The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-05-10

STOCK TRADING
INACTIVE ALL
WEEK
Public Utility Only Issues to
Show Strength During
Resting Spell
BY w. s. COUSINS,
copyright, 1924, ny Cosmopolitan
News Soryic0

Copyright, 1924, ny Cosmopolitan
News Sorvice)
NEW YORK, May 10.-The stock
market in the past week passed
through one Of the dullest and most
embarrassing periods since the turn
OF the year. Trading was in COM
paratively small volume, price
changes narrow and featureless and
speculative activities almost COM
pletely dominated by professionals.
General interest was focused on
Washington, where matters affect
ing the country's welfare as a
whole, or particular groups Of peo-
pie, were under discussion. Natu-
rally, some Of the questions involved
drew as sharp discussion in banks
and business houses, in convention
halls where commerce chambers
and industrial groups were holding
regular or special conventions, as in
Congress. Tax reduction, immigra-
ton restriction, European rehabilita-
ton, revival Of foreign buying-all
of these matters will be directly or
indirectly affected by action Of the
Federal legislature between now and
adjournment in June.
Wait on Congress.
It is well known that indecision
In great national issues is a greater
deterrent to buying Of securities
than actual unfavorable develop
ments in industry and business.
When traders know the worst, they
are In a position to size up the stu
alton and make stock commitments
accordingly. But when the immedi.
ate future Is clouded with uncer-
fainty, and business leaders are,
Tor that reason, unable to make ad-
1ustments with respect to forth
coming production, raw materials,
finance, ETC., the same spirit of
hesitancy is communicated to the
stock market.
Speculative Wall Street was not
disposed to consider this weeks
action on the tax bill nor the recent
vote on the soldier bonus as final.
Modification Of the surtax rate was
considered as more than an even
pet, while Presidential veto Of the
bonus measure 4 was counted on
from the first. For this reason.
the bears, who otherwise might have
had an excellent weapon with which
20 hammer the market, wisely re-
Trained from attempting to carry
20 extremes advantages gained in
the past two weeks.
Rail Stocks Strong.
AS in the two preceding weeks.
rallroad shares gave a good account
OF themselves, rejecting the steadily
improving financial position of car
r1erS, and growing sentiment in
favor of railroad securities as a
profitable investment. Oil stocks
were slightly reactionary, though
only In special cases were losses in
prices as much as or 3 points,
1ndustrials swung between narrow
limits, with weekend declines specu-
lative leaders wiping out advances
registered in early sessions.
Economic developments Of the
week were favorable. Car loadings
exhibited a slight increase, crude
oil production was higher, money in
good supply, and rates easy, indus
trial reports showed continuance of
good net earnings. Unsettlement
IN commodity markets was more
K,
but no wide changes were recorded
either in prices or consumption.
Foreign Exchange.
A sharp reaction m French francs
was one of the weeks important
financial events. Selling of the
franc was initiated In Paris and
London on prospects Of a strike in
the Ruhr, but the technical position
of the franc made it comparatively
easy to carry the decline further
than it otherwise might have gone.
Belgian francs and Italian lire sold
off under fairly heavy pressure.
Sentiment in the stock market
has undergone no apparent change
the last few weeks. Until it is
more definitely ascertained what
kind Of legislation Congress will
adopt, 1t is useless to expect the
stock market to emerge from its
present narrow position. Those who
hold stocks appear in no hurry to
sell. while those outside the market
do not appear anxious to come in.