The Washington times., 1923-08-11
LITTLE. TRADING
DURING WEEK
IN STOCKS
Seasonal Dizziness and Clos
ings Keep Market Quiet.
Tendency Is BuIIish.
BY w. s. COUSINS.
Copyright. 1923. by Cosmopolitan
News Servic0.)

News ServiCo.)
NEW YORK, Aug. 11.-Trans-
actions on the New York Stock Elk
change were in reduced volume this
week. due to the partial closing Of
the exchange on Wednesday, its
complete closing yesterday, the
absence Of many large traders from
the speculative district, and the
continued lack of interest in the
market by the public generally. The
suspension Of business In the bank
ing and mercantile houses yegter-
day as a tribute to the late Presi-
dent, accentuated the usual sea
sonal dullness in the financial
markets.
Conditions were favorable to an
advance in stock market prices at
the beginning of the week, and in
nearly every department spirited
buying soon turned the tide of quo
tations upward. Heavy short sell
ing by the bears at the end Of the
previous week; a distinctly favor
able reception Of President Coolidge
by business interests, and the grad
ual extension Of investment buying
of the better grade of dividend
stocks, combined to create buyer
power that had been lacking in the
previous week.
Price Movement Aided.
The upward movement of prices
was aided by the publication Of
favorable reports and statements
from representative Industrial and
mercantile organizations, accom-
panied in the case of the American
Locomotive Company, by an in
crease in the dividend on the COM
mon stock. AS a result Of this,
American Locomotive was the
leader in the industrial division of
the market, its selling price of
TN being equivalent Of las on the
old stock.
Railroad car loadings continued
in the record breaking class. Bulls
in the railroad stocks pointed out
that the roads are about to enter
their most promising period, as the
movement Of freight Is heaviest in
the last four months of the wear.
The monthly report Of forward
orders issued by the United States
Steel Corporation showed a declined
Of 475,4 93 tons; but there are suf-
ficient orders on the books to
keep the big corporation operating
at 80 per cent capacity until nearly
the close Of the ;'~~-
Indlustreals Gain.
Measured by the averages, Cos
mopolitan News Service compila-
tons show that the industrials gain.
ed more than a point from Satur-
days to Tuesdays close, losing
most Of this gain in Thursdays de-
cling. The railroad stocks were
steady, advancing from an average
of $3.50 at Saturdays close to 58.17
on Tuesday, and declining to $3.50
on Thursday.
leaders changed places with the
latter part Of the week, the former
receiving the brunt of the pressure
from professional bears, while the
rails recovered some OF the loss sus.
tanned in the previous weeks. st.
Paul was an exception, both the
common and the preferred stocks
selling at the lowest prices in
forty years.
special weakness was In evidence
all through the week in the leather,
shipping, and speciality stocks. Ma
rine preferred broke through 20 and
American Hide and> Leather pre-.
ferred went below 80, compared to
its years high of "a. on stocks
were under pressure, on overpro-
duction reports, though it is sig.
nificant the weekly statement Of the
Petroleum Institute showed a de-
cline in daily average production.
Foreign cables still act as a wet
blanket on the financial market.
The unfavorable attitude Of German
governmental leaders to the British
note and their determination to con-
tinue passive resistance in the Ruhr
has been disappointing to those who
looked for speedy settlement of the
reparationS issue. The French franc
continued it's headlong flight, being
quoted this week at 5.67, against
SOC at this time last year.
Grain prices advanced as a result
of the Governments bullish report
on indicated wheat production, and
cotton markets were generally firm.
-----------------