Evening star., 1924-07-11
MARKET FIRMS Up
AFTER EARLY DROP
New Buying and Activities by
Pools Offset Lively Wave
of Selling.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, July 11.-Further evil
dence of check appeared for a time on
the stock exchange today. But realizing
sales in most instances were well bal
anced by new buying, and the pools and
speculative syndicates which have been
operating for the last six weeks showed
their hand again later on.
A moderate advance in Western Union
was An incident among the specialties
The earnings of this company have re-
fected the decline in general business
and the comparison with year ago is to
the disadvantage of the present year
During the first quarter gross fell of
s520,000 and net s64S.000.
These decreases will be somewhat
emphasized during the second sis
months, but inasmuch as Western
Union earned s11 on its stock las'
year, after unusually liberal appro-
priationS for reserve, and inasmucf
close of 1928 amounted to nearly
S52,000,O0O, the shrinkage in current
receipts is unimportant.
Chesapeake and Ohio Jumps.
AS has happened often before wher
the general list began to show un.
certainty, some of the rails were
taken up. Prominent among these
was Chesapeake and Ohio, which rose
Sharply on large transactions, reviv.
ing interest in the plans and rumors
OF plans for further railway combina-
tions in the middle west. In this con.
nection attention was paid to the
strength of Chicago and Eastern Illi-
nois issues. This could certa inly
have not been set down to earnings
for recent results have been quite
unfavorable. The road failed to cover
charges in May by s102,639. The pre-
ferred stock around Al on such &
showing would appear very high, un-
less there were some idea of 6
merger in the air.
Other Rail shares Active.
Other railway shares. which had
peen heavy at the start, developed
more strength as the day went on
I-ehigh Valley was one of the leaders,
getting up around its high. Erie was
the feature in the low-priced group
passing is previous top for the sea
son.
Rumors originating in speculative
quarters are that the steel makers
have taken orders at almost any fig
ure to maintain mill operations II
TINS Is true Of the Independent stee1
producers. which is doubted, it is not
true or the United States Steel Cor.
poratlon. Whenever the latter's Gus.
toners have been offered certain
products by the independents at re-
ouced prices the Steel CORPORATION
mas. with three important exceptions
tried to compete for the business. Blu,
quotations on bars. shapes and plates
have been held up on a firm basis.
Montana Powers squirt across e
was easy to explain. The opinion
vas that the stock had simply beer
behlnd the other public utility shares
" hat informal tion the street had con-
cernIng the Montana Powers earn
ings was favorable.
Tobacco Shares Decline.
There was nothing in the tobacco
trade news to account for the decline
In the tobacco shares. Philip Norris
drop to new law was particularly
severe and was seRfown to the liqui-
tors in the trade were selling some
OF the tobacco shares to switch int
public utilities and other groups
Little happened in outside affair
to exert an influence. For the tim,
being the market forgot about poll
tics. Renewed advance in the grain
markets with corn at new high price
was the most important single Incl
dent of the day. But it only mean
partial recovery of ground los
from the high prices of last week.
Sterling exchange sold at the high
est since the first week of May, com
pleting an advance of over cent:
in the pound since the beginning OF
the present month
More Money Available.
AS has been the case after each
successive increase in the federal re-
serve ratio--it went from 81 to S2.e
this last week-would-b lenders OF
money have shown increasing urgency
in putting out their funds. Time loar
rates were nominally not changed
today, but there was still Larger
supply available at these rates. Al
the same tiHs the indications were
that money being quoted again out
side the stock exchange at / q pei
cent. the official rate would have &c
break the per cent level
The money developments, however
could not have been regarded as ar
influence in the stock market of the
day, when they failed to influence
the bond market.