The Washington times., 1924-05-17
B { 4 R s ACTIVE
DURING asst
WEEK
Stocks Show Weakness as
Number of issues Hit
New Low Marks
By wv. S. COUSINS.

International News Service financial
Editor.
NEW YORK, May II. Continuing
into the early sessions OF this week,
the irregular development which
featured the close Of the preceding
week. the stock market exhibited
increasing weakness and uneaslness.
and number of the active specu.
lative issues sold down into new
price levels for the year. Senti.
nent improved in the financial dis
trict as the week advanced, and
under the double stimulus Of short
covering and new Investment buy.
ing. many stocks retraced the
ground they had lost in the early
sessions.
Steel and OIL Hit.
The unexpected decline In untitled
tonnage Of the United States Steel
Corporation for April. and the con-
tinued unreasonable weather for
gasoline consumption furnished the
bearish traders with fresh ammu.
milton for their attack on stock
prices, and the week opened with
the market almost completely under
the dominance Of bearish profes.
sionals. Public apathy with respect
TO stock speculation has been Ia.
creased rather than diminished by
rearon Of the discouraging economic
and political developments, and the
unsteadiness Of the stock list, even
at the low price levels which exist
today. Consequently the bearst en-
countered very little resistance in
their renewed efforts to put prices
lower.
Rail Gain.
Descends into new low price levels
for the year were made principally
by the rubber and tire, automobile
accessory, oil and speciality stocks,
while the rails, as in the previous
week, led the way to higher prices.
With few exceptions the large oil
companies which reported for 1928
made favorable exhibits Of net earn
ings last year, the most notable ex-
ception being Cosden which lost
nearly $3,500,000. That stock went
down to new low at 27A, against
40A, its high for the year, regis
tered in February, and a high Of
62h in 1928. Tire stocks reflected
the piling up Of inventories in the
prominent tire manufacturing con-
Germs, and the new cuts in tire
prices. Accessory and speciality
stocks. like Congoleum and Stewart
Warner, were under pressure all
the week.
Railroad shares were favorably
affected by the increase In Louis
vile and Nashville dividend from
s to 6 per cent and the declaration
Of per cent extra on Atlantic
Coast Line. Car loading also made
a favorable exhibit, and economies
ir operation continue to make good
Roadway. Atchison, Union Pacific,
New Orleans, Texas and Mexico,
Western Pacific and Chesapeake
and Ohio preferred advanced to
new high prices for the year this
week on a heavy turnover which
represented a good share Of in
vestment buying.
Specially Stocks.
Short covering of oil and spe-
cialty stocks which had previously
been under pressure was perhaps
major influence in the rally
near the close of the week. The
short interest and easy money have
in fact been the principal reliance
Of bulls, in the last few weeks,
as most of the major factors at
fecting the stock market have
been bearish.
The defeat Of the Mellon tax bill,
passing of the soldier bonus bill, and
probability of the overriding Of the
Presidential veto on that measure,
heavy decreases in untitled steel
tonnage, cuts in crude oil prices, cut
in tire prices, slowing up Of auto
mobile deliveries, lower copper
prices, reported passing Of dividends
by prominent corporations, predic-
tions of a general slowing up Of
business this summer and fall, po-
litical uncertainties and public In
difference to speculative stock trad.
ing-all these factors have played
directly into the hands Of the bears.
They will continue to do so until
the ''turn," when bearish factors
will be sidetracked and the full right
Of way given to the prosperity
special"
Financial interest was again
focused on the movements Of foreign
exchange, the most erratic Of which
was in the French francs. Com
modify prices exhibited a downward
trend, with grain markets irregular
and cotton firm.