Evening star., 1924-04-16
STOCK RECOVERIES
NOTED ON EXCHANGE
advances Held Due More to In
side Than Outside In
{ fuences.
BULK OF BUYING BY SHORTS
Repurchasing Also Marked Feature
of Market.
BY STUART p. WEST.

srecial Dispatch TO The star.
NEW YORK, April 16.-Recovery
continued in the stock market today,
but more for inside than outside rea-
sons. The general surroundings were
the same, but there had been too
much short selling in proportion to
real liquidation. Consequently the
market had been oversold.
The bulk OF the buying appeared to
be short covering, but evidence was
also afforded that there had been a
good deal of repurchasing of stocks
sold two and three months ago. The
idea of these buyers was that the
very extensive decline since February
i had gone far to discount the unfa-
vorablc features in the business sit
uation.
Copper Stocks in Lead.
Copper stocks were the leaders. The
street regarded the demonstration as
hclated response to tae favorable
trade figures for March and to the
acceptance of the Dawes proposals.
which hold out the best prospect for
European reconstruction tnat has yet
appeared.
kennecott at IS was within less
than a point of it's high of the year.
The South American coppers-Chile
and Cerro de PaSco-were actively
bought at rising prices. Stocks rep
rcsenting the higher cost North
American properties did not do as
well. kennecott is able to maintain
its current So dividends with copper
selling around the l3-ccnt level or
better as it is now.
Big short Interest in Sugar.
The big short interest in the sugar
stocks was treated to an unpleasant
surprise when the American Sugar
Refining Company announced over
night a 25-point advance in refined
sugar, and when as high as 45s cents
a pound was paid for Cuban raws as
against Tuesdays quotation of 4is.
The bear party had been readily
crediting predictions of a big carry
over and lower prices, and they were
quite taken aback by what happened
today. Before the rush of coverin &
purchases was over Cuba Cane pre-
ferred jumped nearly ) points and
Punta Allegro over ;. American Sugar
was sympathetically strong, although
reports regarding the position OF, the
refinerS in the present situation are
not favorable.
Pressure Lifted From Oils.
The pressure was lifted from the
oil shares and from the steelS and in
both these groups there was active
buying in short contracts. Marine
preferred continued strong around
the high prices Of the recent recovery,
at the start, but later rallied. Rea-
son for the 2O-point decline during
the last few days was made clear by
the earnings statement for the quar-
ter ended March 81, which showed
net profits of S1.65 a share, or at the
rate of $3.50 per annum. There was
no warrant in this showing for the
expectation of an increase in the
present S5 dividend, and a So stock
in the sos, where it was recently SELL
ing, was something of an anomaly in
this market.
Drop in Rcpurchases.
Repurchases for short account
slackened in the afternoon and in
terest centered in specially moves.
a spectacular jump in Fisher Body
was due to the belief that the deal
with General Motors. under which
the latter would take over the re-
manning stock outs landing, would
eventually go through, although it
has not done so yet