The Washington times., 1924-09-27
UPWARD TREND
SHOWN ALL
WEEK
Increasing Activity, With Ad-
vancing Price Level, Fea-
lures Markets
BY w. s. COUSINS

0y We - 4COOGANG
NEW YORK, Sept. 2T.-Increas-
ing activity, with q gradual M
vAncing price level, featured the
stock, bond and cotton markets
this week. Spectacular rallies IN .
number Of so-called specially stocks
III the listed market carried prices
to new high levels for the year.
Sales OF stock on the New York
exchange in three sessions approx.
mated one million shares each, Ii
sharp. contrast to the records Of the
week previous, when sales dwindled
to about half q million shares.
Later In the week, the idea pre-
4 vailed that the market had been
pushed ahead at too fast q pace
and stocks were offered for sale III
large volume. Speculative long
traders who had accumulated 4
modest amount Of paper profits
were ready to convert them into
cash.
Money FiTmer
Among the more important indus
: trial and economic Developments Of
the week were the evidences OF in
creasing freight traffic in the coun.
try, an evidence OF the larger
movement Of goods from producing
/. 70 consuming points; the growing
firmness in money markets: the
slight decline Of crude oil produc-
ton in the United States; further
deterioration Of the cotton crop a.
reported in the Governments mid
month survey, and the moderate
- ~
modities. Some OF the more i'm.
manufacturing and steel and iron
current production, though consid-
cradle confusion exists In the steel
trade because Of the necessity Of
schedule to take the place Of the
Pittsburgh-plus plan.
], Motor Stocks Advance
/ Heavy buying OF the motor
/ stocks resulted In the gradual
. boosting Of prices Of popular issues
as well as the high priced stocks
like Nash Motor and Mack Trucks.
Studebaker made a new high for
the year at AZ. Industrial leaders
like United States Steel, Baldwin,
American Can and General Electric
took an important part In the rally
IN prices in the first two sessions
]. of the week but the withdrawal Of
professional buying and the return
of large SPECTATORS to the short
side Of the market resulted In q
sharp decline in the same stocks.
Rails Active
Activity in railroad stocks was
to a few OF the low.priced shares
like st. Louis Southwestern, Frisco
common and preferred, Peoria and
Eastern, New Haven, etc. Southern
Railway returned to the active list
and on heavy volumne Of sales
equalled its best previous record for
the year. Oil stocks were again
under pressure, particularly the in.
dependent shares. Both In the
Curb market, where the bulk Of
Standard OIL shares are traded in,
and on the Stock Exchange, the
Standard stocks reflected the strong
financial position OF the company.
Cosden, Phillips and some Of the In.
dependents were sold on reports
that new financing was contern-
plated, but no official statements
on the subject were forthcomink.
A splendid supply Of money and
professional activity seemed to BE
main SUPPORTS OF the speculative
stock market.
Heavy buying Of the motor stocks
resulted in the gradual boosting of
prices Of popular issues dc well as
the high priced stocks like Nash
Motor and Mack Trucks. Stude-
baker made q new high for the
year at ~. Industrial leaders like
I United States Steel, Baldwin, Ameri.
can Can and General Electric took
an important part in the rally in
prices in the first two sessions Of
the week but the withdrawal Of pro-
fessional buying and the return Of
large speculators to the short side
Of the market resulted III & sharp
decline in the same stocks.
Activity in railroad stocks wac
confined to q few of the low priced
shares like st. Louis Southwestern
Frisco common and preferred,
Peoria and Eastern, New Haven etc.
Southern Railway returned to the
active list and on Q heavy volume
of sales equalled its best previous
record for the year. oil OtoclsS
were again under pressure, Yjartiet.
larly the Independent shares. Both
In the curb market, where the bulk
OF Standard OIL shares are traded
in, and on the stock exchange, the
Standard stocks reflected the strong
financial position Of the company.
Cosden, Phillips and some 81 the
Independents were sold on reports
that new financing was ,conteni-
plated. but no official statements
A plentiful supply OF money and
professional activity seemed 70 be
main supports Of the speculative
stock market.
Weeks Failures