The Washington times., 1924-10-25
UPWARD TREND
SHOWN ALL
WEEK
Confident Tone Prevails in
Stock Market as Prices Go
to Higher Levels
BY w. s. COUSINS,
teFnatIOnaI News Service.

NEW YORK, Oct. ga more
confident tone prevailed in the
stock market this week. due In
large measure to the wearing away
Of the effects of the. election
scare" which was made either
the reason, or the excuse. for the
heavy selling Of securities in the
first two weeks Of October.
Prices Advance.
Transactions were .arger than In
the sessions OF the preceding week.
Prices with few exceptions inclined
to higher levels.
Whatever may be the attitude
OF professional Wall street, the
activities of which are still con-
trolling stock market movements,
1t is felt generally that the hest.
tant pace of business, together
with the fact that stock prices are
at comparatively high level, will
have more to do with the iTnIne-
date future of stock market ac-
national election. Easy money and
professional manipulation Of high.
priced stocks are without doubt
two Of the most important factors
in the daily see.saw Of prices of
speculative stocks. But, invest
ment buying of dividend stocks is
quite another matter, and, II re-
EOrts Of commission houses are to
be credited. there has been a not
able increase in this class Of buy
ing in recent weeks.
The weekly report of the fed
eral reserve banks on Thursday
was an interesting commentary on
present money conditions. The re-
serve ratio of the New York bank
jumped in one week from 70.S per
cent to 1877 per cent. an increase
of 7.9 per cent, throwing an inter-
esting list on the easing tendency
In money rates, bankers at this
center expressed the opinion that
not for year at least would there
be any permanent hardening of
money rates, particularly for call
loans and short term paper.
The most important Industrial
development Of the week was the
publication Of the car loading re-
port for the week OF October IL,
showing that new high record for
1924 had been hung up, cars loaded
with revenue freight that week
amounted to 1,0SS,462, the largest
for the year and within 10000 of
the highest total In the history of
American railroading. This is az
much commentary on the healthy
condition Of general business as on
the immediate earnings prospects
of the railroads.
Rails Active.
Railroad stocks were generally
active and strong this week. in an
ticipation of more favorable batch
of September earnings statements,
to which must be added the pros.
pect Of higher value by reason Of
combination Of the smaller roads
with the larger and more powerful
systems, One Of the conundrums
Of the speculative district con.
Germs the oil industry and conse-
quently the oil stocks.
Traders in oil stocks have been
waiting impatiently for the t'turn"
which appears to have come this
week. with the steady decline in
crude oil production, heavy demand
for fuel oil and, most important
from the market standpoint, an ap-
parent scramble for oil stocks at
current prices.
Industrial stocks were generally
strong and active this week. Ex-
ceptions were to be found in the
sugar stocks as group, In Bethle-
hem Steel and American Woolens
Tor special reasons and In a few
OF the low priced specialtfes.