The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-01-05
. FIN GAL COMMENT
Ccopyright. 1898. 81 Cosmopolitan
Nfn,ea enrwena

NeWo SeEv1Co.t
NEW YORK, Jan. a. That for.
Eeign politics and European flnancial
Developments may sim be considered
as tirnportsnt factors II our stock
market may be deducted nom tke
manner in which the market kept
time to the important meeting n VI
Paris this week. Whether the fail.
ure OF the conference was q reason !
or an excuse for the latest reaction ~
In the market y largely matter a. & e
opinion, however, AZ good many 3
stocks have had an almost Iirinter
December. and were. therefore, 4OnhnF
technical reasons alone, due Tor q n
reaction. 10 happens quite often ipMaF
the speculative district that cause
and effect become somewhat tangled
up and the cart II placed before the ~
-- kiE1
Some OF the leading conmissiOri
houses now report fairly large public
participation ii the stock market. -
though 1t IL generally believed Ahak 8ilg
profession activities have accountedH 81
for most Of the sharp rises ii prices 49,
during the past week The battle befff
tween opposing forces goes n1errilyi I'D
along: and two theories are generally 80
held with respect to the attitude ofsifH
THE bulIiah pools ana pr0fes slCnalD 1ttfg4
he present time. 1851
one ~ that the pools have not YET
distributed their holdings and arefIllE
unwilling to allow the market 70 50 ~
lower 80 that other traders may biyN9a
which have HQuidated and are ready -
for new operations are naturally Sfi
working for lower prices for tWOk-A
reasons: first, to acquire their hold ~
ings at better prices; ands second, 81
create lower 6e,ls rom ~ nlcn, g
which another rise would seem mere "
inviting "a sharp break ID the ~
market. they argue, Is the only pos
sfbie antidofe Cor the public alpOf ~
ness from the market at the present -
time. 49,
The general decline IN the oldings W y
81 bills iii the Federal Reserve banks 8
over the past year ID reflected II
decided drop III the earnings of tleba6
| New York hank IN 1872 the bank Ise
earned s4.soO.ooO a,ainst $4,000 COG iesl
| III 1921. -
The current statement 0f the 80
banks OF the whole system shows ]. VI
Reserve note circulation an increaAe -
Iof $14 600 900 IN cash reserve, ana
| 81 $124,OO0,OO0 In deposits The re- ~
Iserve ratio of the system hassSss4s
dropped from 72.1 per cent to q, 80 -
Iper cent: that Of the New YORK
| bank from 80 to rs; Minnea polls
from 7S.S to a. IL Kansas City from
l57.3 to al. The Boston hank, ofxass
| the other hand. goes up from 62. ~
| to 65.0; the Chicago frDm a. TO Is
and g. Louis rom .es.s g ~ iasr
aAS
Enormous expansion has taken
place over the past year IN the busIs asf
mess Of number Of important mo
Itor accessory concerns OF the counF y
TRY. The SteWart.yVarner SpeedOm
eter, the Stromberg Carburetor Com.
Ipany are typical. The former com
lpany has Just epoEted that tn De,
icember sales. usually the poorest of
| the year, have exceeded most of the
previous months sOf 1922. The hlai
mess Of the fourth quarter was only -
about per cent behind that 0f the II
Largest quarterly record Ia the his w
TORY OF the company; similarly faes
YOrab1e statements have been issued 4 8
] by other concerns h this group. 49,