The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-03-25
SPECULATIVE LIST
ADVANCES DESPITE
FREQUENT FLURRlES
Professional and Pool Activity
Responsible for Stocks
Action During Week.
BY ". s. COUSINS.

NEW YORK, March 24.--Though
n good share of speculative stocks
on the New York stock exchange
scored slight advances in prices
during the past week, the market
was subjected to frequent flurries
as the result of profit taking and
short selling. The general impress.
sion is that the pools and profess
SIGNALS were responsible for the
major activity Of the speculative
list.
BULLS INDUCE SELLING.
The bull pools have been exert
ing themselves to the limit to make
their stocks attractive toa the out
side public, so that the much de-
sired distribution could be carried
out advantageously. But the up
ward swing in prices has been con-
tinued, almost without interruption,
for so long a time that traders are
somewhat chary OF buying stocks.
This inaugurated q selling move
ment Friday which may cause a
temporary setback to the market.
However, the general stability of
the financial and business situation,
and the general confidence in the
prospects for the immediate future,
are such that the security markets
are resting upon firm foundation.
All offerings at small concessions
have been quickly snapped up either
by bullish traders or by the pools,
and thus the strength or the market
Is maintained.
OLD FAVORITES GAIN.
The week was marked by q new
forward movement in the old line
market leaders like Baldwin, Stude-
baker, United States Steel, some OF
which marked up new high levels
for the year. But in most cases
these new tops were hardly more
than point above previous
records.
! There was good volume Of trad
ing IN the oil, rubber, sugar and
equipment shares, with m rked
buoyancy In the independent oils.
California Petroleum and Sinclair
sold up to new high levels for the
year. Publication OF the annual re-
port Of California Petroleum Conn
pany. Allowing net earnings OF $16.74
q share last year. was an i'm
p0rtant factor in the oil stocks.
STEEL REPORT.
The annual report Of the Steel
Corporation disclosed nothing new
In the general status of either the
steel trade or the relation OF the
big corporation thereto. But esti-
mates OF current earnings were
sufficiently buIlish to sustain the
market for steels In the weekend
liquidation. Some estimates place
the net surplus for the first quar-
ter of 1923 at $4,000, 900, which Is
nearly double the $24, 200 900 deficit
sustained in the full years Of 1921
and 1922.
The railroad stocks and the inde-
pendent steels exhibited good stay
ing power, advancing in good style
In the early part OF the week, and
holding their gains in the face of
heavy profit-tahng selling wave
in the later sessions. Wall Street
sages are tipping the rails for a
vigorous upward movement to con-
clude the present bun market,
prediction which does not seem I'M
reasonable in view OF the splendid
Improvement in the financial status
of the carrier systems over the
past six months.
I, MONEY.
Call loans were again marked up
70 per cent this week, despite the
evidence of abundant money sup
plies in the banking institutions
and the increasing reserves OF the
Federal Reserve System. Wall
Street has been much concerned
this week over the prospects of
higher rediscount rates, a question
which the governors of the various
reserve banks viii discuss on Mon
day with the advisory council of
the reserve system.
Foreign exchange and commodi-
~ markets were firm and steady
this week. There was firmness in
the grain markets and an irregu-
lar trend In the cnffon M ,.Iraf