The Washington times., 1924-08-16
STOCKS s H D v
UPWARD
TREND
Brisk Rallies by Industrial
Leaders Feature Closing
Session

NEW YORK, Aug 16-Industrial
stocks resumed their upward move
ment in spectacular fashion today
, and brisk rallies at the opening
reflected the enthusiastic reception
OF the reports from London that
the Germans had acquiesced in the
terms Of evacuation Of the Ruhr
and that final agreement on the
reparations question was in sight.
In addition, week end business
reports were uniformly favorable.
A sharp advance in American Can
to 1S1 was attributed partly to the
hasty covering Of shorts, and the
same IL true Of Mack Trucks,
United States Steel, Baldwin and a
number Of other high priced stocks
In which the upward movement has
been pronounced in recent weeks.
Gains Of two to three points were
also recorded"in the medium priced
industrial, steel and copper stocks
like Allis Chalmers, Westinghouse,
Coca Cola, Gulf States Steel, Colo.
RADIO Fuel and Iron, and other
representative shares.
The coppers made a strong re-
Spouse to the favorable foreign
developments on the expectation
that the copper trade will derive a
large benefit from the revival Of
continental industry. Anaconda
sold up nearly a point at 80. Ken.
necott at 4919; United States Smelt-
ing made a new high at 80, and
Inspiration was into higher 1924
price territory at 28b.
Saint Louis and San Francisco
preferred and Southern Railway con-
ttnued to dominate the railroad list,
the former at SLY, being at the
highest pirce in ten years, while
Southern Railway above 671A was
at the highest price in the history
of that road. New forward move
ments in Norfolk and Southern,
Western Maryland preferred, Great
Northern preferred, Erie, Louisville
and Nashville, Northern Pacific and
Wabash preferred, showed that the
trend Of the railroad market was
still upward, though the activity Of
the railroad shares was not as pro-
nounced as the industrials.
Shipping stocks enjoyed a strong
market today, as prospects for the
resumption Of overseas trade ap.
peared brighter. International Mer-
camille Marine crossed 40 for the
first time since the decline in the
market started in March and Ameri-
can International sold up nearly
q point. Independent Steels made
better showing than in the last
few days; Gulf States advanced to
70 representing a rise of nearly
a points from the low of the week.
Mack Trucks added two points to
the best previus price of the wear
and sold up to los and Studebaker
at 38R was within fraction of
its high for the year. Oil stocks
remained in the dumps, with only
occasionally sales, and generally at
slight declines in prices.
Week end commodity markets
were strong and fairly active, and
pond trading was on a large scale
Tor the short day session.
Inc stock market broadened out
in the last period, and trading ex-
tended to the rubber, shipping, to.
bAcco and motor stocks, Kelly
Springfield Tire ana U. S. Rubber
featured the tire stocks, the latter
gaining " points at 43M. Mer-
camille Marine pfd at Al showed a.
gain of ~ points to a new high.
American Smelling rose to a new
high at 1914 in reflection of the
advance in the price Of silver, of
which 1t is one of the worlds larg.
est producers. Weakness in Julius
Kayser sent the preferred stock
down 3 points to II while the com
mon broke to new low at 17k.
Trading in the listed bond market
was accompanied by a number of
sharp advances in speculative rail-
road bonds, including st. Paul as
of 1925 at SO. Erie convertibles
and Frisco adjustment and income
6's. Liberty bonds were active and
higher, with the fourth AIS the
most active in the group at 1O2 20.
French S's sold at 10S and the