Evening star., 1923-04-24
LEADERS REBOUND
! IN STOCK MARKET
Prices Rise Easily Today on
l. Small Amount of
Ill, Buying.
BY STUART T.. WEST.

Special Dispatch to The Star.
NEW YORK. April 24.-The street
was very much impressed today by
the ease with which stocks that had
been most under pressure Monday
rebounded.
Leaders like Studebaker, Baldwin
Locomotive, American Locomotive,
Bethlehem Steel and United States
steel came back with little effort and
TN small quantity of trading. This
strengthened the impression that 1t
was bear raid other than actual
liquidation which was responsible
for the downward turn that began
Friday.
RailrOad Shares Firmer.
Railway shares We're tirmer under
the lead of Canadian Pacific and
Southern Pacific, but interest cen
tered mainly in the industrials. eS-
pecially those believed to be In the
nands of pools. lille Fle:schmann
stock is already committed for the
whole of the present year to dlvl-
dends at the rate of s.. 1t has often
preclude an extra dividend at any
time. This thought was kept In
mind when the stock reached ne"
nigh record above AZ.
Prospects of a raise in the dividend
on Dupont to at least IS Il share
were responsible for its sharp ad-
Vance department and Chain Store
stocks were once more favored. Re
ports regarding the business of this
class OF corporations continue hlghly
favorable.
The remarkable change which has
come over Colorado Fuel and Iron
earnings since the start of the year
was recognized by the rush Of buying
which came into that stock. Centrai
Leather stocks were moderately af-
fected by the report for the first
quarter.
TOday's Financial Review.
If the object of the selling move
ment which started on the stock eX-
change Friday, was partially inter
ruptpd Saturday, and was resumed
Monday. was to undermine confidence
in the general business situation, II
failed This was the essential point
brought out in today'S dealings.
The day was less interesting, TAX
ing the financial situation as a whole.
than those Immediately preceding.
There were fewer developments of
note.
Light was thrown upon the recent
decline from above S4.72 to below
s4.65 in sterling exchange by the
latest figures OF the British board of
trade. These showed that while the
pansion of the inward trade was pro-
Ceeding more rapidly still. Total ex-
ports for March We're up f2.700.000
from February, although down nearly
$4,000, 900 from March, 1922. But i'm
ports increased f6.165.000 over the
previous month and t2.l40,U00 over
March, 1922.
Woolworth Again Active.
Renewal of activity in F. w. Wool
('nynnnnv
prices has brought to light the re-
port that something favorable from
the stockholders point of view is ex-
pected at the next meeting of the
board of directors. The regular 50
was declared at the last meeting held
the first of this month. 1t has been
expected for some time that Wool
worth would some time inaugurate a
idendS or stock dividends the same
as kreSge.
Bethlehem Steel directors will meet
on Thursday to take action on the
tngs report for the first three months
Of this year. This report, it is said,
will be favorable. and there will be
no change in the dividend rate.
An extra cash dividend Of 81 a
share. in addition to the regular
would not be a surprising action at
the next meeting of the Timken Roller
Bearing directors in the near future.
The company il the largest IN the
roller bearing industry and mum berS
among it's customers practically all
makes of passenger automobiles and
trucks.
First Rail Report Out.
Railway shares did somewhat bet
ter in the afternoon, evidently getting
ready for the March traffic state
ments. The first appeared today, the
most important being Union Pacific.
If. this is at all a fair specimen OF
what the roads generally are to show
il certainly denotes an encouraging g
change from the disappointing result
nf February. The comparison with
February is, of course, the main point
Of interest, and with Union Pacific
the gross was s16.109 900 in March, as
against S13,59G,000 the month before,
while net operating income was 3d.
$4,000 against $1,915,000.
Partly these gains are to be set
down to the more favorable weather
conditions for railway operation and
partly to the increase in general
business activity last month over the
month before.
In the final hour the steels picked
up under the lead of Republic and
Gulf States.
Oil shares We're helped by word
from California that four of the large
companies operating IN the LalI4OI-
mia fields had agreed to keep in at
least $4,000 barrels a day of their