The Washington times., 1924-07-26
STOCK MARKET
HAS ACTIVE
WEEK
Speculative Activity Largest
of Any Period This
Summer
By w. s. COUSINS
Intornnt ionnI News nSDvi6o
NqnNnaiS1 l'fihnv

EinancioI Editor
NEW YORK. July az. There
Was action aplenty III iii the Inn
portant financial and speculative
markets this week. including the
grain, cotton. copper. stocks and
listed bond markets. ana speculative
activity in these combined markets
MS by far the largest Of any sinli-I
lar period this summer.
wheat Higher
RELIABLE estimates 0f this years
production Of wheat. corn ana cot.
ton, some Of them published BY gov
eminent agencies. ana aIl, showing q
severe decline Ia Estimated output,
led % the inevitable excited trading
on the principal grain and cotton
exchanges. with prices elkyrockSt-
ine. On Wednesday, July wheat at
Chicago rose Sh cents n buehel.
This represents an increase ii mar
ket value Of the whole crop OF
about $4,000. OOO Cotton rose,
shout IS q bale on the day Of the
publication Of the government re-
port. Figuring q "a. OO0, 90-bale
crop, this u an advance of 10000
900 more III market value Of an
important crop.
No less sensational Weys the
movements 81 prices of active rail.
road ana industrial stocks On the
stock exchange. where many stocks
have sold at prices not recorded in
i've 10 eight years. r'1r nine ccn-
eecutive fun sessions the salas Of
stock on the exchange have ex-
Ceeded 1900, 900 shares. Railroad
stocks. pushed to the background
FOR brief periods, always assumed
their position as leader OF the for
ward movement, ana both IN volume
q sales and buoyaucy IN prices
the perfor1nance6 Of the earlier
stocks have been unparalleled Ia
the postwar season.
Rails IN Demand
Demand for such stocks Is Erie;
Pefe Marquette, CheAapeako and
Ohio, New Haven and others has
arisen In large measure from the
epectacular and competitive market
action Of these stocks, iInpeiled by
reports that Van Sweringens ana
others were seeking 70 form q e.
Eantic transportation system with
these roads 90 4 basis: but no less
important. from the bull standpoint,
Naa the weekly report az car load.
mss. indicating 3 healthy condition
81 business - the country AZ. q
whole. and reports Of indivldual
companies. showing the persistent
decline Of operating expenses.
Passing Of the dividend on BethIe.
hem Steel, following 10 soon SINH
lar action by the directors Of the
Sinclair OIL Company, emphasized
the handicaps under which impor.
taft departments OF industry were
labOfinK IN the early part Of the
year, rather than being forecast
ct future conditions. Neither Of
these events was unexpected, as
the financial condition or the com
panies was quite well known To the
public prior to the action Of the al.
rectors.
OIIs Firm
There was good market this
week FOR stocks of the Standard
OIL and leading independent oil COM
panies, based on the improving
situation In the petroleum industry.
Copper shares responded snnartiy to
the reports Of almost daily ad.
vanceS IN market prices 81 copper
metal. Equipments had good news
In the placing Of important orders
for railroad cars and engines. Steel
stocks were generally firm, despite
the low operating rate Of important
companies, but trade authorities
gave optimistic forecasts Of the I'M
mediate future Of the industry, sub
stantiated by reports OF. actual new
orders flowing IN.
Evidences Of the ease Of the
money market was seen ii the
further rise in the reserve radio OF
the New York reserve bank from
$40 to e6.4 per cent ana ia the
advance in the ratio Of the whole
system from S2.6 70 SS.S More
convincing sim were the Washing.
ton dispatches that the Treasury
expects to do It's September refund.
ipg at per cent. Easy money Ii
not q pleasing commentary on the
country's business and Industry,
but Il II certainly stimulus for
present speculation, and promise.
Of ample funds for industrial ex.
pension when the time comes to
undertake. n