Evening star., 1924-05-07
UPTREND In PRICES
DESPITE OBSTACLES
Copper and Smelling Shares Again
in Demand on New York
Exchange.
DEALINGS IN RAIL ISSUES
Market Throughout Day Exhibits
Mixed Price Changes.
BY STUART p. WEST.
l nisnatrh 10 The Star.

Special Dispatch The star
NEW YORK, May without any
special encoura cement from the out
side and with professional opinion
still in the main hostile, the market
today continued its upward tendency.
Copper and smelling stocks were again
in demand, American Smelling cross
ing %. Cerro de Pasco 4G and Ken
necott 80. all for the first time this
year.
Actual quotations for the, copper
metal have not yet risen. but the
stock market has in view the re-
duction shown in the latest ngureS
of the copper surplus ana IL alSo
has in view the favorable erect
which German loan would have
upon the foreign demand. In the
meantime American Smelling mas
been bought on the high return OTTER
cd considering the unusal Strehsln
of the treasury position and the very
comfortable margin over dlNlueilu'
status of Rail Issues.
some buying came into Missouri,
Kansas and Texas following the
strength in the adjustment per
..ent bonds. Western Pacific issues
also were taken up. the preferred
gaining nearly 3 points. The. 1873
repG-. out today, scarcely afforded
1t did show a marked Improvements
over the previous year. when there
was a deficit of almost S6OO,0OO. But
the surplus of Sll9.795, after pre-
rcrred dividends and sinking iunu,
was not impressive. The more likely
motive back of the buying lay IN the
report that Missouri Pacific is ge-
gotfatfng for the purchase from
Western Pacific of a substantial IN
terest in the Rio Grande Western,
CT he
cific a goodly sum of cash.
The heavy trading in American
Sugar around A, where II was up
nearly points from the extreme low,
tended short interest. The trade
news was unfavorable.
American Can Above 1O4.
American Can was bid un above
1n4 for the first time on the present
move. InaSmuch as StudebakeT old
stock will cease to be dealt in on May
u, the remnant of the short interest
was getting in its contracts; Dec
laration of another extra dividend
on Timken Roller Bearing caused no
surprise, but was reflected in a mod
crate advance in the stock.
Price Changes Mixed.
Price changes were very much mixed.
There was a moderate display OF
strength during the first two-thlrds OF
the session. Then selling broke out in
some of the oil shares, and this. along
with the realizing that would have ordi-
narily occurred in the general list,
brought about a recession. Cotton raj
lied somewhat sharply for a time, but
later on it also receded. sharp recoll
in French francs and another reduction
in sugar prices comprised the other mi
portant incidents of the day.
The early upturn in cotton was due
mainly to less favorable weather
conditions. 1t was certainly not
helped along by any change for the
better in the goods trade. The only
way, as it now appears. that the
very unpleasant situation at the New
England textile centers can work
itself out is through wage reduction
on the one hand and lower prices
for the cotton staple on the other.
AS for the 1924-25 cotton supply, it
is altogether too early to form any
Judgment. But the reasoning is
sound that after three successive
years of very short crops a fourth
such year is improbable.
Advance of No Importance.
The fact that the French francs
promptly lost the greater part of
Tuesdays gain showed that this ad-
vance had been of no consequence.
1t may have been caused by further
short covering or by speculative
purchases in anticipation of favor
able outcome of the French elections.
The quickness with which rates
receded today naturally led to the
conjecture that the Bank of France
was eXerting its influence TO keep the
frame down until French industry
should have accommodated itself to
the higher level.
The decline in sugar brought prices
TO the lowest of the year so far Os-
tensibly, this fitted in with revised
estimates of the new Cuban crop,
placing the total Substantially higher
than it was fixed a month ago.
Heavy selling of Sinclair Oil at new
low prices for the year was the fea-
ture Of the afternoon. Some of the
other oil shares were dragged down
with Sinclair among them Cosden
and Marland.