The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-01-31
WHEAT AND OIL
FEATURE Of.
TRADING
Review of Week Shows Fren-
zied Buying of Wheat, With
Stocks BuIIish
By w. s. COUSINS.
International News service.
Financial Editor.

NEW YORK, jan 3I.-ActivitY
In the important speculative mar
kets was more pronounced than in
the last two or three weeks and de-
velopments in the industrial and
financial markets were of more
than usual interest.
The resumption of gold export on
"a large scale to India and Australia,
together with large commitments to
Germany and other European coun-
tries: called for considerable appre-
hension in some business circles
though bankers maintained that the
movement win be beneficial to all
concerned. Some stiffening' in cali
money rates occurred and the re-
serves of the New York Reserve
Bank, due in part to the with
drawal Of gold for export, declined
per cent.
Record Wheat Price.
The return of 2,uUO, 600 share trad
ing on the New York Stock Ex-
change for the first time since jan
uary Ii; the prominence of oil stocks
In the buying lists of spectators
and investors, the frenzied buying
of wheat and rye IN the Chicago
and Winnipeg markets at the high
est prices, exclusive Of the war
period, in over forty years, and the
sharp turns in prices of speculative
speciality stocks corresponding to
-the changing "whims'' of small and
big traders in the stock market
were the principal features of in
sterest. in the financial district.
Reaching its crest nearly a month
ahead Of the early, forecasts the
Workman Oil Pool in Texas showed
ely 6ofl IN Ia nil
production; Government statistical
reports showed simultaneously
large decrease in the amount OF
stored oil products and the large
buyers of crude oil,s Humble. Gulf
Oil,s Texas : Company and Sinclair
Crude Oil Purchasing Company
boosted prices from 20 to AZ cents
a barrel.
with still higher prices in pros
poet and with gasoline up to
cents gallon in all OF the princi-
pal consuming points, stock traders
were generally OF the opinion that's
the Iongsawaited indications of the
turn in the oil industry had
finally arrived.
Oils Higher.
A tremendous demand for oil
stocks was supplied only at a sharp
advance in prices or the principal
stocks and in the new forward
movement the Standard Oil shares,
both on the curb and in the listed
market led the way to higher prices.
Standard Oil of New Jersey, whic1
closed last Saturday at 43, sold up
to near Al this week. All Of the
eII-known independent oil stocks
including Pacific Oil, MARYLAND. Cos
den, Sinclair, SkeiIy. Independent
on and Gas, Pure Oil, Shell Union.
etc. figured prominently in the
trading this week and the proper
ton of oil stocks to the total sales
was the largest OF any period since.
last March.
Spectacular price movements in
the specially stocks, with advances
of from to Is points a day in
Nash Motors, Commercial Solvents,
S. S. Kresge. Mack Trucks; new
high price records for Americaa
Can. after more than. a year of al
most uninterrupted advance; new
movements in isolated parts OF the
railroad, equipment, shipping and
industrial stock list neIped to keep
speculative interest at a high pitch.
The pools were thus given oppor-
tunities to whirl their speculative
favorites up and down the scale.
The inevitable profit-taking period
brought a flood Of stock offerings
on the market on short notice and
stocks which were hailed as bullish
leaders on one day were headlong
in decline on the next or even in
the last hour Of the same session.
Merger RGmOrs.
Merger rumors in the motor and
oil industries were responsible in
some measure for the activity of
prominent stocks.
Industrial conditions during the
week were in keeping with develop
ne1ts OF the past few months
Manufacturing plants were reported
on a higher production schedule.
railroad earnings showed decided
Improvement. foreign trade and
sentiment also underwent a slight
improvement.