The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-03-04
STOCK MARKET
VERY ACTIVE
DURING WEEK
Past Seven Days Saw Excep-
tionaI Trading and
Buoyancy.
BY w. 8. COUSINS.

Buoyancy.
by w. 8. COUSINS.
Copyright. 1922. by Cosmopolitan News
service.)
NEW YORK, March 4.-The past
week was one of exceptional activity
and Suoyancy in the principal specu-
lative and futures markets, including
stocks, bonds, commodities, wheat,
corn, foreign exchange and cotton.
In the stock market a number OF
factors have been operating to create
a more favorable impression as to
stock values, and some of the princi-
pal actors have reached the high
est prices for the year. in cases ex-
ceeding the records attained by them
In the restricted bull movement Of
1920.
The rising tide of good fortune has
not been confined to any particular
section Of the market, and stocks
which have fallen by the wayside
have been affected by handicaps
peculiar to themselves rather than
to any general movement affecting
the general scale OF prices.
1t has been only logical that the
enterprises which are closely related
to the automobile industry, such as
the tire and rubber companies and
the various accessory corporations.
should reflect the better financial
prospects of the parent industry.
Evidence OF this is to be seen in TIE
ascending quotations OF such stocks
as United States Rubber, Ajax Rub
Der and Goodrich Tire.
From it's low point Of seventy-two.
reached during the depression Of the
| early part Of 1920. United States
Steel common has steadily advanced.
having added nearly twenty-five
points, thirteen Of which have be IN
gathered in the momentum which
has characterized the trading since
the turn CT the year. The prospects,
not only for the country's giant
steel corporation. but also for the
prominent independent companies.
is extremely bright. and the stock OF
Gulf States and Republic Iron and
Steel have been prominently in the
daily market reports.
Oils High.
Standard Oil and independent oil
stocks have been quoted at new high
prices during the week, as have also
the utility stock such as New York
Airbrake. and Consolidated Gas
Commodity stocks like American
Sugar and American Wooden, ard
the copper stocks, Anaconda, Chile
and Utah.
After advancing quite steadily dur
| ing the latter part Of February, u:e
railroad shares marked time In the
last week.
The passing OF the period OF gov.
eminent guaranty of earnings" and
| 80 would
available under the revolving fund
was without special significance, as
the former was of little direct bene.
fit TO the roads. and the latter had
| fulfilled it's function.
There is a danger that the effect
OF the supreme courts decision in
| the Wisconsin rate case, which dele.
gates to the Interstate Commerce
| Commission full authority to pre-.
scribe freight rates on all the carrier
| lines of the country, will be nullified
by new legislation, introduced into
Congress during the past week, re.
| storing to the State commissions the
powers which this decision revokes
II adopted, this legislation will saddle
the roads with forty-nine rate-mak-
| ing bodies instead of one, confusing
| instead Of simplifying.
Current statements Of earnings OF
! the railroad systems compare most
! favorably with those of last year,
but II is in the hope OF business
boom, rather than in present opera.
| lions, that the railroads look for the
| wherewithal to meet their obliga.
lions and look ahead for needed ex.
pansion. The high-priced dividend
stocks, such as Canadian Pacific and
Union Pacific, while selling at higher
prices this week. have not been as
active as the low priced stocks OF
the companies whose fortunes have
greatly improved.
Rail Stocks Active.
Rock Island, st. Paul, Missouri
Pacific and San Francisco have been
| the most active of this group.
Practically every department OF
| the bond market has been active this
week, new high prices being made
in liberties, foreign governments
domestic industrials and railroad
| bonds. The average for forty rep
resentative bonds was 7745 on Fri
day night, compared with 1866 a
week ago and FOL a year ago. The
range is still five points below 1915
1 anu IL DtlOW uuI ~ poillls
above the low OF 1920.
Two new foreign loans were un
derwritten in our market this week
the Dutch loan of $4,000, 900 guilders
| $50, O00, 000) and the Argentine loar
Of S27, 100000 the former being Of
fered and rapidly absorbed by our in
vestors. The later will come on the
market on Monday.
The recent statement Of our STATE
Department relative to its desire &c
be supplied with full information
concerning contemplated foreign
loans, whether government, muniCi
pal or industrial, should neither
jeopardize the sale of outstanding
issues. nor interfere with the under
writing OF desirable loans in future
1t will be remembered that at the
present time an issue OF $4,000 ,OoC
Of the Chinese empire stands at de
fault in Chicago banking Institutes
The State Department has beer
asked to lend its assistance to com
pei the payment of this loan. II
such measures are to be forthcom
ing from Washington II - logica
that the proper authorities should
be fully informed on all points Ell
tailed, and no time is better thar
when new loan is about to bt
made.