Evening star., 1924-05-17
BY STUART p. WEST.
Special Dispatch to The Star.
Copyright, 1924, by the Consolidated Pl

Special Dispatch to The Star.
Copyright, 1924, by the Consolidated Press
Associatiop.)
NEW YORK. May 1.-THE past
week in Wall street began under the
depressing influence of the oil price
cuts of May 10 and of the surpris-
ingly heavy shrinkage in untitled
orders of the United States Steel
Corporation, announced the same
day. 1t wound up with recovery
which was sufficient to bring about
a distinctly better feeling.
The best judgment at the present
moment is that outside conditions are
too uncertain to warrant much of a
forward movement, but that the
market in its Is to 20 point decline e
from the January highs did ample
discounting of the business reaction
which set in toward the end of
March Moreover, the impression is
growing that this reaction is draw
ing to a close.
Present Situation Outlined.
1t is true that in certain indus
tries conditions are quite as depress-
ed as at any time. 1t is also true
that the general buying power has
oeen curtailed by increase of unem-
ployment, by wage reductions in some
cases and by what amounts to the
same thing, decrease of working
hours. But, however, this may show
IN certain sections, IL has not shown
IN the business volume of the country
as whole. Nothing reflects dis
trlDutiVe trade better than the traffic
passing over the railroads, and the
latest fgures on car loadings were
sarser CONSIDERABLY than the weekly
ah age Ior April and larger than in
tne corresponding week year ago.
"nen trade was still unusually active
Bank clearing are another accented
measure but not as reliable a. one be-
cause . more influenced by speculative
conditions. A week ago thew ware
14.6 per cent ahead Of last wear while
TINS week they have fallen "a per
cent behind. The point is. however.
that they certainly reveal no falling
OH IN the general volume. Their de.
Ilease can wholly be accounted for by
tne average drop OF As per cent in the
Wnolesale price index.
Market Still Marking Time.
OF the stock market il NAV still he
said. as it was a week ago. that il is
waiting market, and likely to re-
main SO until after the nominating
conventions. The strength shown in
most or the railway shares bellies the
iuea or any serious uneasiness about
the adoption of radical anti-railroad
plank and the selection of a candidate o
by the Democratic party who would
FAVOR eliminating the so-called guar
antee clause from the present trans
portation act. But the Democratic
nomination IS so absolutely impossi-
Die to forecast that the feeling is that
II is Just as well to delay fresh Wall
street enterprises, as far as possible.
until the uncertainty Is dispelled
Unless the sch-Cummins act were
modihed SO that the roads would no
longer be able TO claim an adeoute
return on the property investment,
calling upon the Interstate Commerce
Commission TO reduce freight rates
on farm products is futile. The
Senate and the House must have
known this quite well when they
passed resolutions to this effect dur
ing the week. But they had their
agricultural constituents TO think of,
Sees Little Relief in Tax BuI.
AS for other pending DEVELOPMENTS
at Washington, their real influence
VIII probably prove slight. Sustain
Ing the presidential veto on the SOL
dior bonus bill would be helpful from
a market standpoint. but this is NOT
expected, and therefore its repa.sa p-e
VIII not be disappointment wall
street sees so little relief in the tax