The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-04-08
Bond and Stock Markets
Boom as Coal Strike
Swings Into Action
Business Conditions Generally Fail to Show Adverse Influence
OF Great Industrial Disturbance; Credit Conditions
Shcw Further Improvement
By W. S. COUSINS

aggregate Of nearly one hundred
million dollars "a week are snapped
.ua almost simultaneously with the
opening of the books of the hank
ing and iuNsHmppt Fvadlcntcs Ey
which they are offered in The
market. and uricrH within a few
days advance ono 20 three points
above thu offered price. on the liat-
ed bond market the higher grade
ISSUES hive gone mp from % 20 a
Z per cent Yield basis and now thu
demand hnH %bro1dcurd cut 20 the
bonds which heretofore have been
regarded as somi--pccuiaiivc, but
ARE rapidly coming into the IN
Vcstment classification.
Recent calculations show the
rnthcr rurprlsiuE mct that the all
vance IN the prices of Liberty bonds
from tho lowest prices II 1890
have been greater tuau the vcr
age advance IN railway ana cor
poration hunds, ana ncar'y as
great a. the average advance I'm
stocks. From their lowest price Of
~. reached In May 1870. tn"
fourth ia per cents huv risen
% G-N points The present aver
age OF the domestic company bond
show uu advance from the low
point OF tho same month in 1890
amounting Go 10 3-t The aver
age urlcrs Tor stocks touched tho
lowest iu juno a. 1921 since that
time and up go tho nigh point OF
the present week they have ad
yancrd 10 5-h per cent. or practl-
ctly the same as tho fourth lab
orty Z l-is. In such % department
/ Of the market as thc foreign gov
eminent bonds. BE- viii bee found
I that from their lowest Of 1890 the
| Canadian 3 IL per cents uf 1899.
FOR Instance have risen ~ Ia
points. and the United kingdom
@ i-2s OF 1929. "a little over Il
points.
Foreign government bonds have
been making an appeal To Amcri-
can lnyv4tora and us the floating
supply has been gradually reduced
the price have Currcspondlugly ad-
vauttd. This week the feature OF
this division 90 the market has been
the McNican bonds. which have
] risen ON the expectation uf the III
innate liquidation 0t the external
debt Of Mexico.
Bu-inr-- and Credit
H~0-lurldtuf with the general i'm
Urovomout In ttv primary and
commodity markets n also Conc
an increase IN the credit rJsnurru
Of the banking institutions Of She
country While call losIl rates
have not roccded from four and
one-half and five and one-half per
cent basis which prevailed last
week, time mouye rates have
boon easter - four and ouc-qu1rter
per cont. and rates FOR prime bank
ers acceptance, the highest form of
commercial credit have dropped Co
three and uuc-hnif per cent. the
lowest in the history oi the Amer!-
can bin market.
Tho latest trade figures complied
By the twelve reserve hanks Tor
their respective districts indicate a
continuance % tho tendency f1f
production and distribution in the
primary markets tu run ahead OF
retail distribution, Thus whole
sale business was generally greater
ia February than 10 was IN the
same month Ia 1874 The stocks
OF rotnilors are also slightly greater
In dollar value than they were ~
months ago. on tho other hand,
yetail sales. measure ed In dollars
Tor the 49, HtnrNa reporting 70 lNt
banks were i0.5 per cent less thar
Tor the corresponding period last
year. In no single district or re-
porting city was the value Of the
retail sales greater for last Fohru'
AIRY than Tor the same mouth ol
1921. lB many eases. however. the
decline whe 40 much lcss than th'
evident recession in prices durint
the year NJ 90 indicate % stIbstantia.
Inference i'm the actual Noiulae ol
merchandise turnover.
Wheat and cnrn prices have re-
covered aboui half ~ 'halr recon
drop from STE to 8 49, and corr
prices have also recovered in fhs
same proportion Foreign demand
Tor cotton ia an %importuut furtoi
In cotton prices. which rcmaiu firm
despite the indications Of increased
arrrHkr