The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-01-10

Strong Movement Continues
Under Leadership OF Steel
and OH Stocks
BY w. S. COUSINS.
International News service Financial
Editor.

NEuAIuP.
NEW YORK, Jan. 10.-Stock
market conditions this week were
|lpractically unchanged from those
iof the preceding week. The upward
imUVeme11t in stock prices continued
under the leadership OF the steel
and oil stocks, with q few Of the
railroad shares making q belated en-.
Ittrance into the sbuOyant list.
1t was e week OF :superlatives in
1.-THE financial and industrial mar
kkets generally. with stock "aver-
ages and q score or more Of active
l.stocks exceed sn t1e BEST price
change pushing forward vigorously
ito new high levels since 1915, the
wear after the outbreak Of the
great war: cali money back to the
10 per cent rate Of last November:
active and buoyant grain markets:
the successful fIUtatiUn OF the
largest bond issue In its history by
the American Telephone and Tele-
graph Counpany, Americas largest
public utility enterprise: the rise
Iaof steel common to the highest
Igprice since 1917 when II sold at
1863: and the speeding up OF the
IL -
other important industries.
Prices Higher.
While the stock market lacked
much OF the spectacular deraOnstra-
ftions in speciality stocks which TEA
tured the last few weeks IN 1924.
the trend OF the market was 1tsad-
lily toward higher price levels and
tpra@s HxSSf4 tue
shares and dividend rails ana in
4dusfriaIs showed no evidence OF
decline. 1t was apparent THAT many
| traders were shifting from the
speciality stocks to the better grade
OF investment rails and indu6trials
and for that reason the pools re-
ISceived little announcement IN the
way of outside buying when they
pushed their favorites to higher
price levels professionals were
a0tive on both sides OF the mar
Ifor a reaction In the first part OF
1.-THE week. and succeeding tempo
Iirarily. But the market ''snapped
back vigorously I'm Tuesdays SEES
Ission a number OF active stocks re-
llgaining from three to ten points
and putting the bears to rOut.
The leadership OF the steel and
Isoil stocks was more firmly gstab-
flushed in the latter part OF the week
due principally TO the favorable de-
svelopments IN the respective indus
tries and the general belief that such
developments promised more profit
able conditions for the leading com
| 'panies in these industries in 1925
than they enjoyed in 1924. This
applies particularly to the OH COM
panies which have not vet shown
very much Improvement In net
earnings, though the technical sit
fuation in the Industry is brighter
than at any time since the early
months OF 1924, before the Cali
eornia gushers filled the storage
tanks to Overlooking with Hndi-
igested crude oil.
Oh Shares Active.
Gulf Atlantic Refining and the
standard Oils on the curb and list
ed market as leaders and most OF
the well-known independent oil
stocks, the market in oil shares de-
veloped considerable strength. and
a lively scramble tor these stocks
resulted in the marking up of
prices from / to 10 points. In the
listed market SfEnams Petroleum, In
vincible Oil, Louisiana Oil, She'll
Onion, COslen and MARYLAND were
the leaders in this weekend rally.
Independent steer stocks followed
the lead or steel common to higher
price levels this week, the inference
OF the heavy buying of steel stock
being that Wall streets powerfHl
financial leaders wgre bullish on
the general business and industrial
conditions.
Baldwin's rise to above 106, COM
pared with 134& 40 the best record
OF 1924, and the sharp advance Of
the leading mercantile shares were
prominent features of the week
end trading. Rails were inactive
but strong with Atchison's dividend
increase to per cent on the COM
mon stock and high current car
loadings the outstanding feature in
this section OF the market.