The Washington times., 1923-01-21
FIRM AND BUOYANT
TREND IS FEATURE
OF WEEKS MARKETS
Developments In Financial
Field Are Constructive
and Favorable.
By w. s. COUSINS.

industrial situation during the past
week were favorable and construc-
tive, in which respect they were
again in contrast to the trend OF
events in the European countries.
Stock markets and investment mar
kets ran parallel with home rather
than. foreign developments, and the
best efforts of the bears again failed
to cause anything more than tenn
porary unsettlement in the stock
list. But firmness rather than buoy
ancy was the main characteristic
OF the week. and only small num-
Der of active stocks close the week
more than two or three points high
er than the price level prevailing at
Mondays opening.
OILS ARE LEADERS.
The largest amount of trans
actions this week was recorded in
the oil stock. with the steels close
second. Traders in oil stocks had
q number of constructive factors to
aid them. and prices for the most
part reflected the more favorable
trend of events in the trade. Fol-
lowing the advance in the price OF
crude, il is generally recognized
that rates for gasoline will also be
marked upward. Combined with
the enhanced demand for gasoline
from every section of the country,
this makes an exceedingly favor
able outlook for the important oil
producers and refiners. Specialists
-. 80 ~ that
prices for the stocks of the indie
pendent companies have not Kept
pace with the rise in the whole
market, and particularly the STAN
dard Oils, and are therefore entit-
led to a compensating recovery at
the proper time.
Bulls in the steel stocks were
pleased with the array OF favorable
statements published during the
week, and bearing directly upon
the future prosperity of the pronli-
nent steel concerns. Quite I'M
expectedly, the Republic Steel Com
pany announced the resumption OF
the dividend on the preferred stock.
made possible by the splendid rec
ord of earnings during the latter
part of 1922. The big steel corpora
ffon viii have an important, state
ment to issue about ten days hence,
from which deductions can be
made as to the probable course q
the steel market for the balance
of the year. The railroads have
been heavy buyers of steel during
the past year, and large quantities
have also been used in the building
trades, but an even greater volume
II expected to be consumed in these
two important channels this year.
Rails.
With the exception OF a few Of
the low-priced issues, the railroad
stocks were not prominent this
week Even in these issues the
trend was not uniform. Southern
Rail,aly was boosted forward in the
most enthusiastic manner. and I'M
der an exceedingly heavy volume
of transactions, while New Haven,
Erie and some of the other low
priced stocks were subjected to SELL
ing pressure, which forced an
irregular movement in prices in
this quarter. The high grade rails
were not active this week, and
whatever price changes were re-
corded were mostly in the down.
ward direction.
There was a good volume of
transactions in the new speciality
leaders. including Beech Nut Pack
ing, Famous Players, Piggy
Wiggly, etc The market in these
stocks had every appearance of
professional Juggling, and it is
doubtful if the public was inter-
ested to the point of actually in
dulging in their purchase.
I-..Il To- h
lative district look forward with
price, notwithstanding that there
has been little reaction as yet
from the December high points.
Stocks have been under accumula-
ton for the past few weeks,
development which almost always
proceeds a forward swing in prices.
BOND MARKET.
The past week witnessed the
completion Of two important fin
ancing projects that had been under
negotiation for considerable
period-the Anaconda Copper Min
ing Company bond issue, and the
Cuban loan. These projects alone
made up a total of $500, 900 900,
outside of which the new financing
for the week amounted to about
$50, 900 900. This IS the third con-
secutive record breaking week in
the market for new bond issues,
and the total for the first three
weeks of the year is no less than
$3.50 900 900. AS to the actual mar
keting of the new issues, bond
dealers report ready acceptance
Of the Anaconda. the new farm
loan and the new railroad and
municipal bonds, !.ut not quite as
Cuban bones.
When it is stated thaC seven
Of the foreign government bond
issues went to new low price
records for all time, the situation
rs not as sensational as 1t seems.
There is never as wide a margin
of price changes in securities of
this character as in the speculative
bonds of railroads or industrial
companies which may be finding it
o'tt,cult to meet their current OBJ
legations. A spread: therefore. of "a
polni or TWO ~ sinaEl session, or
even IN . q -" .@tt. .'.s.:. - "?SeD+. a
large variation as expressed in per-
n'Sges: -. ~ comparison with
other dat 5 The French and
E@'ean hcnds have often been
wi hin hailins distance of. f.ieir
pes NJ quotations. and have re-
bounded when the storm passed
over.
Despite the .uT~ !sualIN large, vol,
une of new bonds brofI yrt to tho