The Washington times., 1923-01-07
.BUOYANT ACTIVITY
: FEATURES MART IN
1925 INITIAL TRADE
Upward Movement in Motors,
Oils, IndustriaIs Continues.
Bond Market Active.
BY w. 8. COUSINS.

BY w. 8. COUSINS.
NEW YORK. Jan. 6.-ActivitJ
and buoyancy characterized the
stock market In the first week OF
the new year. The upward move
ment In the motor, oil apd indus
trial stocks, which had featured the
closing week OF 1922, was carried
one step farther, and In not q few
cases, the best price records OF
1922, was exceeded. Commission
houses reported the return OF a
number of traders who have been
conspicuous for their absence from
the speculative circles for a month
or more, and doubtless the repur'
chasing of stocks that had been
.liquidated under the pressure OF
tax loss accounting during the last
two or three weeks was an inn
portant factor in the forward
march OF prices this week. The
volume OF business was fairly large.
with one days record Of 10000
shares, comparing quite favorably
with any OF the. high water marks
of 1922. On that day, Friday, trans
actions in United States Steel com
mon accounted for no less than
$4,000 shares.
@6QSCUlALlN0 luI0TS9I was LotA9J
evenly divided this week between
she steel, oil and motor stocks,
with q small number of industrials,
notably the Can stocks, participant
ing In the general rally of prices.
Heavy Trade I'm Steel.
The heavy transactions in United
States Steel were accounted for
partly by the expectation Of an
extremely favorable fourth quar-
terly report from the country
giant enterprise, and partly by the
buying OF stocks for the account OF
ennloyes Of the corporation. Bethle-
hem, Gulf States and Crucible Were
somewhat higher in reflection Of
the favorable developments in the
steel industry in general over the
last quarter Of 1922, though the
uncertainty Of the dividend outlook
has deferred q good many traders
from taking on commitments In
these stocks.
The annual motor show opens to-
day in New York: In every re-
epect the record of the motor and
motor accessory trade since the
htter part of 1921 has been nothing
short of remarkable, and the lead
: ing concerns are entering 1923 UNI
der iyibilant conditions. In reflec-
ton of the enormous profits rolled
up, and the forward orders now on
the books, the motor stocks have
enjoyed q broad and active market
and the top does not yet appear to
Be in sight. The same can be said
oR the stocks of number OF the
accessory companies, like Stewart
Warner, Stromberg, etc.
Oils.
The oil stocks have had the
double attraction of constantly
exnandine and profitable industry,
and the surcharging OF the specula-
tive atmosphere with reports and
fumors of speculative developments
in the. principal companies con-
eerned. It goes without saying
that the bulk Of these rumors meet
with prompt official denial, but
these are not always taken Sc
fiousIy either by the pools behind
the market in these stocks or by
the traders who enjoy dabbling in
stocks about which there is an air
of mystery. The most active Of
the oil stocks this week were Cali
Rnrnia. Petroleum, Pan-American,
Sinclair, Houston and Producers
Bond Market.
The january reinvestment de-
naand came promptly on schedule,
and during the past week there
has been not only quick absorb
ton Of all the new bonds offered
through Investment banking houses,
bat also active trading in the listed
bond market. During the past
week new bonds and preferred
stocks in the amount Of $175,000.-
900 were brought forward by in
vestment banking organizations
and quickly disposed Of. The list
included $4,000, 900 in new farm
loan bonds, $6o.000,0 900 in new 2 per
cent preferred stock, $13, 461 900
900 industrials, $5,000,0 900 public
Utility and $1,000. 900 municipals.
In addition to the above. announce
fnent also was made that a new
issue Of $50, 1000, 900 Of first mort
gage 5k per cent bonds OF Armour
& Co. had been made ready for pub
nc offering, and would be intro
duced to the market on Monday Of
hext week.
Government Bonds.
A higher range or prices pre-
vailed in United States Government
bonds and in practically every va
fiety Of domestic. railroad and Gov
eminent. bonds during the past
week. Some irregularity was seen
In the foreign government bond
list, due to the unfavorable deyel-
opments at the Paris PREPARATIONS
conference. Bonds of the British,
French and Belgian governments
featured In fairly heavy offerings
during the week. On the other
hand, the bonds Of the continental
European countries, such as Hol.
land. Denmark, Czechoslovakia,
Switzerland and Scandinavia en-.
5oyed slightly higher price range.
9 factor in producing which was the
hea'-- orders for these bonds from
their own home sources,
- AUR