The Birmingham age-herald., 1924-03-24
MARKET COURSE
 PROBLEMATICAL
Business Expected To Proceed Cautiously So
 Long As Politicians Act
By WILL JOHNSON Qeased Wire to The Age -herald)

NEW YORK, March 23.-Wall street has just left behind it the most gloomy week of trading since the later days oi last October and us the new week openi there is no general authoritative Opin ion as to the immediate course of thu market. All views are individual be cause of the various conditions at tached, but on the long view there ii unanimity that the stock market anC business generally will proceed at 2 cautious rate so long as the politicians hold forth. Indeed, the immediate out look promises gradually increasing ir regularity in business, which, of course would be reflected in receding stock prices.
 At the end of the week the market in various directions appeared OversOld This was particularly the case in the motors. Pessimism toward this group had caused two weeks of steady ham mering which broke tine prices of prac- tically all motor issues, extended into the accessories group, and brought new lows for the year in Studebaker, Chand- Ter and others.
 Bears Will Fight
 The market has given no signs that it is ready to turn around and go up. The bears have the profits now, they are well led and aggressive, and ap. parently have no intention of permit. ting a run-up without stiff resistance It is believed in some quarters, how. ever, that important bear interests have covered on the way down.
 The writer's impression is that stocks will go lower between now and June and that in the meanwhile healthy raj lies from time to time are quite likely Any moderate advances are almost cer- tain to meet heavy selling by those who are hanging on in the hopes of retriev. ing some part of their losses. Numer. Ous brokerage houses are advising sales on all rallies, their customers to re place their holdings early in the sum mer or in the fall.
 The news that the steel industry was slowing up somewhat came as a bit oi shock i'll some quarters, where it was recalled that it was the expectation Oi leaders in the steel industry a month ago that business would continue very favorable throughout the first. half Oi the year.
 Production Still High While new business coming to steel producers IS Tn somewhat smaller vol ume than 30 to 45 days ago, neverthe less the mills have a sufficient back log to maintain production at a higl rate for a considerable period. If any curtailment occurs during the second quarter, it will likely be with thG smaller, nonintegrated steel makers It is important to point out, however that the output of steel in this country at present is probably he highest ii any peaee year in the history of thu industry.
 The following is the opinion of on of the most substantial brokerage house in the street on the present status o the stock market:
 Stocks on these drives are forced down to prices that reflect insiders appraisal of their value in the wors eventuality. They are totally ignorini developments abroad that if successful ly concluded would prove to be a won derful stimulus to home industry ant in many instances eliminate weak spots Selected rails and oils continue to b the most attractive purchases on al concessions that may result from drive elsewhere in the list"