The Washington times., 1923-09-08
DISASTER FAILS
To RUFFLE
MARKET
Speculative Issues Are Steady.
Profit-T akihg Is j,
Heavy.
BY w. s.. COUSINS.
copyright. 1923. Cosmopolitan News
SerYice.)

BY w. S. COUSINS.
Copyright 1923. Cosmopolitan News
Service.)
NEW YORK, Sept Sin he
face of very disturbing develop
ments both at home and abroad this
week, the stock market maintained
q firm and even tone, continuing
In some departments the advance
which featured the two preceding
weeks.
All speculative markets opened
steady after the holiday. notwith-
standing the serious developments
In the European situation, and the
pouring in of reports confirming
the details of the great economic
disaster in Japan.
Much Profit.
The early sessions of the week
were handicapped by the heavy
volume of profit taking sales which
from professional sources, and If
fecting manly the market leaders
in the steel, oil and Industrial
groups.
Prices fell from two to six points
en- Wednesday as offerings. pressed
for sales in large volume, encoun-
tered only a limited buying de.
mAnd. But when the Professional
traders sought to buy back their
stocks at the low price levels,
they found the market bare of
offerings and prices mounted as
quickly as they had previously
declined.
Effect of Earthquake.
The japanese disaster, IN the
0pinion of market experts will
stimulate rather than retard Amer
fcan trade with that country, AMI
It could hardly be considered as
q bearish influence in the stock
market. Steel stocks reflected he
expectation of an influx of steel
orders for rehabilitation purposes,
and silk manufacturers stock were
strong on prospects of an enhance
ment in value Of raw silk supplies
by reason of the destruction Ut
vast quantities of exportable silk
IN Yokohama.
There was a minimum of spec
ulative interest in the railroad, in
dugtrial and the equipment stocks
this week, although the railroad
companies hung up a new high
record for car loadings. while equip
ment manufacturers reported not
only the receipt of new orders, but
also the ability to fill them ex-
bedftiously and profitably. Dividend
rails sold in fair volume at around
the levels OF last weeks closing,
while low priced issues regarded in
later sessions the losses sustained
early in the week.
Oil Stocks Not Active.
Neither were the oil stocks con.
spfcuous either for their activity or
their bouyancy in prices. Further
slashing of prices for gasoline and
other oil products, the continuation
Of the heavy flow of crude oil IN
California, with no indication that
production there had yet reached it's
peak and the disorganized condi-
ton of the industry in some Sec
tions Of the country, had the nat
uRal effect of RELOCATING oil stocks
to second position in the specula.
tive market. Prices Wavered,
especially in low priced issues like
MArland. Sinclair and Cosden.
II wag the opinion of market
experts that stocks had given
good account of themselves, in view
Of the beginning Of the coal strike
ct home, the occupation of Greek
territory by the Italians. the wip-
ing out by fire and earthquake Of
an important section of the COM
mercial and industrial world, the
unyielding attitude of the dead
locked French and Germans, and
the fall Of sterling exchange to
new low mark for the year.
Grain Is Active.
The explanation is partly in the
strong technical position of the
market, occasioned by the almost
continuous drop in prices Since
March. the acquisition of stocks
by strong interests" and the
resumption Of market operations by
professional pools and cliques.
The commodity and grain markets
were active and fairly steady this
week, the effect of which was no;
lost on the stock market. Copper
sold fractionally higher, recovering
from the slump of the preceding
week, and cotton made a further
response to the Government and
private reports showing a heavy
loss in the crop this year. Money
markets were firm, with a tendency
to slightly lower rates for call
money.