The Washington times., 1924-08-04
UPWARD TREND
SHOWN BY
OILS
General List, However, Shows
Effects Of Moderate
Profit Taking
Internatlonal News Service.

NEW YORK. Aug. 4.--After 4
opening, featured principally by the
oil and speciality stocks, the stock
market showed the effects Of mod
crate profit-taking in the early trad
ing today and the best prices of the
FIRST hours were shaded by fractional
declines in active stocks.
Moderate gains In prices of oil
stocks showed that the upward
movement which started on Satur-
day had not fully run its course.
and, with the Standard Oil stocks
leading, oil stocks dominated the
market in the first period. The
weekend reports, particularly from
domestic sources, were as good a.
any that have been submitted since
the first Of June, the full effect Of
the greatly enhanced buying power
Of the agricultural districts being
gradually realized by Industrial and
mercantile leaders. Such q condi.
ton in the stock market made q
Eood background for realizing sales
Of stocks bought at comparatively
lower prices.
Pittsburgh and West Virginia was
the outstanding strong spot in the
railroad stocks today. partly as a re.
suit of reports that this road, oc,
cupying strategic position in Pitts,
burgh and adjacent territory, will
be included in the Van Eweringen
combination Following it's 5k
point rise Of last week, the stock
opened fractionally higher at 60E
today and pushed through to 62K
for further gain Of 2 points. Union
Pacific was the leader OF the higa.
priced rails and sold UP ~ at 1421s
Buying Of oil stocks has beer
based to large extent on tbs
technical position Of these stocks
in relation to the rest of the
market. The oils have been hello
back because of unfavorable de
velopments in the industry, and
even now prominent oil men say
they expect no great improvement
for six months. But traders in
securities Of the oil companies that
the well managed and financially
strong concerns will easily weather
the storm and return eventually
to the dividend class from which
so many have recently departed.
Standard Oils were strong in this
period, and a better showing was
made by such independents as
Texas Company, Marland, Phillips,
California Petroleum, Producers
and Refiners, etc.
General Electric continued its
climbing tendencies adding five
points more to its l5 points rise q
last week an6 selling above 275.
IL d.. r.kx. LaN
points with little interruption.
largely in recognition Of its in.
creased earnings in the electrical
supply field and in anticipation Of
q stock melon cutting.
The main bulk. Of Industrial and
steel stocks moved through q mar
row radius in the early trading
profit taking depressing the list at
times and renewed buying account
ing for moderate rallies In definite
parts Of the speculative list.
Foreign exchange was steady
sterling was slightly higher. South
ern selling accounted for slight de
preston. In cotton prices.
Active stocks in the oil and in
dustrial groups recovered part Of
their early losses in the second
hour, while General Electric, Schultz
and few Of the specialties pushed
forward to higher price levels.
Commercial solvents was the out
standing weak spot, the "B" stock
declining 7 points to A and the
"A' stock down about points al
63%. Heavy losses in these stocks
which are down about 100 points
from the high Of last week is due tc
reports that the company's plants
at Terre Haute and Peoria have
been closed on account of the
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