The Washington times., 1924-04-26
BEARS ACTIVE
DURINGPAST
WEEK
Heavy Attacks On o. and
Motor Stocks. But RscossFiss
Are Made Later IN Wssk.
BY w. 8. COUSINs
Copyright. 1874 ~ co@1SoE1.a
News. 8srvIca1

(Copyright 1894. ~ Coam1BCl-aa
NewA ssrvtesl
NEW YORK. April 49,
of bearish pressure On ths mnck
market in the first two 5000 q
this week accomplished mere ar
the bears than in previous artaEkn.
and a score or more Of active aoczs
sold down into new law Prize tsr-
rttory. The attack was parttcuArly
severe on oil and speciality stockH
the former suffering frOn ouuf8
ion caused by disagreemanf q
leading statistical authorfties oa
production and cOnsumptiOn fiEuuHH
That production Of crude "a -
much less than in the peak psriod
or 1928, is quite firmly estahlishsd.
but the unknown quantity frun
the speculative standpoint n t.
probable results Of present ana -
ture drilling in proven Ol territury-
Downward Trend
The downward movement wzs ~
augurated with the pubIicarioa q
Judge Z. H. Gary's addrul O.
stockholders Of United States slsaI
on Monday. Not that Mr- GE-y
made any discOuraging discloszuaa.
that might be construed a. inaicar-
ing a downward course % gsnarzl
business the next few months B.
bear1sh operators thought thy ID
not perceive the usual enthus mErtc
buoyance in Judge Gary's slateusz-
and this, together with his reuzrzs
about continuation Of the -
cent dividend on common. fzrnlsh-
ed a new incentive for q drive on
prices.
Further recessions In pr1css =
oil stocks was also eXplafne1 on
technical grounds. The oEs hnNs
remained fairly steady, While Orhar
departments OF the speculative -
were receding under short ssLInE-
Meanwhile public enthusiaEn ~
speculative markets had Wansd. an
lit was inevitable thar Ol stocks
should ultimately come In ~
rough treatment" al The han.ts
of the bears. Standard OILS and ~
dependents were alike subjscrsd .
heavy short selling. and neW ~
prices for the year were eslabllsh-
ed by almost all active ia81ss n
this group.
Heavy selling OF automobEls sroeEs
with Studebaker the special rArrel
accompanied additional reporrn -
declines in operations q lsa&nE
motor manufactures, thouEh ~
ly denied by General Motors. Ihaca
reported first quarter bustnsEs o.
per cent higher than sane psriu.i
last year.
RecOveries Later.
The recovery which features Er-r
sessions this week were prUhahls
due almost entirely 20 short cuEcr-
ings, following disclosure BY a a.
nancial bureau that the short h.
terest was larger than az any prsE-
ious time since the arnisrtce. nrd
shorts were supposedly IN crUWde1
position. II is expert Opinton n
Wall Street that ~amafeur baarE
were the first driven 90 cove. Whlls
big professionals have ben IN ~
hurry TO take in their lines
Industrial experts were NJ nnrs
optimistic in predictions for IN
business future than they hlNs
been heretofore: but actual repo-l-
and earnings statements from ~
Iresentative corporations Were e.
couraging. Bethlehem Steei 49,
a splendid improvement over o.
same quarter last year Gen.
Motors improved ms financial 49,
ton. AtchisOn showed the esEecf -
more economical Operafion-
Car loadings increased the 49,
under review. and the steel t1dusrrv
made a satisfactory showing in -
reports of new CUISINES ShipIzr-
stocks featured the upward No.
ment Thursday. reflecting not oslF
Improvement in earnings g mer-
camille marine. but also iunprosel
outlook for transatlantic tr41n
The wheat market was fnlrlr
steady. cotton errafic. with . ~
dominating downward tendanr
Foreign exchange advanced sr1r1
eddy the first of the week. ard ~
subsequent decline. especanv b
francs, was attributed In part g
French bankers. who do uur 49,
the francs 20 advance too rapidls
Call and time money were IN So
supply, and rates on the formsr
again declined 20 below "a -