The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-03-08
MARKET:
ON UPWARD
TREND
Traders Market" Featured
Weeks Transaction ;. But
Gains Made by Leaders.
By w. 8. COUSINS.
Copyright 1894. by Cosmopolitan
News Service,)

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News Service)
NEW YORK, March S.-A typical
TRADERS market" prevailed on the
New York Stock Exchange this
week. and despite the fact that
some weakness was exhibited in
some sections of the speculative
list, principally copper, fertilizer,
shipping, rubber, and leather stocks,
the trend in prices was steadily
upward, under aggressive leader
ship Of the industrial and railroad
shares. Trading was In unusually
small volume, and the market was
swayed principally by the activities
Of professional operators, the bulls
holding forth in New York and the
West, and the bears in Southern
winter resorts.
UnfavOrabIe Factors.
The stock market had a number
of unfavorable factors to contend
with this week, and its firm tone
II. therefore, all the more note
worthy. The receivership of one
Of the largest fertilizer companies,
more omissions Of dividends by
copper and industrial concerns, the
poor showing of some permanent
rubber and lead companies, the eX-
traordinary behavior of the French
franc, which sank to the lowest
recorded price in history, and SEN
sational developments in the oil
scandal, received their due share Of
public attention.
1t was noticeable, however. that
this combination Of unfavorable cir
cumstances failed to dislodge holders
of industrial stocks or to start
stampede in margin accounts. The
task Of the bulls was not difficult.
since very little stock was offered
at, concessions, and short sellers
were not slow in taking the hint.
Failing to depress prices of active
issues like American Can, Stude-
baker, United States Steel. the
bears adopted sniping tactics with
low.priced inactive stocks OF in
dustries in state Of temporary de-
preston with some success.
Rail Shares Active.
For almost month the average
price of listed railroad stocks has
held within q range of less than
three points; while industrials have
fluctuated less than five points on
range has been established follow
ing a substantial advance during
November, December and January,
In which the outside public has
participated only to a limited ex-
tent. Meanwhile, pools which have
been behind movements in selected
stocks are believed to be accumu-
lating their favorite issues, pre-
paratory to the next forward move
ment.
The constructive factors which
usually influence the market, were
both numerous and salutary. In
creasing sales and production We're
reported in all majority industries
and business leaders gave evidence
Of active preparation for volume
Of business equal to that of the
previous record-breaking year.
The iron and steel industry is
leading the way to larger produc-
ton and profits, with the building
trade, also basic industry a close
second.
Railroad traffic is high, retail
business on broad scale, and
money and credit ample for all
legitimate requirements.
With the exception Of the stand
ard Oil Company Of Indiana, which
showed a loss as compared with
1929, the annual reports of indus.
trial companies evidenced general
Improvement in business conditions
last year.
Bond Market.
Not much has been heard this
year about indigestion" in the Sc
curities marktS, though the syndi-
cate Offering the new Argentine
bonds was compelled to take back
about half the issue, and prices fell
with a thud. Some new offerings
Of common stock have been well re-
ceived, showing there is abundant
money for attractive stocks or
bonds.