The Washington times., 1923-02-04
PROFESSIONAL SETTO.
IN STOCK EXCHANGE
IS FEATURE OF WEEK
Favorable Domestic Factors
Lend Strength-Bonds
Are Irregular.
By w. s. COUSINS.

NEW YORK, Feb. 3.-Trading
on the New York stock exchange
during the past week narrowed
down to contest between profess
sional traders, a large portion Of
which was confined to the floor Of
the exchange, and did not reach
as far as the commission houses.
To what extent the developments
in the Ruhr are still reported for
holding back the advance in the
market is, of course, problematical,
but it is majority opinion in Wall
respond very quickly to q favor
able turn Of events in that region.
Factors Favorable.
With few exceptions, the dra-
matte factors bearing on security
markets were of the most favor
able nature, indicating excellent
progress in bringing American bust
ness and industry back to normal
conditions. The December railroad
statements were for the most part
UP to expectations and in line with
the weekly records of car loadings
the January earnings keep up in
the same proportion, good start
will have been made in placing the
carriers on a substantial financial
basis.
u. s. Terms Accepted.
The most important event of the
International financial situation was
the announced acceptance Of the
A 1A1N fretr nVaB q
plan for funding the British debt
by the English cabinet. The prompt
acceptance was somewhat of sur
prise in financial sircles, in view
Of the preliminary discussions that
had been INDUCED in, officially and
otherwise. 1t will be necessary for
our Congress to approve the devia-
tons from the terms laid down by
previous enactment, and 1t is not
ut all certain that this will be done
before adjournment on March 4.
There was little reflection of this
development in the market for
speculative stocks, but the rally in
Ssome departments of the listed
bond market was attributed partly
to it.
There have been few important
changes in the prices Of individual
stocks, and less in the averages as
compiled and computed by the
schart-makers. Railroad stocks led
In the upward movement, and re-
dictionary tendencies were most APP
parent in the oils, industrials and
motors. Fisher Body, on the stock
exchange, and Durant Motors on
the curb, were the objects OF new
bearish attacks. and the loss In the
latter issue was sufficient to bring
its current selling price to less than
half of what was recorded earlier
in the year.
Turning abruptly from the
irregular conditions which have
been characteristic of the first
three days of the week, the market
was active and buoyant in the later
sessions, and prices ruled higher in
every department. The old line
speculative leaders, Studebaker,
Baldwin and United States Steel
led the way to higher price levels.
Steels.
While the fourth quarterly state
ment of the United States Steel
Corporation was somewhat disap-
pointing. especially in its showing
of net earnings, the financial dis
trict was more inclined to consider
the large amount that had been
written off for various purposes,
and the better prospects Immediate
ly before the big corporation. The
Independent steel companies have
all marked up the prices of their
products and anticipate better earn
ings this year.