Evening star., 1924-06-08
PRICE DROP HELD DUE|
! TO DISTURBED TRADE
Period Of Buoyancy in Trading
Early in Week Followed by
-" Decline.
RALLY YESTERDAY HALTED
Securities and Commodity Markets
Confront Varying Conditions.
BY the Associated Press.

BY the Assocfated Press
NEW YORK, June 7-Securities'
prices scored substantial recovery
early this week in response to elimi-
nation of Legislative uncertainties,
but stocks later lost their gains, as
many shares were engulfed by a
trade developments. Cross currents
in. stock trading. however. provided
contrasting features, railroad and
public utility shares maintaining a
strong tone throughout the week,
while various steel. oil and sugar
issues dipped to the years lowest
levels. Bond prices were lifted in a
progressive upward movement. active
united states government issues at
tanning new 1924 peak prices and in
some instances establishing new high
records. Erratic fluctuations mark d
the course of trading in cotton fu-
lures. Prices scared IS bale early
IN the week In response to the gov
eminent crop report, showing lower
condition figures than had been ex-
pected, but the advance was lost on
subsequent wave of liquidation
Raw and refined sugar prices dropped
to the lowest level in two years.
Money Rates q FNactOr.
SofteninG of money rates contri-
buoed to the strength of investment
securities Call money established
no lowest renewal rates since June
14 IN opening at 2% per cent and
tae prevailing rate on several sue
esesave days was 2A per cent Time
AuanB were contracted at rates as low
~ 81 per cent for the shorter ac-
o0rmnodations.
Conditions in the. stock market
were sharply divided. the sustained
strength of railroad and public util-
lty shares contrasting with the hest
fancy of industrials. Bond prices
maintained strong tone throughout
the week. Stock trading. which
reached the years lowest ebb as the
week opened. quickly was stimulated
by the Presidents action in signing
the tax measure. defeat of the Nc
Mary Haugen farm bill and the Sem
ate's vote to adjourn Congress this
week.
All classes OF stocks shared in the
Immediate improvement which fol-
uncertainties, but the railroad shares
emerged as the chief beneficiaries.
With the danger of adverse legisla-
tion removed in the waning session of
Congress. as evidenced by the with
drawal of pending measures. the way
movement Of rail stocks. embracing
particularly those of the southern
and southwestern carriers.
The forward movement of these issues
was accentuated later in the week by
an Improvement in carloadingS, which
for the week ended May "a showed the
largest aggregate Of any week since
early in March Numerous shares, in
cluding those of important coal car
riers, established new 1924 top prices.
OF Shares Under Fire.
Trade reports. meanwhile, less salts
factory Continent crude oil prices,
were reduced for the second time within
q month, and scattered cuts in gasoline
oil production and gasoline stocks also
were disturbing factors in the oil in
dustry.
Weekly trade reviews, revealing op-
erations at 80 per cent of capacity and
an almost unprecedented drop in pig
iron productions in May, offered little
promise. of an early, turn in the situa-
ton
Oil shares weakened first under the
atrain of uncertain trade conditions, and
many issues dipped to the years lowest
levels. The success of professionals in
depressing the oil shares encouraged
them to extend their operations to other
sections Of the list. and before the end
of the week score of representative
industrals was in new low ground for
the year. Both United States Steel and
Bethlehem established new 1924 bottom
prices.
Sugar Mt Low Level.
The decline in raw and refined sugar
to the lowest levels in two years con-
tributed to the weakness OF these
shares. Rubber company stocks re-
fIected the curtailment of production in
some lines, and textile shares reacted
on the fall in raw silk prices and un-
settled cotton market conditions.
Public utility issues forged steadily
ahead under the leadership of American
Water Works and associated companies