The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-10-04
Professionals
DOMINATE
TRADNNG
IN Cotton and Grain
Market Divert Attention
From Stock Market
BY wv. 8. COUSINS.
Tntarnaf lonaI News GerYlna.


NEW YORK. Oct 4-Interest was
diverted again from the stock mar.
ket to the grain and cotton markets
this week, BY reason Or the spec
tacuIar jumps IN prices OF wheas,
corn. rye. barley and cotton in the
New York and Chicago exchanges.
Rarely in the history of the grain
markets have such simultaneous adj
Vances occurred as those OF Thurs
day. Ia which rye jumped z TO 8
cents e bushel, wheat 5 cents, bar,
ley cents, oats IA cents ard
corn 4 cents, while cotton was add
It's market price. In ten days rye
has gained 25h cents a bushel,
while wheat Is up is cents and
corn IL and barley 81. Rejecting
not so much shortage Of Ameri.
can production as an enormous de-
mand from foreign markets to
meet the shrinkage Of European
crops.
Bears Active.
On the stock exchange the move
ments Of prices was in narrow
range. and governed almost exclu-
sively by the activities OF profess
sional traders. The bears. who
have been confirming their market
attacks on the industrial leaders
since the middle OF September.
launched a broadside against the
whole market on Monday, follow.
ing that on Tuesday by heavy sell.
ing of the oil stocks. just prior to
the nationwide cuts in gasoline
prices which brought the price
level to near the low of 1923. Ameri-
can Can was singled out for q
bearish demonstration in the early
part of the week, in the belief that
there would be disappointment in
the speculative district over the,
refusal of the directors to declare
an extra dividend this week. The
stock broke to 127h, but when the
little stock offered and were com.
PEELED to bid the price up to the
highest level for the movement. In
other divisions of the market the
bulls demonstrated that they were
in command Of the situation and
while in only. isolated sections did
UIICGO SlOH GLHy JEIAACAACy " auS
vance. they seemed to have little
difficulty in maintaining present
levels.
Money Steady.
Industrial developments Of the
week were favorable on the whole. :
Car loadings in high volume evil
denced the gradual increase in the
exchange Of commodities through
out the country, fact which was
further substantiated by the in.
crease in bank clearings. Steel mills
showed an increase in current
Operations Notwithstanding that
some confusion still exists over
steel prices. Gasoline prices were
cut to the bone, but crude oil pro-
duction showed evidence Of coming
under control. Time money mark
cts were steady, call loans still
showing the effects of the October
settlements.
Railroad stocks received boost
from the action of the directors Of
the st. Louis and San Francisco
railroad in placing the preferred
stock on a per cent dividend basis
and in limiting that the common
Will receive similar attention in the
near future. The preferred stock
jumped 6ia points on the announce
ment. but was unable to hold all
this gain. Lehigh Valley made a,
splendid gain this week, with hard
ly any reaction, and a number of
active rails like Missouri Pacific
common and preferred, sold at new
high price levels for the year TO,
date. Merger stocks were con.
spicuously inactive.
Steel Advances.
United States Steel moved up-
ward in contrast to the market &C.
ticn of the independent stesls, which
were generally unsteady ii reflec.
ton Of the uncertainty in effects of
the abandonment Of the Pittsburgh.
plus Purchasing system. Pool
specialties resisted the efforts OF
bearish spectators to dOpress their
prices, but made no new excursions
into high price territory, with the
exception Of Cast Iron Pipe. Copper
stocks were sold at recessions in the
first part OF the week. Sugars were
strong on the better trend on the
refined markets. Trading declined
In volume in the latter part Of the
week, and the total turnover Of
| stocks showed considerable
shrinkage as compared with the
previous week.