The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-03-18
PROFESSIONALS ARE
DOMINANT GROUP
IN WEEKS MARKETS
Prices Slightly Higher When
list Suffers Under Heavy
Profit Sales.

T III - %f@a
INV YORK, March 17.-For the
most part, the stock market was
dominated by professional traders
and bullish pools during the past
week.
After marking prices for many
favored stocks to a slightly higher
price range than prevailed at the
close of last week, these traders
FASTENED to take profits, and for the
balance of the week an irregular
tone prevailed in practically every
section of the speculative list. But
only in exceptional cases was sell
ing pressure sufficient to cause a
break Of as much as 5 points in any
of the active stocks, and in many
cases these were followed by sharp
and decisive recoveries.
BUSINESS rs FAVORABLE.
The week was not able for repe-
tition Of favorable reports and fore.
casts from leaders Of business and
Chance in every section of the coun-
try, with just enough OF cautionary
R.atements to emphasize the fact
st all OF our problems are by no
leans solved. Not only from the
standpoint OF the stock market, but
also from that Of general business
and industry, the increasing indica-,
tions of ease in the money market
have been most welcome. They
prove conclusively that the banking
and investing institutions have
abundant resources to cover every
legitimate need. Bankers are look
ing for slightly higher rates, but
there is little danger Of a return to
the stringent conditions which pre-
vailed in the early part of last year.
Big commission houses in Wall
Street are almost unanimous IN
their reports that the outside public
has been fairly active in the mar
ket, and almost without exception
looking for higher prices in stocks
OF companies which are making
good earnings records. These in
cIlIde the equipment, motor, sugar.
copper and some of the oil and in
dustrial stocks.
1t is, of course, largely a question
OF whether the current advance in
prices has discounted good share
OF the prosperity which can possibly
come to them during the next sig
months: in other words, whether or
not they can maintain the present
rate of earnings after delivering all
OF the orders now on their books.
BOND MARKET.
New offerings of bond issues last
week were more than double that
Of the preceding week, the aggre-
gate being swelled by the addition
OF $50 1000 900 in railroad equipment
certificates. The total for the week
was $70.0O0,00O. New public util-
ity bonds amounted to $19,0O0,OOO
and industrials $500, 900.
Among the prominent issues Of
the week were the $31, 800, 900 Penn
sylvania Railroad 5 per cent equip
ment trust notes, American Chain
Company s per cent debentures,
$6,OOO,O00 West Penn Power Com
pany first mortgage per cents,
and $4,000,0O0 51z per cent refund
ing bonds of the Los Angeles Gas
and Electric Corporation.
The listed bond market was rela-
lively inactive and irregular, with
lower prices prevailing in all but
q few of the second grade rails and
industrials. The average price of
representative bonds touched a new
low for the year on Friday, due
principally to the sharp decline in
q number of specialties.
AS a rule, Liberty bonds sold at
lower prices, though there was
good demand for all bonds of this
class offered at slight concessions.
The high-priced convertible indus
trials in the copper and sugar
divisions followed somewhat closely
the trend OF developments for their
stocks in the listed market, rising
moderately in the first part OF the
week and reacting in the later ses-
gions.