on
% affect the. movements of prices
n the stock market. We find thats
almost without exception. tpey wsrs
arreySd on the construotive. SIDE
Reports from the railroads, the btf
1ndustrtel concerns, the agricultural
s>ctions. to say nothing o. the
financial csntsrs were AL OF the
most fayorabls nature. The &C.
tsker earnings statements Of the
cjass railroads left little to be
dssirsas in, order ito carry out ex-
pscfations. Important industrial
concArns showed that they are 50.
ipg into 1898 on an operating besis
OF from 80 to 800 per cent bettes
than ct the Same tiIne, last year.
They have had sufficient prosperity
this year to enable them to bring
their equipment up to- date and to
prepare for the bigger things 'that
he Immediately in front Of them.
The railroads. too, have made banner
progress In this respect. their or
dsrs for new equipment this year
being far in advance Of the last
three years combined. Steel mills
have expanded In thetr operations,
but not out of, proportion to the In.
ffnxI OF, nav cfdexS that have beeN
coming to- them from various iines
Of industry.
Ex.DTvIDEND. STOCKS. ~
The extra dividend" bubble in
some stocks and industries has BEEN
quite thoroughly pricked. but there
have been some Developments along
this line this week that mean real
money to the stockholders. 6tude-
bakers disbursement Of IS per cent,
Tor example. viii also carry the 10
per cent cash dividend. II the plans Of
the directors work out satisfactorily.
Continental Can, by its stock re-
adjustment plan. has In reality
placed tho present stock on an 3
Per cent basis. II. win be thus seen
that It 10 necessary TO separate the
wheat from the chaff even in such
II 10 stlll imposaible to recog.
tAAao4l w 6A OoNoe<1G AthhSA V0e
a the speculative markets, and
therefore the impression prevails
that professional activities dominate
the market and. that The fairly
Vigorous movements In pfjces rep.
resent shttle more Than the array
u oppostnr forcep among the big
peofesstonai fpadefs. This I'd not
70 say that the public has deserted
the market for GOOD. or even that
GsitdidS traders Have filly liquids
ted their holdingo.gt But. the I'm
pnSsgicn ~ Wil1espread that the
stoeG mAsEet rof the next two or
three wD&kS ID most uncettiin
Qua4tity with no speciel accounting
fer The movssnsnts Of prices; aud
A. Is sssS NJ n1Dss sso.h III +
poFtunisiss % sc scsuirs' stscss " *
6Ssaan pr,css ass bsfns :.'pa.ssd
xvIHAGls Arr I1dH. I, !.
lOsce moro thA averssss have
worried &ask 70 Z ppiht l&pprexi-,
Adting the high rsc0E4 eatA6 A6iishsd
sheyt The midals q .octobsr. an4f
8 s,se Tssss ys q. :a%: :sss,as
q the present time. There u sl)tt1S
dVuht asS to the ultimati {da6tinoyl
tim u the uiaFr,Est, fut ths jmu,S2fi
afs fptusA r.. etill clog9Vd With
hkn4ic6Ss az vartos,p kinAi "a
Tle9 lnp1t importent 'ev6gyt M fle
bph& npa$kst ttis ,weSk 49, tia A,
nquhcg6agt o. the aetailel " ~
etkesing 0f new trp9pury 'chrtf fficptfs
a. 4nAebtednegs and shpvt 0rm
HqtsS. ~ procsedD of Witch VII
~ Wse4 - cover peyks q the ~.
e3hEasNt,s pstl,fttiSq ovSt ~ flfyt
0f ~ S44f. ofl6fink - new bonds
inNi }hs o3nsr1l m9fkst vA3 Qi63tt,
" ki6h9r thAn lsSt vssE, ~ 40
1919 ,!s ,SeiH T {. I sst las:se y ~. \!
SVI6o. indpsfrisi Ss, 80 ~, ls}iFcc6
! S1,C1o, ~, snd yana hank 11.Gte.o60
~ a6lit1on 70 the sabDvs. n Wte M
hrtS4 thak q new issue of Jieorly
S1eQoe go OF puplop Hubter Com.
pant. imltsd z ~ kent hends ked
bVsp ~ 70 . yRdtcRte ~ N1H
xeg& bphbsrs as,d Nuall1 ~ ce(sfS6