Evening star., 1924-03-27
MARKET ISSUES
| UNDER PRESSURE
Decline in General Share List
Checked, However, Groups
of Stocks Advancing.
by STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, March 27.-The decline
in the general share list was checked
on the stock exchange today and op-
portunity was afforded TO prove that
groups of stocks representing in
dustries where the position is fa-
vorable could advance. Railway
shares did better, and so did the oils,
in both instances because the latest
data have been encouraging. The
February railway statements have
completely blotted out the poor inn
preston made by the January ffg-
ures. They have shown in most cases
n good sized gain both in gross and
net over February. 1923.
Professional operators continued to-
day their search for weak spots ana
enough of these were uncovered TO
keep the general list unsettled.
Leather Under Pressure.
Leather stocks were under pressure,
with Central Leather preferred below
10 again, this because of unsatisfactory
trade conditions and the poor pros
poets for earnings during the first
quarter of the year. American ASri-
cultural issues made new lows, the
bonds being relatively weaker than
the stocks. MallinSOn shares reached
record low figures because OF the un-
favorable conditions which have long
been known to exist in the silk trade.
american Bosch Magnetic sold at its
low of 20 again.
Oil shares did better than other
sections of the market. In fact, the
Steadiness OF Pacific oil, Associated
oil and Standard oil of California
representing the California oil group
has been a notable feature all
through the latest decline in the
general market. Further light upon
the California oil situation was
thrown by the weekly production fig
ureS, showing that in this district
another substantial reduCtiou-S.500
barrels a day-had occurred. This
fits in with intimations, which have
for long been current, that California
crude prices are going to be put up
as soon as the oil inquiry at Wash
lngton is over.
Blocks of Tobacco Transferred.
Some large blocks of American To-
hacco changed hands, but there was a
better market for the two classes OF
stocks. There appears to be nc war
rant for the recent speculative gossip
that the deal with the Tobacco Prod
ucts is not working out well. Those
who have been usually correct in
their information on American To-
bacco affairs say that the company
is making much more out of its CON
tract for operating the Tobacco Prod
ucts properties than the annual 81
100000 to which it is obligated
Railway shares were receiving
more help than they had on previous
days from the February traffic state
meEts. New York Central at one
time was up a point on the strength
of the $6,000,000 increase in net in
come over the month d year ago
st. Paul preferred got up over q
point following the recent remark
able advance in the bonds which fal
due year from now.
Attitude of Cotton Traders.
Raw cotton traders appeared to be
operating on an assumption that buy
erS of cotton goods will not re-entel
the markets freely at any price unit
the new crop outlook has been more
convincingly established
1t was another unimportant day il
the foreign exchanges, with sterling
holding around 4.30 and French
francs just under $50 cents.