The Washington times., 1923-01-14
ABRUPT CESSATION
OF FOREIGN MEEHNG
RETARDS TRADING
Chief Contrast Is Lessened
Volume Sterling Holds
Even-NeW Bond issues.
BY w. s. COUSINS.


FORWARD march of prices the stock
market has been retarded this week
by the abrupt termination OF the
PREPARATIONS conference ana deter
animation OF the French government
TO go It alone" In bringing the
recalcitrant Germans to task.
Naturally, such an important
event as the sending of armed
forces from one European country
TO another was bound to be re.
Elected In the movements OF prices
In the important markets OF the
world, speculative as well as COM
modify and futures.
The even tone OF the sterling ex-
change market was q major tnf1u-
ence In stimulating the buoyant
Developments In our speculative
district, for It showed plainly that
England was not disposed to worry
over the latest developments In the
PREPARATION tangie, at least as fore
shadowing anything more unfavor-
able than has happened up to the
present time
TRADE VOLUME STANDS OUT.
As compared with previous weeks.
the chief contrast In the stock
market OF the past six days has
been In the volume OF transactions.
The hesitancy that resulted from
the European developments was as
much q detriment for bear selling
as for buying for the long account.
and therefore the volume OF BUSH
ness was materially cut down. Not
until Friday was there anything
approaching the average turnover
Of the last few months, and not
until then was speculative interest
sufficient to embrace every depart
naent OF the list. Prior to that time
D good deal OF energy had been
used up in churning around q
number of new specialties in which
the public was little interested.
Some OF these stocks, like Beech
Nut, Owens Bottle, Postum Cereal,
were pushed forward to the high.
est points on the movement on q
small volume Of transactions.
There was q broad and strong
market for the oil stocks, featured
particularly by the forward move
mente IN California Petroleum, Cos
den, Pan-American, Producers and
Refiners and Pacific Oil. Aside from
the repeated rumors that stock Of
the California Petroleum Company
was being acquired for control by
powerful fnerests in other OH con-
Germs, this stock was helped by
the latest statements of earnings
and from calculations which showed
fits book value at $152 share.
STEEIS AND RAILS
The steel and railroad stocks were
devoid Of special feature this week.
though higher price level prevail
ed for most Of the stocks in these
groups. Delaware and Hudson re.
cefved heavy assault from the
bears on reports that the directors
would reduce the dividend on the
common stock, but recovered when
official denial was made OF these
groundless reports. The low priced
rails also came In for one OF their
odfc-hammerings, process
which nearly always results in II.
regular movements in prices. Div
idend rails did little moro than hold
their own in desultory and irregu-
lar market in which public trading
filled minor part.
Important developments in the cop
per, sugar and rubber markets were
not without effect upon the principal
stocks in these groups.
BOND MARKET.
The reputation Of the American
bond market was more completely es-
tablished this week when 1t absorbed
the largest amount OF new bond or
ferings In the history Of American
finance, with the exception, of course,
of the war bond issues. Following
up the new bond issues Of STE, O00,-
900 in the first week Of 1923, new
bonds for the past week exceeded
that figure by about SIC, 900, 900, and
ran up to a total of $246 900 900. Pub.
lie utility bonds in the amount of
$81 ,000, 900 headed the list, and the
new industrials amounted to $50, 000,-
900: State and municipal, Sal 900, 900;
railroad, $50, 600, 900; Canadian issues,
$1S,00v.000 and new farm bonds.
$4,000, 900.
Among the prominent new issues
Of the week may be mentioned the
$50, 900 900 Armour and Company
81 per cents; $35,000,0 Bell Tele-
phone Company 5 per cents, the
So 800 900 New York Central Equip
ment Trust notes, the $22 200. 900
Spring Valley Water company
per cents, and SO ,0O0, 900 each of
the city Of Toronto, Canada, and
the State Of North Carolina.
Another important feature Of the
weeks bond market was the award
OIs the new 1oUsVOO,OVU on per cent
bonds of Cuba to ]. p. Morgan and
Company, by which firm they viii
be offered for public subscription In
the first part Of next week.
VOLUME Is SMALLER.
The volume Of transactions in the
listed bond market this week was
comparatively smaller, the total
being about $13,00O,000. Attention
was particularly attracted to the
firm tone of the British and French
government bond issues, which were
unaffected by the unfavorable Eu.
ropean developments. A point In
favor Of these bonds is the gradual
ly dwindIing floating supply in this
country.
The copper bonds were again the
most active of the domestic indus
trial list. The Chile conVertiblea
had the largest turnover, a fac
which can be directly traced to thu
plans for the purchase OF contro
of this company by the Anaconda
Copper Company. There was &
sharp distinction between the mar
ket action Of the higher grade rail
road bonds and the so-called specu
lative issues. Losses Of 2 or
points were recorded in quite 4
number Of the speculative rails
while prime rails moved forward
fractionally.
BALTIMORE GRAIN