The Birmingham age-herald., 1924-04-13

Afcomplete reversal of sentiment from that of a week ago was seen today as an series of daily setbacks in security values and the establishment of virtually the entire active list of stocks Of new low perts as the result Of concentrated at tack by a powerful group of professional operators. 7.s.
 Despite the uncomfortable feeling which seemed to have superseded a a}more cheer ful outlook of week ago. the street did not lose it's optimistic character. Among the most optimistic there was expressed belief that stocks now might be going into such strong hands as to make possi- bls stiff run against the short interest already Showing signs of becoming un- wieldy. e.tr
 Bankers today were, inclined to the opinion that the market operators had which. they observed, were difficult to construes as. anything but constructive; These included cheap, money. improved Dawes report. it :. It was stated by a commission house partner there had been short interest among some of the international group of rather long standipg,s but that it's mean ing could not be. dstermined.> Sales, of than. year ago had not yet been GOV cred, he said, which added to the mystery surrounding the transactions. -,,....t
 Bankers today expressed unusual op- timism regarding the outlook confronting the oil industry and talk of possible shortage in crude found high place in dis eussions, To thosei of an analytical turn in, mind there appeared on the horizon
 what seemed to. be to them to curve indicating the current year at least as one
 requirements. t -4.
 Wall street heard today that the Con- solfdated. Textile corporation~Thich rs1 gently has been operating its plant at 50 per cent of capacity, was expected to an nounce a complete shutdown. within the
 next few days. Both northern ana soutn ernl mills will be affected according to the report al Weakness of Julius Kayser stock, which established a new 1924 low, was directly
 traceable to drastic curtallment n opY srations in it's principal plant in BrooA- lyn. ,e
 Recent strength of the spot cotton mar ket is Attributed bytlocal brokers to heavy, buying for German and Japanese account tors of the General Motors company plan to sreRdjust the capital structure py lsI suing new. common. slock on as@o anneai usi dividend basis and exchanging one share of the new for eachs.four snares~ of old vIhe present issue of 2osOOV,OO0 shares Was said to have been found lnwietdy. a nne mon shares outstanding to about etOoO,s oo0E or about the quantity of the United states Steel corporation. fhe present dlv- idend Erate is $1,20 annually. s
 The American Smelling, and Refining company today reduced the prlce or lead from $50 to S.25 cents per pound.
 Having discussed the decline in unhlled steel tonnage for March the stock market now awaits publication of the first quar- teris earnings by the United States 'Steel L corporation due late this month The I fguresi alone, representing past business ] gre not expected to be an important mar Ret factor but combined with the usual statement by Chairman E. H. Gary on statements in the industry are expected to give an index to the situations The earnings of the Bethlehem and Republic Steel comps panies also Will be received with intefst by Wall street.