Evening star., 1924-07-22
new HIGH RECORDS
IN METAL GROUP
Steel Common and Oil Shares
Also Pushed Forward in
Final Trading.
by STUART p. WEST.

BY STUART T.. "ESI.
Special Dispatch to The Star.
NEW YORK, July 22.-There were
intervals of rather uncertain price
movements on the stock market to-
day, although the trend was still up
ward. In speculative quarters the
utmost confidence was still manifest
and the selling which occurred was
regarded as only a temporary but
natural condition following the rapid
upturn in succession of million
share days. Railroad and metal
shares attracted particular attention
and the oils had a fresh advance as
the Street took the view that at
their recent lows they had discount
ed rather completely the bad news
in the oil trade.
Metal Group strong.
New high prices were reached
throughout the metal group, the
features being American smelling
and Refining, kennecott, Cerro de
Pasco and Chile. Some people had
been looking for a higher dividend
on Chile Copper. but when the regu-
lar 62l2 cents quarterly distribution
was voted around midday, Chile STOCK
reflected no disappointment at the
action. Inspiration also made new
TOP. and there was continued buying
of American Metal. Federal Mining
and Smelling preferred, ana, pfacti-
cally every other metal stock. The
shares of companies having silver as
we'll as copper production were again
active, because of the recent upturn
in silver prices.
The likelihood of a favorable ad-
justment of the reparations situation
was still the outstanding influence in
the market for the copper and re-
lated sharesf1 Also much was made
of the reduced supplies of copper
metal and the more satisfactory op-
Grating conditions which have de-
veloped at the producing centers.
Rail Shares Less Active.
Bullish enthusiasm in the railway
shares Quieted down somewhat. for
technical market reasons. Interests
which had effectively sponsored the
railway stocks in the past few weeks
were resting a bit pending the alb
sorption of realizing and the exten-
other quarters of the list. Great
Northern preferred was a feature at
its highest for the year following the
publication OF the six months income
account, which made rather favora :
bic showing. There was balance of
s1.o4 a share. against 81 cents a
share in the first half Of 1928. Union
Pacific and New York Central were
bid up to fresh tops and Canadian
Pacific was in demand. st. Paul pre-
ferred above % was feature.
1t was the foreign exchanges and
bonds which furnished the features of
the financial situation today rather
than stocks or commodities. although
there were points CT interest in all
the markets.
Discussion was renewed today of
the possibility of further cut in the
rediscount rate Of the New York Fed
eral Reserve Bank.
Sterling in Sharp Rise.
The notable thing in the foreign
exchanges was the advance in ster-
ling to new high record for the
year, with sympathetic gains for
other European currencies. The rise
in sterling was generally ascribed to
optimism over the outlook of the Lon
don conferences.
The days rise in sterling verged
upon the spectacular, the gain at one
time being more than 2 cents and
fully a cent above the previous high
for the year reached in April.
American Metals advance has been
In keeping with the movement in
the metal shares generally. but at
the same time it has had favorable
earnings to justify it, In the first
six months American Metal earned
Its full years dividend.
Mnck Trucks Earninss.
Preliminary estimates of Mack
Trucks net income for the first half
year indicate only a small falling
off from the record earnings of the
same period year ago. There was
a balance on the common stock after
all charges and preferred dividend
requirement of approximately $l0.50
a share. In the first six months of
1928 the net equaled $12.23 share
on the common.
During the afternoon the campaign
for higher prices was carried on with
renewed vigor. Steel common rose
to it's highest for the current move
ment and there was persistent de-
mand for the copper and other metal
shares. The oils were also bid up.
MARKET CLOSES STRONG.