The Washington times., 1923-08-25
PROFESSIONALS
BEAR WEIGHT
ON STOCKS
Weeks Trading Marked by Ac-
tivity of Pools and cliques
With Favorites.
BY w. 8. COUSINS.

Copyrighted, 1923, by Cosmopolitan
News Service.)
NEW YORK, Aug. 25.-The stock
market was called upon this week
to absorb a large >number Of profit
taking sales in the industrial and
oil stocks, and prices Of active
stocks in these groups fell back
ward.
Almost simultaneously with this
movement, however, the steel and
speciality stocks, and few Of the
rails, were pushed forward as the
result OF vigorous buying wave,
which was mostly confined to the
speculative favorites.
Pools Dominate Market.
The market continued its narrow
and professional aspect, being
largely under the domination Of
professional pools and cliques, spc.
cially interested in advancing the
prices of a small group of stocks.
Demonstrations in these stocks were
doubtless made to attract q public
following.
The volume of trading would indi-
cate that they were not. very sue.
cessful, and the general testimony
of commission houses is that the
small trader is still reluctant to en-
ter the. market in the face of such
uncertain conditions as prevail in
important departments Of domestic
industry.
Inactive Since June.
The pools have been inactive.
since the last part of June, and
their return to the big speculative
district is taken to foreshadow some
special developments in stocks that
have been left to fight their own
battles in the meantime. The low
level Of prices as compared with
three or four months ago, the ex-
ceedingly favorable developments in
domestic business and industry, the
apparent change Of heart by q
professional traders land the ap.
proach OF the close Of the vacation
season are factors which are ex-
side of the market.
The steel stocks have been the
quickest to rally from the years low
points, and active buying Of the in
steel shares resulted in
sharp advances in prices In the early
part OF the week Profits OF the steel
companies will be excellent this year,
despite the current slowing down Of
plants and the adjust.
ment now being made to the eight
hour day.
Bears Grow Vigorous.
The bears were by no means quaeN-
cent this week. Following their
policy of selling on rallies" trey
attacked such stocks AS
Baldwin, Studebaker, American Can
and Pan-American. and dislodged
them from the high levels reached on
short covering movements. On the
whole their efforts met with less
success than rewarded the bullish
element.
1t is doubtful if the foreign develop
ments and the lack of progress in
the coal mining controversy, the most
external factors Of the
week, had any great effect on the
stock market. It is an axiom of the
street never to sell on strike news
but the belligerent attitude of both
sides to the controversy, and the
of a coal strike on Septem.
Der i, doubtless deferred many
traders from entering the market,
and consequently detracted from its
buying power. i
Reports Are Optimistic.
Evidences that the French were
seeking reparations payments rather
than the permanent annexation of
German territory were quite accept
able to the financial district gener-
ally and apparently accounted for the
firm trend in British and French ex-
change.
Confidence In the Industrial out
look was increased by the publica-
ton of number Of optimistic re.
ports and statement by leaders OF
important industries, indicating with
out exception their preparation for
q large volume of business in the
coming season. Labor is reported
fully employed, and most of the
problems of six months ago
have long since been solved.
Commodity and money markets
gave a good account Of themselves.