Evening star., 1924-04-24
MARKET ADVANCE
SUFFERS REVERSE
Early Substantial Recovery IN
Stock Prices, Which Is Followed
by Reaction.
REAL OFFERINGS
Latest Trading Shows Partial
Change in Sentiment.
HY STUART y. WEST.

Special Dispatch to The Star.
NEW YORK. April 24.--On the stock
exchange today a further and quite
significant recovery occurred in the
early hours of business. followed by
q partial reaction in the late trading.
The impulse for the forenoon advance
came mainly from the buying in of
short contracts. and when this ceased
the upward movement slackened.
Nevertheless the rebound from
Mondays low prices to the highs of
this morning was sufficiently exten-
siye to indicate that there were rea-
change in sentiment.
The recovery which began Tues
Gay afternoon and continued We'd
resday. was carried further to-
day Bear operations had been press
I'd too far and had resulted n an
overextension of the short interest
T.rices had fallen enough A. the same
time to attract substantial buying,
and perceiving this. operators on the
short side suspended their efforts and
busted themselves taking IN Their
contracts The notable feature to-
day was that it took so little buying
10 put prices up another point and
a half to two points. This indicate,
the comparative scarcity of real cffer-
ings of stocks around the recently
prevailing levels.
Decrease in Crude Oil Surprises.
The decrease reported in crude oil
=
piIation, out today, was an unpleaS-
ant surprise to bears ON the oil shares.
These were all strong under the head
Of General Asphalt and the Pan
Americans. Phillips Petroleum cross
ed SS, taking more account of the re-
port for the first quarter, published
Wednesday. with its very substantial
Increase over the earnings in the
same period last year Pacific Oil
and Standard OIL of California came
back readily and 50 did Skelly.
American can drew across par again
or the authoritative statement made
the previous day that earnings We're
running level with 1923, when more
than $I9 a share was shown for the
common stock. There were sharp
run-ups IN hish-priced industrials like
General Electric and du Pont.
Tobacco stocks had their share in
the advance, particularly Tobacco
Products y and the new Lorillard.
Allied Chemical crossed 20 following
the analysis OF It's nndnclal position,
showing unusual strength and point
ing toward the likelihood of higher
dividends
Special Advances Noted.
Operations for the rise We're ac-
lively resumed in Cast Iron Pipe on
extraordinary estimates regarding
current profits. The abrupt rise in
Yellow Cab was set down to covering
by shorts. who had failed to take
their profits while things were going
their way.
The rise in United States Steel COM
mon, Bethlehem Steel, Gulf States
and other members of the group re-
flected the view that such recession
as had occurred or was likely to oc-
eur in the steel trade had been meas
ured by the 15 to 20 point decline in
this class of stocks from their highs
of the year. Motor stocks and motor
parts shares went along with the
general movement. and SO did the
electric and railway equipment is
sues.
Railroad st<ks were not as promi-
nent as the industTials, but more at
rention was paid TO them, especially
to the medium and lower priced
stocks.