The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-08-23
PRICES
REACH HIGH
LEVEL
Average Price Of Industrial
Shares Reach Highest
Peak Since 1920
BY w. s. COUSINS,
International News Service.

International News Service.
NEW YORK, Aug. 23.-Cross.
currents were plainly evident in
the speculative markets this week,
particularly the stock market, to
which the bulk of speculative atten-
ton was directed. Short and brisk
movements in prices of wheat, corn
and cotton served only to call at.
tention to the temporary effect of
weather conditions, but In the stock
market certain developments held
sway which may affect the course
OF prices for a long time to come.
New High Prices.
It is worthy of more. than pass.
ing interest that the average price
OF industrial stocks pushed through
the former peak Of 1923 and reached
the highest level since 1920. To
some professional traders-and 9TH
ers-this meant the opportunity to
take profits; to others it signified
the strong position Of the market,
the complete absorption of stocks
offered at current price levels and,
therefore, the opportunity for pro-
fessionals and money interests
to push prices still higher. That
there was not complete concurrence
In this latter view is evidenced by
the large volume Of profit taking
sales which poured into the market
at every session this week, many
stocks being thus disposed of under
cover OF the strong advance else.
where in the market.
Industrial stocks were easily the
best performers in the stock market,
the leading position being success
sively taken by the steel, copper
and finally the motor stocks. Stocks
OF prominent manufacturing con.
Germs, like American Can, Genera
Electric, National Lead and a few
OF the equipment companies were
in demand at the highest price
range Of the year and In some
cases, notably that Of American
Can, to the highest in the history
Of the company.
U. s. Steel Strong.
At the head Of the Industrial list
this week United States Steel gave
another exhibition of strength, buy
Ing OF this stock being in large
measure for the account of in
vestors who have abundant faith in
the future of the industry and CT
It's largest representative in par
ticular. Copper stocks made a good
response to the firm price trend
of the metals market and the inn
proving prospect of the recapture
OF the European markets. Motor
truck manufacturers stand to reap
a large benefit from the adoption
of the policy Of substituting motor
bus lines for municipal trolleys in
many OF the large cities, and stocks
OF prominent companies reflected
this pleasing prospect. No less
prominent a member of the motor
group than Studebaker sold UP to
new high price levels this week as
demand for the stock appeared in
all Of the important speculative
centers.
Oils Held Back.
OIL stocks as a group are held
back by the top heavy production
situation in the industry and the
fact that pro-rating and price-cut
ting has not curtailed the excessive
and wasteful drilling of new wells
In mid'continent and the south.
Consumption is increasing, but not
fast enough to prevent the piling uu
OF crude oil and gasoline In storage.
and only the strongly financed com
panies can meet the crisis without
embarrassment The present Low
price level of oils stocks as COM
pared with the balance of the list
Ia an element in their favor and
attempts TO depress them further
have been fruitiess.
Railroad stocks retreated to sec
ond place in point Of activity and
there was a tendency for some of
the active issues to retreat under
realizing sales this week. This
was particularly true OF. the merger
stocks, though in other sections
of the list. notably Southern Pail
way. ST.. Louis, San Francisco ure.
fired prices.
Money Firm.
In the advance of bankers' &C.
ceptance rates this week Wall
Street saw what is believed to be
the first sign Of a firmer money
market. This is quite important
from the industrial standpoint. for
1t evidences the ushering in ~ the
Industrial revival which has been
hailed with satisfaction from a dis.
lance, and ID the fulfillment Of the
promise of the rally in stock prices
Initiated in June. Industrial re.
ports and forecasts of the week
wore uniformly favorable and con-
fIdence III the futurs Of American
husineSs nTeasrrably increased