The Washington times., 1924-09-13
INTEREST LAGS
AS WEEK
ENDS
Speculative Activity Shown in
Cotton and Grain Markets
Following Y. S. Reports
BY W. S. COUSINS

BY W.. S. COUSINS
NEW YORK, Sept. 1S.--The CEN
ter Of financial interest this week
was as much in cotton, grain and
investment markets as in the stock
market. After an unsuccessful at.
tempt to bull the market on Tues
| day on the wave of enthusiasm
created by the Maine elections, Wall
Street professionals permitted their
interest in the stock market to re-
lax and industrial stocks moved
about In an uncertain way.
Both the industrial and financial
| developments Of the week were in
teresting II not influential in shap-
ing speculative sentiment. Almost
simultaneous with the successful
flotation of an issue of ~ per cent
certificates by the Federal Treasury,
the Bank of France announced the
marking up of discount rates from
to 8 per cent; call money showed
additional ease after the first Of
September settlements were out of
the way; the United States Steel
Corporation. to the surprise of the
financial district, reported an in
crease of more than 100000 tons
in forward orders as Of August 81;
railroad carloadings for the first
time this year exceeded one million
cars; sugar and copper markets
stiffened.
Cotton and Grain Active
Speculative activity in cotton and
grain followed the publication CT
Government crop reports showing,
in the case of cotton, larger
potential harvest than expected, and
In wheat a decline of 1874. 900, 900
bushels short of last years harvest
On top of this, the department of
agriculture estimated a decline of
27S, 000,000 bushels in the countries
north of the Equator. Cotton
slumped to near the lowest prices
| for the year to date, losing more
than 100 points on the report.
| Wheat, on the other hand, jumped
| four cents a bushel on belated recog.
milton of the conditions brought out
by the report.
! Renewal of railroad merger ru-
| mors failed to arouse much specula.
tive buying Of railroad stocks,
though a few of the high-priced
issues, notably Lackawanna, Della
ware and Hudson, Nickel Plate, etc..
rose to higher levels. The rumors
this week had to do with the DOS.
sible inclusion OF Lackawanna in
the Nickel Plate merger and the
| distribution of it's very valuable
holdings Of bonds and stocks of
other roads; the change of control
of Pittsburgh and West Virginia
probably Ito the Van Sweringens
following the official segregation
this week of its coal property from
its railroad property: the purchas-
Ing Of Norfolk and Western by the
Pennsylvania System, as logical out
come of the negotiations for the
leasing of the former road, which
have been going on for some
months: the tying up of the Little
-Four" roads-Lehigh Valley. Della
ware and Hudson. Lackawanna, and
Central of New Jersey into an
operating combination.
Oil Shares Firm.
Oil stocks continued to buttress
the market In the late sessions of
the week, despite the fact that
crude oil production increased,
prices were reduced and some of
the large gasoline refiners an.
nounced a drop in prices. The
Standard Oil Company of Indiana
cut prices in eleven States to a
maximum of 3 cents a gallon. Mar.
land Oil was an active leader of
the independent oils, with a gain of
about four points for the week, on
rumors that 1t would be the king
pin in a new consolidation which
might include CoYden, Phillips, Pan
American and Lage.
A thin" market for the high
priced industrials, and the activity
Of professionals on both sides of
the market, resulted in short swings
In the price levels and a consider.
able decline in transactions as COM
pared with the previous week Steel
and motor stocks were generally in.
active with prevailing prices al.
most unchanged
Oil stocks were notable to with
stand the pressure induced by heavy
selling as a result Of the severe
slashes in prices Of gasoline today
and they declined steadily in the
last hour as industrials and few
OF the rails were pushed forward.
Cosden OIL was the weakest of
the independent oil shares, losing
nearly Q points from yesterday
close, while active stocks like Mar.
land, Phillips. Producers and Re.
finers, etc, declined only fractional.
ly. Mexican Seaboard made Its
best record for the year in this
period, selling up about 2 points to
25N.
Low.priced rails returned to a
strong and active position with good
buying in New Haven, Ontario and
Western, st. Paul preferred (nearly
2 points higher), and Erie. Rutland
preferred sold up 5h points at
55h. In the industrial list General
Baking added A points to its I.
L 1T H.. IL