Evening star., 1924-04-15
SELLING IN GROUPS
FEATURE OF MARKET
Today's Trading Marked by Vary
ing Prices. Due to Differ
ences in Conditions.
OILS SUFFER BAD TUMBLE
Steel Common. General Electric
and American Can Firm.
by STUART II. WEST

Special Dispatch to The Star.
NEW YORK, April 15.--In today's
stock market further violent selling
occurred in certain parts of the list,
coincident with consistent steadiness
and even strength in other parts. The
main explanation for the differing
group movements lay either in vary
ing market conditions or varying
trade conditions.
The oils had bad tumble at the
same time that the coppers were ad-
vancing. The market reason for TINS
lay in the fact that the oils had at
tracted the largest speculative fol-
lowing and had gone up on the aV-
erage the most during the bull move
ment of the early winter, whereas the
coppers had had very little rise and
very little fresh speculation had oc-
Cured in them. The trade reason was
that the statistical position in the oils
is uncertain, to say the least, while
in copper it is distinctly favorable.
Selling of the oils represented real
liquidation on stop orders resulting
from a weakening, il not actual With
drawal of the pool support which had
been sustaining them during the early
stages of the general market decline.
Instead of the further advance in oil
prices which was being talked of a
generally made that prices would be
cut The selling was very heavy in
such leaders as CoSden. standard On
OF California. Phillips Petroleum and
Pacific Oil, which, at their lows, were
off a point to over points.
Passing of the dividend on Kelly
Springfield per cent preferred
should not have caused surprise, IN
view of the recent break in the stock
10 "A. But it did stir up again dis
oh hA hiX-iIAnH
United States Rubber, first preferred.
and started selling in the latter
which broke the stock down nearly
ten points. other tire shares were
Sympathetically weak.
The spectacle of stocks like Ana
conda, 'kennecott. Utah and Cerro de
PaSco quietly going up against the
stream. was a novel one, IN view OF
the sluggishness of this group during
the upward movement from NoVem-
ber to February.
The better prospects for European
reconstruction and the decrease IN the
surplus of the metal were the two
main arguments, although the copper
market itself was not responsive.
United States Steel common, Cen
eral Electric and American Can were
three leaders which stood out stoutly
even when selling was most urgent in
prompt to rally when the general
market permitted. Strength in Inter-
national Mercantile Marine was again
a feature and Brooklyn Manhattan
Transit preferred distinguished itself
by making a new high record. Its
advance was accompanied again by
rtlinors of favorable dividend action.
The street looks for distribution on
this issue at the rate of either 50 or
Sc annually.
Drive on Issues Unabated.
Bear drives continued in the after
noon against special issues. Chicago
operators were reported as selling
down the taxicab shares and the mo-
tor. accessories. AS was pointed out
before. taxicab stocks were altogether
out OF line. where they were selling
two weeks ago, taking into account
their dividends and earnings in com
pariSon with other stocks. The Is
point tumble in Yellow Taxicab since
that time has been in the nature of a
readjuStment.