Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-07-01
ST0CKSGO HIGHER
IN BROAD TRADING
Convention Deadlock Fails to
Check Rise-SteeIs Lead
erS ait Close.
BY STUART p. WEST.
Special Dispa tch to The Star

Special Dispatc to The Star.
NEW YORK, July 1.-The stocl
market continued to move forward
today, the advance not being general
yet embracing at one stage or an.
other a good part of the list Pools
which had picked up stocks wher
Wall Street was bearish a month OF
two months ago were marking VI
prices, and this was the main thine
TO be said about the business of the
day.
Among the motors the new Stude
baker was feature with a rise Of
over point in large transactions
Fierce Arrow stocks were strong
and so was WHY'S Overland pre-
ferred: General Motors was taken IL
large blocks above 10, and there wa.
the usual sympathetic jump il
Dupont The short interest in tn,
motor group had been a PARTICULAR,
large one, taking it's stand on the
reports that second quarter bushes.
mad fallen off 25 per cent and tina,
the outlook for the second half-yeal
was dubious. There was a sharp up.
turn in Stromberg Carburetor, about
winch there has been no discussion
lately of the present dividend no,
being maintained.
Sugar Stocks Stronger.
the recent Improvement in the sugar
market, although sugar futures today
were somewhat lower. Cuba Cane
preferred was the leader, crossing 81
again. The coppers held their late
advance, with Cerro de Pasco show
ing the most vitality. Public utility
stocks kept strong. Brooklyn Union
las went up over a point, 1nterna-
tlonal Telephone and Telegraph made
new high record and so did Inter
hnrnnph To-
Buying in the oils was set down
mainly to covering of shorts put out
on the strength of the unfavorable
data regarding production and con.
sumption and the government anti
trust suit. Stocks like Cosden, Mar.
land. Phillips. the Pan Americans anG
Houston moved forward in unison.
Baldwin Above lis.
Railway equipment shares were
very strong. Baldwin Locomotive go
above lis for the first time in months
American Car and Foundry was in de
mand in belated response to tn,
statement by the president at the an
nual meeting last week that business
on hand was entirely satisfactory
Pressed Steel Car rose above so again
and Railway Steel Springs spurted t
much the highest of the year.
Whatever notion there might hav,
been that Wall street was influenced
by the uncertainty of the ballotint
at Madison Square Garden and wa
holding back to learn the actual re
went ahead regardless of the conven
ton deadlock.
Todays recovery in cotton prices
followed a drop of nearly 3 cent
within the last month and undoubted
ly represented the desire to be fire.
from short commitments, lest thu
government figures were to spring
one of their familiar surprises.
steeIs Lead Late Trading.
French francs fell away rathe
sharply. They were down three-eighth
Of cent from last months high ant
were standing at the lowest since tn,
beginning of the second week in June
No particular cause was assignabl
for this selling. 1t was in keeping
however, with what is the weak es
feature in French finances at tn,
present time, namely, the inability t.
make any material progress in tn,
line of paper currency defation
The stock market continued stron,
through the afternoon under the lead O.
the steel shares. In this case one con
slderation was that the steels had no
had the same rebound from the Low
prices as most other groups. The second
consideration was that the decline Of Il
to 20 points from the January highs t.
the lows of April and May must have
pretty well discounted even such an un.
of 80 to an average of As per cent il
steel production.
ProraHng Crude Oil.
The announcement that the Prairie
Oil and Gas had followed the lead of the
Sinclair Company in prorating runs OF
crude oil created further discussion re.
garding the earnings of the domestic oil
producers. The effect Of prorating, OF
taking only the supplies that can be
readily sold, is the same as cutting
prices.
No estimates are available as yet
of the quantity of crude oil and re-
fined products which was added to
the unsold balance during June. In
May approximately 100000 barrels
of crude oil were added to the al
ready record total, and it is believed
that almost as much of an increase
occurred in June.
StudebakePs advance was a spec
ulative movement against the shorts
and was intended to inspire greater
confidence in the motor group gen.
orally. Studebaker itself developed
more strength than had been shown
In several weeks.
Recent buying of LoriIlard has
been based principally on the theory
that with earnings and dividends
equal to Ligget & Myers the
spread between the selling prices of
the two stocks is too large. Both
pay SO annually. while earnings
equal approximately IS. a share