The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-04-01
PROFESSIONAL LIST
CONTROLS TRADING
DURING PAST WEEK
Continued Apathy Is Shown
BY Outside Public
! Cousins Declares.
Nv w. 9. COUSINS.

NEW YORK, March 31.-Irregu-
lar movements in prices character
lied the speculative leaders In the
stock market this week, notwlth-
handing that most financial and
econoroic developments were favor
able and that the market received
good boost in the first two sessions
Of the week But it was evident to
those who followed the course OF
events that the stock list was again
under the complete control OF the
professionals, with continued apathV
on the part OF the outside puollc'
Under the circumstances 1t was
difficult for the market to make
much Roadway in the distributing
process, which after q steady ad'
vance of about twenty-five months,
should now be in order. me Dig
Commission houses have no hesita-
ton in saying that a large part OF
the sales of the past few weeks
have been for the account OF pro-
1essional shorts who have thought
the time propitious to "sen for the
top" Strength was impaired to the
market every time these shorts at
tempted to cover but such operations
have furnished the chief buying
power Of the market.
Speculative Attention.
Speculative attention was riveted
on the mnoey situation, as g. result
OF the premature speculation OF the
probable action of the reserve
boards meeting with its advisory
council in Washington. The board
showed its peevishness in g. special
official statement on Thursday, call
ing to task those who presumed to
speak for 1t In the matter OF raising
rediscount rates. AS q matter Of
fact rediscount rates are controlled
by the directors OF the local banks.
though they are, Of course, guided
in their policies by the attitude OF
the regulatory board.
But the principal facts of the case
are that none of the rediscount
rates were advanced while the re-
serve ratio Of the system was prac
ticaIly unchanged at 751k. Call rates
were marked up to per cent. in
the latter part Of the week for the
reason that loans made on Friday
held over to new week as well as
Q new month.
The February railroad statements
which were issued this week left
much TO be desired from the stand
point OF net earnings though it must
be considered that February was a
short, Indictment month. and COM
parsons with January are not on a
fair basis. Some OF the western lines
made an excellent showing, espec-
tally st. Paul and Union Pacific,
while the eastern roads, including
New Haven. were disappointing
Railroad stocks were under nquida-
ton on an extensive scale this week.
after the failure of the New York
Central directors to increase the
dividend on the common stock.
Prices held quite strongly consider
ing the volume OF stocks offered but
on the whole the action Of the rail
market was not encouraging to
thOseywl1o have been boosting stocks
In this group .@.s,.ss,s 49,
SteeIs' Stern Reaction.
Uaited States Steel and the inde-
pendent steels furnished a raIlying
point for the bulls on several occas-
ions and the strong forward move
meuts In these issues helped to stem
the tide Of reaction. Oil stocks ran
forward under the leadership Of Mar
land. Phillips Petroleum, Producers
and Refiners and Cosden, making an
active market in which the Standard
OILS participated at times. There also
copper, equipment and motor stocks
tn the early sessions during which
they acquired gains which were lat
or wiped out under profit-taking and
short selling.
Professionals evened up their
purchases on Thursday in prepara-
ton for the holiday on Friday, giving
Thursdays session the appearance
Of O week end market To this
factor may also be attributed the de-
cline in the volume of business,
bullish traders declining to load up.
Both the industrial and the rail-
road group finished the week at a
lower average level than the proceed
ing week and both groups now have
reached lower average than the
1922 high. Sentiment on the whole
continues bullish, with reservations
TO allow for an occasional setback.