Evening star., 1924-06-16
WALL STREET PRICES
IN. FURTHER GAINS
Oil, Utility, Electric and Sugar
Shares Among Stocks Which
Go Higher During Day.
FRENCH FRANCS COME BACK
Sharp Rise in Wheat Helps All
Other Market Conditions.
BY STUART p. WEST.


NEW YORK, June 16.-The week
started out in Wall street with a
generally high market. For some
time it has been reported that the
short interest was particularly heavy
in the oil shares. This statement
appeared to be borne out today by
the advance of a point to two points
and more in stocks like Pacific Oil
Cosden, Producers and Refiners, and
Marland. The shorts in the oils were
driven to change their position by
the failure of the market on Saturday
10 be effected by the 50-cent cut in
Pennsylvania Crude.
Utility Shares Popular.
Public utilities shares were favored
as they have been for several weeks
Consolidated Gas made a new high as
IT went across 69. Public Service Cor
poration of New Jersey made new
high for the year. when it got to so
This stock has risen points since
the publication of the new financial
plan a month ago.
Active trading was maintained in
the electric stocks, although WeSting
house appeared to be running into a
very large supply around 60. Gen
fuses to accept semi official denials
of a contemplated capital split-up
had one of its characteristic jumps tC
considerably the highest yet touched
Allis-Chalmers was taken up in re-
sponse to favorable reports regard
ing the company's business.
Pool Boosts American Can.
Steel shares started in somewhat
lower, with Bethlehem below At
again. But when the market turned
upward after the first hour, the shorts
in this group were quick to run.
There was also a good deal of COW
erlng in the sugars, Influenced partly
by the action of the general mark et
and partly by the improved tone
noted at the end of last week and
again today in the sugar market
itself.
The powerful speculative interests
at work in American Can made a
good showing for that speciality. AL
though there was no change in the
copper trade situation, there was a
better demand for the copper stocks
and for American Smelling.
Violent Jump i'm Wheat.
By far the most important happen
ing today in its potential effects upon
the general situation was the further
violent jump in the wheat mark et
accompanied by a sharp advance in
corn. No such sudden reversal has
been seen in more than a year
Naturally what all observers had
in mind today was first how the
wheat advance would bear upon the
business outlook to increasing the
buying power of the farming dis
tricts and second how it would af-
feet political calculations through
the promise of lessening agricultural
discomfort. On both these phases
Wall street was inclined to take an
optimistic view.
French Francs Come Back.
Investment activity in both bond
and stock markets was well sustain
ed. Foreign government issues were
q feature, the French bonds making
new highs for the year. The strength
in the latter was not altogether q
question of the favorable money con-
ditions: it also had something to dc
with the growing confidence in the
Herriot ministry. especially on the
part of the foreign capital. Germany
and Great Britain and the United
States. too. welcome a regime which
abandons the extreme attitude of ag-
gressiveness of the MillerandPoi
care government, although standing
for the carrying out of the Dawes
program to the full.
French francs, Influenced by the
same feeling, continued their recov-
cry and were back over all the
ground lost in the last month.
AlIis Chalmers Advances.
An advance in Allis Chalmers was
due mainly to the opinion that the
company'S cash and current earnings
not only justified the maintenance of
the four per cent dividends on the
common, but favored some additional
distribution. In 1923, Alls earned over
S6 a share on the common, and net
profits now are running at the rate
of at least SIS
Colorado Fuels advance to a new
high indicated that pool interests
were bent upon following up their
advantage gained when stories of oil
discoveries on the company's prop
erty first reached the street.
1t was reported today that instead
of a cut in crude oil prices, the mid
west companies had adopted the pol
icy of pro-rating at least for the time
being.