Evening star., 1922-12-31
BANKERS PREDICT
FURTHER ADVANCES
Stock and Bond Prices May
Go Still Higher Dur
ing New Year.
STEADY GAINS IN 1922
Railroad Traffic, Exports and
Higher Foreign Exchange
Make Outlook Bright.
STEADY GAINS IN 1922
By the Associa ted Press.

04GkhV OukAOVh OAA6AOs
By the Associa ted Press.
NEW YORK, December 30.-Stock
and bond prices generally close the
year at materially higher levels
which is not only a reflection of the
marked Improvement that has taken
place in business and industry dur
Ing the last twelve months. but also
banking interests as an indication OF
still further progress in the coming
year.
The year closes with conditions
favorable for further appreciation
Of commodity and security prices In
the opinion of the financial COM
munity. Unfavorable and unexpected
developments in the political and eco
nomic situation abroad are generally
considered as the only probable OBJ
stacles to arrest the improvement in
the business and financial world
which began in the summer of 1921
and has continued. with rew tenn
ent time. The prediction of further
business prosperity is based on sew
eral well known facts. Foremost
among these is the easiness of the
money market and the huge sums
available for commercial credit.
Railroad Trafac Booming.
In addition. most stocks of merchan-
disc are low, railroad traffic is close
to record levels, exports are increas-
ing. the principal European ex-
changes are heading back to par, and
the E.rIrnnaan CT In
shows signs of Improvement, exports
are increasing and untitled orders for
railroad equipment are the largest
in years. Other favorable signs are
seen in the facts that no big strikes
are threatened or pending, a great
amount of construction work is still
in arrears despite a record d-breaking
year Of activity in the building in
dustry. automobile production reached
new peak. which probably will be
exceeded next year, while gasoline
consumption has been the highest in
history. and electric companies are
doing a record business
Sales OF Stock Enormous.
Sales of stock during the year
totaled approximately 100000. 900
shares. as compared with 171.000. 900
last year. 223,o00.600 in 1920. and
07,s00.00o in the record breaking
year of 1913. when postwar imitation
was at its height. Bond sales this
year reached the unprecedented total
OF approximately x4.155. 900, 900. as
against S3,50o. 100000 in 1921. S3,945.-
100000 in 1920 and 3.175.o0o. 900 in
1919. The peak of bond prices for the
year was reached in the middle of
september. and TIE lowest level early
/ In January. One of the features OF
the bond market vas the return of
United states government war bonds
n he
notes and, barring war loans not yet
refunded, the record breaking VOL
ume OF foreign government. corporate
and> municipal fiotations, which
reached a total of s6S5.160.OOO for the
first ten months of 1922, as compared
with S40S. 100000 during the same
period in 1921.
Widest Fluctuations.
The widest f1uctuation in the stock
market took place in shares Of the
Atlantic Refining Company, seldom dealt
in, which ranged from a low % $500
to high of s1.575, or s675 difference.
Among the active industrial issues
Mexican Petroleum provided the chief
feature. getting as low as 1868 and
as high as S22, or range of e15L
points. Approximately 95 per cent of
this stock has been acquired. through
conversion, + by the Pa.l-America n
Petroleum and Transport Company.
thus virtually removing it as MAJ
ket factor. Among the railroad
shares Michigan Central fuctuated
the most. selling between I56 and
Sso, or ia points. The smallest
fluctuation took place IN Alaskw- Gold
Mines. which sold between :. and
4 of S1.o0. Another Interesting de-
velopment in the stock market was
the declaration of stock dividends
totaling mo7e than $4,000. .0O0. 900.
Record Number of Failures.
While most industries showed sub
stantial recovery from postwar in
f1ation, the number of failures during
the year was the largest on record.
and the volume OF liabilities next to
the largest ever recorded. Severe
labor troubles, particularly the
miners and shopmen's strikes, also
had disastrous effects. costing each
ofthe principal railroad systems mill
lions of dollars and even more to
business generally.
For the first time on record there
was marked shortage OF manual
l.-bor, due in part to the restriction
of immigration. whereas in 1921 the
number of unemployed was estimated
as high as 100000 or 100000.
Splendid Year for Crops.
Crops, with few exceptions. were of
record size, and the higher prices
brought vastly greater purcha ST, g
power to the agricultural regions
particularly the south. The foreign
demand for foodstuffs was not very
heavy until near the close of the
year. Exports as a whole were the
smallest since 1915. although in No
ivember they were sSs.000,0o0 over
those OF November, 1921, and the
highest since March. 1921.