Show STOCKS GAIN DESPITE FEAR Trade Pessimism Offset By Strength In Wall WallStreet WallStreet Street B By STU fiT P PI I Standard Examiner r Special COP right 1924 1 24 by The Consoli Consolidated dated Press Pres Association NEW YORK TORK April TIre 19 U 19 Tle significant cant part about tIre the stock market during the tho th last week eck was as that In tact fact of ot widespread pessimism ism lam In speculative circles It gained ground Going against the tho th surface current In this manner denoted one on of ot t two 0 things either that the th m market had hd become over OHr- oser- oser oversold sold or that it had completed the th adjustment called for tor by the tall fall talling tall inc ing off In outside business At tire tho th close of ot the th week nook eek pro pro- professional pro sentIment was rias still In- In Inclined In Inclined dined to toward ard the former but the th latter Itter Int Intel wu was gaining more adherents As was pointed out In this dispatch a week ago ro the thc elements o of serious trade decline are present The Tb position Is I dl dIStinctly distinctly ly Iy better than It was wa as last year this time because there has no rush ot of o mercantIle buying buying- suIting In an over accumulation high Wed pm-Wed goodsIn goodsIn goods In the th spring sprine of ot 1923 1323 consumers consumer ers era of ot steel were so 80 afraid of ot market that the loaded loaded od ed tip Up with their for tor six aLC and nine elite months ahead d As a result the th steel mills mill in summer and eny early eaily autumn were still working on old contracts almost almost most entirely and it a was not un- un Ul Ill the th end ot of the scar year car that orders camu camo in sufficiently to toO t O output TOO ILCH In the th present son season there ther has been no tor forward rd bu In to apen speak ot of and no DO rise In prices price demand demand- demandIng demanding Ing tire the th tharp downward revision which occurred last sear lear er The Th l trouble lists lias been that In certain Important lines linea production prodUction production tion was speeded up In the early part of ot this tins l ear car ar to to accord ii Berated Ith exaggerated calculations of ot what the future demand would beIt beIt be beIt It would appe appear r fion f on the tho tact fact that steel ol operations have hate drop drop- dropp dropped p pod ped d ort oft from an n arago of ot SQ 90 SOto to an averse a o of 86 S per cent and nd that tor for t two 0 weeks week ne new steel prices have stopped going do down don n that the process s ot cit correction Is l pretty well along alone U TULl D DIn In the automobile auton o tire the situation I Is more obscure Ap- Ap Apparent Ap Apparently parent e p nolon was WM carried eten en further In this case than In inthe Inthe the tho case of ot steel The ensuing curtailment has been sharper ac- ac according accordIng ac cording to oil all accounts than tan com cons commonly commonly rea ed 1 he Iron INn Age Acela In Its week mid rC review le referred to the cutting do down don n of automo automo- automobile automobile bile output which proves pros greater than at first I Here too then i Is well ell under v t av at although It il Is b bi hi no nc n means clear that It Is nearing completIon Outside Out these two t leading lines the weal weak al spots are arc to be found In Industries producers hoe have been unable to raise tle ial c their 0 own wn n prices to balance Increased costs of oC labor and raw r materIals The conspicuous us In point are the tire te tile tel tIIe trades coal and leather sOT NOT Summing up the tire situation it itIs itIs itis Is Irregular In the sense Rense th certain trades are depressed sed while stare still down don This hu ha In Involved 01 ed a moderate reces- reces recession reces slon sion In the general throughout the countr The Che re- re reaction reaction re reaction action I Is not at all rlou nor Is IsIt IsIt IsIt It likely to b be unless the pre presidential l- l campaign unexpectedly do- do de features alarming from frou a business Ie lew point In lit the mean mean- meantime tim time stocks stock at their thell 10 lows ions early cally tim in tho week eel had not only lost all their 1924 1324 gain lain but a good rood part also aho o of the Omber o November ember December recover recovers this lIsts Ill Is was as gen gen- generous erous erous discounting ot of an any trade t IC- IC Ic e- e action which Iraq has occurred or Is 1 likely to occur PARADOX R J I IN M rl The Th marke mo movement ement Ira has pro prot- proved ed conclusively ely that It is the trade situation In tim which Walt Wall Wallstreet Wallstreet street Is Ls Interested Other matters ha hate hav e frequently been re- re referred re referred to in the tire comment ot of the ho week but sho ls show that they ha have hate e had bad little to do with lIh the fluctuation luct on the th stock e e- e chance ei-chance change The Th a was weak weak- weakest est eat last Mon Monday after Clr both Get Get- Germany Ger Germany many litany and all the allied 1 representatives had accepted the th Do e report and it was perfectly well ell realized that the th respect e gO go- go eov would tollo follow suit There There- Therefore tore There tore fore It Is not logical to tolvo gl gle gIte e pan develoPments tIre the credit for tor forthe the subsequent recovery on the th stock lock exchange In let tIre the same satire wa 0 wai the tire sensa sensa- ens sensational sensational senate vole tote ot on the th Japan Japan es exclusion bill was wa a reflected ese ceo new low records for toi Japanese In extent tnt In Inthe exchange nd rid to 10 some e time the decline in Japanese bonds But the th stock lock markt went UP face taco of this ne news new s As for tor forthe the th In Wa Ins In the street has become becom so In- In Inured urd in-urd Van Vait to what happens happe there thor that scarcely suggested 1 as an are aro ar they influence oven ven In lbs 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