The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-04-19
STOCK PRICES
GAIN DURING
WEEK
Despite Rearish Pressure,
Market Stages Moderate
Recovery,
BY W., s. COUSINS.
Copyright, 1924. by. Cosmopolitan
News Service.)

News Service.)
NEW YORK, April 19.--After'
early weakness resulting from Il
renewal Of bearish pressure on a.
dustrial, Oil and some frail road
shares, the stock market staged a
moderate recovery this week, and
prices. of active stocks were COM
paratively unchanged at the close
of the market On Thursday, the
last full session of the week.
It was inevitable that the bears
should extend operations to other
departments of the market, after
the success gained in smashing
prices OF industrials the last few
weeks. The pretext for the attack
on oils was contained in the weeks
ly Government summary Of petro-
leum production, and emphasizing
gain in production over cOnsump-
ton in February.
Bears Attack Oils.
Without considering that Feb.
ruary is a winter month. and con-
sumption small, the street con-
strued the report as bearish on oil
stocks, and professionals turned
guns on Independent oils that have
heretofore withstood attacks.
Though loss in individual issues
seldom exceed five or six points
the oils, as a group, were extreme
ly sensitive, and it is believed that
considerable liquidation of weak
holdings was induced by fall in
prices.
Seasonal decrease in car loadings
also played into the hands Of the
bears, and assisted them in the
drive against railroad shares. AS a
rule losses were slight, and rarely
exceeded the gains rolled up by
Missouri Pacific, Southern Railway,
New York Central and others since
the LIST of April. .
Railroad meE offered no COM
plant with respect to current oper.
atoms, freight offerings and net
earnings, all of which indicate Il
healthy expansion of transportation
facilities: E."
Wall Street was flooded With
bearish propaganda of various kinds,
mostly related to the immediate
future of American business and
industry, as indicated in falling COM
modify prices, curtailment in steel
and textile production, unsettled
condition of cotton and grain mar
kets, and the rdiscouraging remarks
Of business and financial leaders,
who are apparently growing more
peevish over failure of Congress to
produce constructive legislation, in:
Guiding a revised income tax law.
The first signs Of returning cheer
fulnesS in the stock market came
with the upward movement in cop
per and shipping stocks, and the
higher prices there preceded the
covering of shorts in the active in.
dustrial and steel stocks. The ad.
vent Of the Friday holiday may have
had some influence on the action of
professional bears, as it is customary
to even up commitments over
holiday. Publication of an extreme
ly favorable earnings statement by
Republic Iron and Steel and
anticipation of a reassuring report
by Judge Gary to the Iron and
Steel Institute next Monday, also
helped to crystalize bullish senti-
ment on steel stocks.
Foreign exchanges attracted con-
siderable attention this week by the
rise Of the French franc to 6.28, the
highest for the year to date, the
strength Of British pound sterling
and the sharp decline Of the
Japanese yen, following the adoption
Of the Senate resolution in favor of
the Japanese exclusion amendment
to the immigration law. .... l.,
Grain and cotton markets almost
paralleled the stock market in early
weakness and subsequent recovery.
Money markets remained easy, with
no decline in credit supplies and no
| advance in rates.
The stock markets and commodity
exchanges were closed in observance
| Of Good FRIDAY.