Evening star., 1924-07-20
70 STOCKS SCORE
NEW HIGH RECORDS
Great Public Trading Helps
Sharp Advance in Short
Saturday Market.
RAILS ARE STRONGEST
Coppers Improve-specialties Also
Climb-Foreign Exchanges
Firm.
RAILS ARE STRONGEST
By the Associated Press.

by the Associated Press.
NEW YORK, July 19.-Aided by in
creased public participation, par
ticularly from western points. spec
ulators for the advance succeeded in
bringing about another sharp rally
in prices in today's brief but active
stock market. Continued strength
of the railroad shares, twenty OF
which established new peak prices
for the year, was the outstanding
feature.
IndustrialS showed a more uniform
upward trend, with the best gains
being recorded by the coppers. west
ern oils and select list of specialties.
Baldwin and American Can each
moved up about point, but other
pivotal issues showed little or no
change.
Rail Shares Move BriskIy.
Low-priced rails were in brisk de-
mand, New Haven leading the ad-
vance in that group by climbing more
than point to 2S1s, the years best
price. New peak prices also were
issues, Seaboard Air Line common
and preferred, Missouri Pacific
Kansas City Southern and Colorado
and Southern common and preferred.
il' lNtSIIlltul group was repre-
Sented in the list of new highs by
such issues as New York Central,
Illinois Central common and preferred.
delaware and Hudson and Southern
Pacific.
Coppers continued TO be accumulat-
cd on the theory that European con-
sumption of the red metal will ma
terlally increase if Germany is grant
ed loan following the reparations
conference now in session in London,
ana on rpDOrtS of extensive silver
purchases for coinage purposes by
European countries, several of the
copper producing companies turning
out ore with d high silver content
specialties Very Strong.
Marked strength was displayed by
number of SpecialtieS. including e
General Electric, Allis Ch halmers Lig-
Eett IL Myers issues. United States
Hoffman Machinery. Te>as Gulf Sui
phur and International Nickel all at
new high prices for the year Sub
stantial gains also were recorded by
Congoleunr. International Harvester,
du Pont, American Water Works com
mon and Kelly Springfield preferred
issues, all up points or more.
West Penn Power broke more than
points in the last few minutes of
trading and heaviness was noted in
United Fruit and Manhattan modified
guaranteed, each of which dropped
about points.
Foreign exchange rates held firm
on buying inspired by the belief that
satisfactory progress was being made
at the Londnd conference toward a
solution of the reparations problem
Demand sterling moved I'D more than
cent to 4.SSB and French francs
ruled slightly higher around 5.13 cents
Bank Items Increase.
The weekly clearing house state
ment showed increases in most of
the principal items. Loans, discounts
and investments increased S45,764,O00,
the reserve of member banks in the
federal reserve banks, S16.02l 900; net
demand deposits, 33,364 900 and time
deposits, S23,064 600 Cash in own
vaults dropped S5,046.0 900. Aggregate
reserve totaled s626, 1874, 900 leaving
excess reserve of S3S,67224O an in
crease of $10,029,030.
Anaconda Stock Moves,
Anaconda, which has been under
shadow for months, shared in the re-
Vlval of the metal stocks. 1t was bid I'D
to new high price for the year. Atten-
tIon was drawn to the fact that Ana
conda is a large producer of silver, the
Worldwide demand for which promises
to become a factor of importance in
earnings OF silver mining companies
Anaconda'S American copper mines are
hgh-coSt properties, but the company
controls Chile, which is low-cost com
pany. 1t also has market for copper
in United States American Brass sub
sidiary.