The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-03-04
STOCK MART PRICES
ACTIVE AND HIGHER
DURING PAST WEEK
Improvement in important
Commodity Markets Proves
Material Aid.
By w. S. COUSINS.

DIV W. % SUO01ANCs
NEW YORK, March 3.-Specula-
tive interest during the past week
was directed not only to the stock
and bond markets, but also to the
principal commodities and future
markets, where in many cases new
high prices for the present year
were established.
To a certain extent, of course,
the action of the latter was an I'M
portant factor in stimulating activ-
ity and price movements in the for
mer, the copper, sugar and Oil
stocks following quite closely the
booming markets for the commod-
tiles represented. But other inn
portant markets. like cotton and
grain, retain their own speculative
coterie, and exercise but sentl-
mental effect upon the movements
Of security prices.
Speculative Issues Lead.
The feature of the stock market
was the extravagant boosting or
q number of speculative favorites
by the bullish professionals, move
ment which apparently succeeded in
stirring up considerable outside in
terest. The rather remarkable and
spectacular comeback of important
divisions of American industry
which had been scraping bottom
not more than two years ago, and
the substantial basis upon which
the present prosperity appears to
rest, have naturally fired the specu-
lative imagination of traders who
have made a belated entry into the
stock market. They have doubt
lessly failed to consider that a
good part of the rise which has
taken place has discounted just
such conditions.
As affecting the immediate course
Of the market, the most prominent
factor in the financial district was
the increasing evidence of the
strong position of the money mar
ket. It was demonstrated that the
latest increase in the rediscount
rate Of the local Federal Reserve
Bank was in no sense actuated by
fear of a stringency in the supplies
OF money.
Cali Loans.
The high call loan rates. which
prevailed in the last two weeks
have attracted a good supply OF
loanable funds to Wall Street and
the bull pools, who are so busily
CA6oSCN uP pEtCSSg were
emboldened by the fact that their
money re-enforcements are not likely
20 fail them at this juncture.
The stocks of prominent copper
oil, sugar and motor companies
added considerably to the price
records already attained by them
In the recent aggressive upward
movement. Trading In these stocks
was extremely active, and price
levels in some cases exceeded the
best performances of any that have
been recorded since the bull mar
ket Of 1920.
SteeIs.
Toward the latter part of the
week the steel stocks were pushed
into the limelight. United States
Steel resumed its position as leader,
and such stocks as Bethlehem,
Crucible, Gulf States and Republic
featured a strong and aggressive
market. The big steel corporation,
which is now operating at above
30 per cent Of capacity, announced
another upward revision in prices
OF its products, move in which it
which it had been preceded by the
Independents.
Despite the favorable January
earnings statements of the railroad
systems. their stocks failed to join
the rally. and in two specific ses-
sions actually lost ground in their
averages. But this is character
istic Of the rails, which have always
been the last to reflect the obvious
Improvement in economic conditions.
Moreover. the rails lost more
heavily than the industrials in the
downward swing which was in
progress between November / and
the latter, part of December, and
hence have a longer road to travel
In the upward course.
Market experts will not concede
the end Of the present upwerd
movement until the railroad shares
have taken a more prominent part
In the swing to higher price levels.
Bonds.
For the most part, the listed bond
market was dull and inactive and
price movements narrow during the
past week. The convertible bonds of
the prominent sugar companies
forged ahead to new high levels
when the prices for their stocks in
the speculative market reached the
point at which the convertible fea-
lures were valuable.
There was good business in Lib
erty bonds, though the tendency was
again toward lower prices, and the
new Treasury Az per cents reached
new low levels. Foreign govern
ment bonds, on the other hand, were
firm and steady. with principal ac-
tivity in the French, Belgian, Dutch
East Indies, and United Kingdom
Issues. The French government
bonds have regained most of the
ground lost since the Ruhr occu-
pancy, and the Mexican government
bonds have been rejecting the pros
poets OF a speedy operation of the
rerunding plan tentatively agreed to
by representatives of the bond
holders and the Mexican govern
menf