The Washington times., 1923-12-29
STOCKS CLOSE
STRONG LAST
Of YEAR
SteeIs and Oils Show Decided )
Advance During Week.
Franc Falls.
BY ". s. COUSINS.
Copyright. 1928. by cosmopolitan
News Service.l


NEW YORK, Dec. 29.Tho stoen
market was unusually active snl
biIOyant In the last week az 1gQa
in contrast with the closing wenH
Of either Of the last two years.
It differed from the final acfiNe
sessions Of 1920. since the epec,ila
tive leaders were then In the laet
stages of distressing downward
movement, whereas In the preeer,l
week prices had distinct upward
trend. There was little tar sellina
or pool liquidation this week, the
bulk OF market activity being IN the
occurring Of new commitments 81
professionals and outside traders
u. s. Steel Rises.
The steel stocks led the way {
higher prices both before and ate
the Christmas holiday. In activa
transactions, United States SteeI
rose three points In one session
followed at no great distance s.
Gulf States, Bethlehem. Republic
Sloss-S Sheffield and Iron Products
While part Of this gain was lost
by subsequent profit-taking. tta
steel shares on the whole finished
the week on a. higher price plane
The demand for steel stocks was
based on the extremely favorable
industrial summaries by authorities
pointing out the great pOtentials
market for steel products next year,
for foreign as well as home de-.
mand. Estimates Of contemplated
activity Of the building and auto
motive industries, large users Of
steel, doubtless exerted a marlEet1
wise influence.
OIL List Gains.
Next IN Importance was the hOri.
zontal advance in the prices 81
crude OIL in all important producing
fields. extending from California to
mid. continent, and thence to the
Texas and Eastern areas.
The last advance In Pennsylvania
crude oil restores, to within Z mar
gin Of rs cents, the price obtaining
prior to the successive price cuts
between March and September.
The principal oil stocks. both IN
the Standard and the independent
groups, on the curb and IN the
listed market, az q class, sold &c
the highest level on the present
movement. Gains Of from two to
five points in one session were not
infrequent, and profit-taking reucs.
lions comparatively mild. The han
ishment Of Southern States on
stock, In which many investors.
were interested, from the curb s.
change, was laid to purely speed
4ative manipulation In the Issue.
Autos Gains Slight.
Active railroad, industrial and
speciality stocks only held their
ground under a fairly heavy vol
uIne OF offerings. The motor stocks
under the leadership Of Studebaker
and WHY'S Overland preferred. par
ticipated in a modest manner In the
forward swing Of the market.
There was, considerable activity
In other speculative and futures
markets, in which the PRINCIPAL de-
velopments were further advances
in cotton prices: decline In the
French franc to below cents
for the first time In history; &
short furry In the call money mar
ket, bringing borrowing rates tenn
porarily to per cent, and an active
and steady investment market, with
good demand for the new municipal
and State issues. Forecasts Of the
business outlook expressed the con-
fidence Of business leaders Tor q
continuance Of general prosperity
next year.