The Washington times., 1924-07-26
PRICES
CONTINUE
UPWARD
Rail Sugar and Public Utility
Shares Make Gains II
Short Session

NklW YORK July 16.-S Stock
prices were generally inclined 10
higher levels IA the short session
o. the stock market today. ana trad
Ing III railroad stocks continued ct
the brisk pace sst BY the previous
sessions Ok this week.
AZ refiecting the improved indus
trial outlook, the principal nercan-
the agencies. iii their weekly sur
veys were able to refer TO actual
Acc0unpi iehnent6 In steel, drygoods,
automobile and other important in-
dustriess pointing to the increasing
OF operations and output This APP
peared 10 substantiate the rise I'M
stock prices which has featured
the last two months. and which,
therefore. appears To be founded on
business revival rather than sentt-
ment and cheap money.
Sugar Stocks Gain.
Sugar stocks were added to the
list Of active buoyant special.
ties tDday, a. many stocks In that
group carried forward the rallies
which have been In progress for
two OF three days. Cuba Cane Sugar
preferred sold up more than q point.
ut 67A, and slightly higher prices
were recorded for American Beet
Sugar, Punfa Allegro and Cuban
American. American Sugar Refin-
Ing common added fractionaily to
yesterdays gain.
Chesapeake and Ohio led the rail.
road sticks into d higher price
level. though the volume Of trading
here was not AZ comparatively large
as on the last two days. Rock
Island pushed forward TO within q
fraction Of its highest price for the
year, and corresponding strength
was shown by Pittsburgh and West
Virginia
Public Utilities Strong.
That unsettlement continues in the
oil industry ii evidenced by the fur
Their cuts IN prices OF crude oil IL
announced by the Magnolia Petro-
leum Company today. Prices IN the
Mexia, COrsicana and Powell fields
were marked down Is cents barrel.
Little effect was shown Ii the action
Of oil stocks today. however, these
stocks turning inactive rather than
reactionary.
Public utility stocks ana bonds
made good records today. Stocks
Of the Philadelphia Company ana
United Railways Investment gained
from ! to 2 points. while the 5 per
cent bonds Of the public service cor.
poration Of New Jersey gained near.
" points IL the listed bond market.
Associated Dry Goods added 4
points to Its 3-point gain Of yester-
day and sCld up TO new high at
t0e, and May Department Stores
also scored q S-point rally.
Liberty bonds were firm but IN.
active and speculative rails reaction.
airy. Cotton prices went on another
rampage, with gains "a excess Of SIS
q bale for October and December
delivery. Foreign exchange wac
steady with sterling about cent
higher.
Market Active.
THE effect Of the activity in the
stock market IL clearly seen In sta.
tistics Of bank clearings this week
With q total Of t7,102 1866 900 Tor
leading cities Of the United States.
the cleartngs are 1879 per cent IN
excess Of those reported to Dun,s
Review for the same week Of 1922
81, 792, 156,O00 being supplied bv the
outside ceIlters and "a, 400, 900 900 by
New York city. The gain Al Tbs
outside cities Il only 40 per cent
but there ID an increase al New
York Of 1913 per cent. The latter
change largely reflects the expan.
sion Of trading on the stock 81.
change. with daily sales frequently
exceeding 1.000, 900 shares. Most 81
the centers outside of New YORK 81.
port larger clearings this week than
Tor the correspondents period 81 last
year, the gains ranging froona 3 ner
cent ct Seattle to 47.1s per cent Al
Dallas. -
Average daily bank clearings for
yuly Y cate. and for preceding
two years: ASA