The Washington times., 1922-08-20

SAtiment Cheerful.
Sentiment in the financial district
has been more cheerful than proha.
bly, at any similar period since the
first part bf July, and sales Of specu-
iative stotks were on a larger scale
than in the two or three preceding
weeks. Willie interest in the rail.
road stocks was apparently undimin-
ished, and new high records were
hung up y a number Of the promi-
nent road notably Union Pacific
and Lehi9h Valley. II was the in.
dustriai docks that made the best
bid for Hcognition In the period
under review. This will be seen by
references to- the published list of
transactions and prices as a whole.
ss ,.y Wen % e N the records of indus
On one day of this week. no less
than thity-five separate stocks es-
tablished new high records for the
year, the LIST including Public Ser
vice of New Jersey. Columbia Gas
and Electric. Atchison preferred,
Advahce Rmely. Allied Chemical.
American Car and Foundry pre-
ferreds American, Drug. American
Locomotive preferred, American
Shelters A tAmerican Sugar, Amer
lean Water Works, j. /. Case
Threshing Machine common and
preferred, bChicago and Northwest
ern, Elect5ic Storage Battery, Gen
ternatiopalt Paper, Lehigh Valley,
National Rnameling and Stamping,
New Orleans, Texas and Mexico:
North American, Northern Pacific.
Nova Scotia Steel, Otis Elevator,
Pacific Gas and Electric, Pennsylva.
MIA, PEOPLES Gas of Chicago, Phil
adelphia Company, Postum Cereal,
Skelly on Stromberg Carburetor,
Texas Gulf Sulphur, Union Bag and
Paper, United Drug, United States
Industrial Alcohol and Wright Aero
Prices Advance.
In the early part of the week an
other attenpt was made by the pro-
fessional bears to depress stock
prices by offering the leading spec
ulative stocks at wide concessions
from established prices, and appar.
emily they succeeded in unsettling
the list somewhat. The result, how
for when they attempted to. puy
back their stocks on the following
morning, prices bounded upward at
such a rapid rate that the bears
lost no time in covering up all their
commitments. The inference drawn
from this by leading authorities in
the stock market district is that
stocks are held by those who are
firmly convinced that the trend of
the market is upward and that
higher prices will surely prevail
later on. Both the railroad and the
Industrial stocks established new
high price records this week, the
twenty-five representative rails in
the Times statistical list being 6S.01,
twenty-five industrials, 104.34 and
fifty, general average, S6.17.
Bond Market.
Despite the extremely favorable
conditions that are now prevailing in
the bond market, as exhibited in the
heavy oversubscription Of all desir-
able new offerings that are brought
to IL, this market has been extreme.
ly. inactive during the past week;
so much so that attention has been
chiefly divested to the market for
listed bonds. Offerings during the
past week established a new low
record for this year, being slightly
under $16,000,000 and comprised of
eleven municipal issues in the total
sum Of s6.oo0.0o0 and two domestic
industrials aggregating $40 900 900,
the largest being an issue Of $1,000
900 per cent refunding mortgage
bonds Of the United States Rubber
Company. The trend in the bond
market is not unusual for this tine
of the year, and investment bankers
expect little new financing until aft
er September l, when 1t Is thought
that q good many propositions now
under contemplation will be brought
20 final settlement.
The market for listed bonds main
tained a firm undertone during the
week, and trading in low-priced rail-
road bonds and prime industrials
has been on a fairly heavy scale. with
prices generally higher. This year
to date the total transactions in list
ed bonds on the New York stock
exchange aggregate S2,S00, 900 900,
compared with 1890 ,000, 900 in the
same period last year.
Corporate maturities in September
viii be somewhat larger than usual,
amounting to about 5000, 900, COM
pared with S5,000,00O in August
and sea 900 900 in September Of last
wear. The list is made up Of $50, ,000,-
600 in public utility maturities. s6,-
0O0, 900 railroad notes and equipment
trust certificates and $12.000,00o Of
Industrial bonds. Because Of con-
tinued ease in the money market
and the favorable reception which
new offerings have been receiving,
there should be no difficulty in re-
Funding most of these maturities at
lower rates than is now being paid