The Washington times., 1922-03-11
MARKET
HAS ACTIVE But
STEADY WEEK
Characterised by Easy Absorp-
ton Of Prime Security
Offerings.

ton OF Prime security
Offerings.
BY w. 8. COUSINS. q
tcopyrisht. 1sss. by Cosmopolitan News
NEW YORK, March 11.-Con-
tinued activity and strength In the
stock market: rising and buoyant
bond market: characterized by easy
absorption of all the prime security
offerings that can be secured for
the purpose by banking syndicates;
an easier tone In the money market,
with 31s per cent call money reap
pearing in the inside AZ well az the
outside market; moderate declines in
foreign exchange, which cost the
English pound q decline of nearly IA
cents In value a. compared with
the weeks first prices rather er
ratio market for wheat. corn and
provisions, in the course of which
wheat prices fell off over Is cents
from the recent high point: steady
situation In the cotton market. with
price changes moving within narrow
limits; further concessions In retail
prices for household commodities: q
slight decline in bank clearings for
the week, but q gain In monthly
clearings for February; q decidedly
improved tone In general business.
marred only by the reappearance Of
unrest In the labor councils, were
the chief features OF the general
financial situation during the past
week.
Nothing Sensational.
There was nothing new or sensa-
tional In the stock market which
carried through to another stage the
rise in prices that has characterized
it's operations since the first part OF
February. Fractional gains were
added to those which had heretofore
been made, buiiish activity spread to
other sections OF the market which
have been comparatively dormant,
and the whole list moved forward
under the direction Of the pools and
bullish operators who have long been
working for this rise. Shrewd OBJ
servers Of the Street are almost
unanimous in the opinion that the
outside public tthe lambsb have as yet
taken little or no interest In the
market.
On the whole the financial state
ments that have been published dur
ing the past week have been favora-
BILE, while those that have been other
wise having been discounted weeks
and months ago. The present out
look In the motor, oil. transportation
and other industries is sufficiently
favorable to warrant the higher
rating which the speculative market
In now placing upon the securities
of our representative American en-
terprises. The steel trade In locking
up, important developments,Ib both An
the readjustment Of prices and In
the speeding up Of production. having
been made during The week.
Bonds Oversubscribed.
All OF the bond offerings OF the
past week. which included 34,250,-
900 in foreign government bonds.
ss,710,000 In domestic public util-
tiles, S23,774,000 in State and muni-
cipal issues. over s12. 200. 900 In rail-
road bonds and s3.s00,000 In new
industrials. were oversubscribed al
most simultaneously with the open
ing OF the books. Bond dealers
report q heavy call for their wares
"over the counter" while on the
listed bond department of the New
York stock exchange the sales cx-
ceeded s75.ooo.o0o for the week.
The direct effect Of the skillful
efforts Of the Treasury TO push alorg
the refunding process OF the short
term war bonds fs seen II the ris-
ing market for Liberty bonds, the
Victory AS being in special favor
at higher prices.
Sterling exchange was quoted as
low as S4.34% during the week, in
contrast to the s4.4sA rate of the
week preceding. This is attributed
vxlx~ o., tha nns~tftaH v,nIitfnal sit,,
alton in Great Britain, partly to the
operations of spectators and to q
greater extent to heavy influx of
sterling bills into the market. IL
In a matter of regret that many-of
our American importers who since
the beginning of the war have been
financing by means OF dollar credits,
have returned to the use OF sterling
bills.
The fall In wheat prices is partly
due to the decrease In foreign de-
mand. The Governments statement
of farm reserve this week was MOI 9
than offset by the reports OF favor
able weather in the wheat belt, ard
SPECTATORS and hedgers sold wheat
heavily.
In the latter part OF the week the
rate for call money on the stock ex.
change declined to az per cent.
There has been a gradual accumul5-
tion Of reserve funds in the Federal
Reserve banks and the member
banks. The country an q whole IL in
excellent financial condition. fully
equipped to furnish credit facilities
for the indicated forthcoming bust.
ness boom.
There has been q renewal OF the
foreign demand for copper. sales hav.
ing been made for this week for
foreign account at prices slightly ir
excess Of domestic rates. Our lead.
ing copper companies are also All
ticipating an Increased domestic con-
sumption OF the red metal and are
preparing to add considerably to Their
production.
LIVE STOCK BOYCOTT
mr. MAIN SAas A~~ss a