The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-02-16
MARKET
AFFECTED BY
PROBE
Teapot Dome Scandal Brings
About Depression on Oil
and Other Stocks.
By w. s. COUSINS.
Copyright, 1924, by Cosmopolitan
News Seryico,)


News Service.) .:.55
NEW YORK, Feb. 16.-UneasinesS
and unsettlement in national pOIiti-
cal and economic problems was. re-
Elected directly in the action Of the
stock market this week. and prices
swung irregularly backward and for
ward over a comparatively short-ra-
dius. with the bears and bulls alter.
nately in the ascendency.
Downward Trend.
While the major trend Of the mar
ket was downward from the open
ing session the bears were unable
to follow UP their advantage until
Friday when a ver1table deluges Of
selling orders broke over the market
and prices broke from A to IA points.
This was the most active day on the
big board since April, 1922, with
total sales approaching 100000
shares. The average for twenty
five railroad shares declined LOT
points and for twenty-five indus
trials S.54 points. In most sections
of Wall street political considera-
tons were accepted as the motive
force behind the sudden changO3Of
speculative sentiment aided by the
bearish statements of a number Of
prominent professional traders,
headed by Jesse Livermore. -
The tendency to higher call moray
rates and the reported calling of
stock market loans by the banking
institutions was considered an I'm.
pediment to further progress in the
upward movement Of prices. Since
the volume Of brokers' loans showed
very little shrinkage, however, the
activity Of the market was attrib-
uted to operations Of professionals,
with an insignificant volume of
general liquidation by the public.
An unwieldy short interest az
hibited itself in stocks like Amori-
can Wooden, National Lead ana
others, and the sharp run up OF
prices in such issues, while the bulk
OF the list was under decline, dem
onstrated the strength Of the bull
ish pools by which they are spon.
sored.
Oils Decline.
The weakness in the oil group
which first. made its appearances in
the previous week was characteristic
during the present period, sharp
declines taking place in the Pan
Americans, Cosden, Marland, Phil.
lips, Standard Oil of New Jersey
and the California oils. Good buy.
ing appeared on most Of the dips
in these stocks, and at no time
was there even the appearances of
runaway market.
1t was significant that the rails,
about which most Of the bullish de-
velopments Of the week were CEN
tered, failed to retain their position
OF market leadership or to point, the
way to higher prices. Unprecedent-
sd leadership Of revenue freight was
reported by the car service division
of the. American Railway Asscia-
ton, for the first week in February,
and reports submitted by indiyid-
ual roads, like New Haven, Seahord
Air Line. Missouri Pacific were uni
formly favorable. New Haven and
Missouri Pacific preferred made mo-
mentary flights into high price Ter.
ritory, but could not successfully
resist the flood of selling encoun.
tered at these points. -
Mercantile reports showed that
most OF the national retail organi-
cations established new high rec.
ords for January business this year,
with increases Of from 10. to 80 per
cent over the same month last year.