The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-06-02
WEEK s TRADING
FEATURED BY
FEW SALES
Prices Are Slightly Lower as
Professionals Refrain
From Buying.
BY w. s. COUSINS.
copyright, 1928. by Cosmopolitan
Nawa CaryieoN

News Service.)
NEW YORK, June 2.-The ac-
ton If the stock market this
week, both in the volume of sales
and in the movement of prices, was
q great contrast to that Of the
week preceding. The heavy cover
ing of shorts, which drove prices
forward sharply in the former
period, had removed the necessity
for extensive buying by the pro.
fessionals, and the holiday inter-
ruption in mId.week was respon-
sible for a large scale desertion Of
the speculative district. Allowing
for the large number of specula.
tive leaders, which sold ex dividend
In the later sessions, prices at the
close OF the week were slightly
lower than at the opening on
Monday.
The week naturally divides itself
into TWO periods, the first of which
came to close with the rally on
Tuesday afternoon, and the second
covering the reactionary movement
OF Thursday and Friday. In neither
OF these periods was the trading
in stocks In as large volume as in
the preceding week, the totals for
O full day being rarely over zoe, 900
shares, compared with the million.
share days of the last full week in
May. The thinness Of the market
was apparent from the concentra.
ton Of interest in a small number
or market leaders, and the frequent
wide spread between sales, and be.
tween bid and ask quotations on
inactive issues.
Pesslmism Nearly Over.
Under the influence of an ex.
tremely favorable budget OF bust.
ness and financial news over the
week end, the stock market con.
tinued, in its first session, the ex-
uberant rise in stock values that
had featured the Saturday closing
Of the previous week. There was
no longer any room for pessimism,
traders who had seen their favorite
stocks move forward from to Is
points or more needed little urging
TO pyramid their profits for the pur-
chase of more stock. Some discnna.
fort was reported, here and there,
among the shorts, and the bulIish
pools were disposed to press their
advantage to the limit.
New high prices for the move
ment were recorded In different Sec
tons OF the list, and in not a few
cases high records for the year
were hung up; prominent in this
latter group were California Petro.
leum and American Locomotive,
Two OF the most active stocks on
the board. Baldwin sold UP to
within 8 points of it's years high.
after its recent descent to nearly
% points below that record. Steel
and oil stocks were active partici.
pants in the forward movement.
U. 8. Steel Falls Back.
Thursdays dullness was taken by
the bears as an indication of the
lack OF public interest in the market,
and on the following day they
launched another of their periodic
drives against prices, In the course
or which values dropped from two 20
SIX points in individual stocks. The
high-priced oil and speciality stocks
received the toughest handling from
the professionals, and California Pc
troleum. after selling at 1l7A early
IN the session, declined. to lin near
the close. United States Steel, after
working its way almost back to par,
fell below 90 on active selling. THE
spread between high and low prices
OF some Of the independent steel
stocks for the week was as much as
six points. Continued weakness in
the shipping stocks, which was in no
way connected with the opening of
bids for the sale of Government
ships, resulted in new low prices for
the year in representative stocks in
this group.
Developments in the general field
OF finance and business were favor.
able. The monthly reports of the
reserve banks, compiled from care
fully prepared data. indicate a con-
tinaunce of the wholesale and retail
trade which broke SO many records
earlier in the year. The member
banks, after providing for their
credit needs. have funds for the in
vestment market, and time loan
rates are down to s per cent for all
nnaturities.