Evening star., 1924-07-08
MORE HIGH MARKS
. IN STOCK MARKET
Steel Common Crosses 1Ol.
Pools Very Active-Gains in
Southern Rails.
BY STUART r. WEST.

Special Dispatch to The Star.
NEW YORK, July S.-The upward
tendency continued in the stock mar
ket today. involving pretty much al
classes of stocks Some new hlgl
records were made, notably in Gen
efal Electric, in the biscuit shares
and in some of the motors and moto
accessories. Active short GOVERNS
came into the steels, lifting United
States Steel common above 1O1 fol
the first time in good while. Ih'
market in general was plainly show
ing increased confidence in the politi
cal outlook, along with a better feel
ing over business conditions.
Pools and speculative syndicate!
were showing their hand all through
the list. Mack Trucks was bid VI
across 90. Public Service of New
Jersey made a new high, above "a
Loose Wiles and National Biscui
both sold at the highest prices of tn,
year. Realizing sales in Woolworti
having been absorbed, the stocl
started forward again.
Pools Very Active.
Despite the best information tha'
the new oil refining process is no.
going to add largely to Mathiesor
~
demand Another pool stock which
stood out prominently was lnterna-
tional Combustion Engineering. In
ternational Paper made new hlgf
for the year as il crossed 81. The
street believes that the new person
mel which has recently come into the
company will he much more liberia
in their ideas of dividends.
Railway shares were generally
strong. Baltimore and Ohio got
above so, and buying of the North
western rails was again feature
Chicago and Northwestern, Northern
Pacific, Great Northern preferred and
the St PaulS were all strong, reflect
ing the improved outlook in the
spring wheat territory as a result OF
the recent recovery in prices. Mis-
souri, Pacific preferred gained point
on a better appreciation of the fact
that the May report was the best
put out in years.
Southern Rails Strong.
The Seaboard Air Lines made new
high records and so did Louisville
and Nashville, while Atlantic NCoast
Line had sharp rise. The market fol
the southern stocks is impressed will
the action of the cotton market, ir
refusing to go down more in face OF
the Unexpectedly large indications fol
the new crop. 1t figures that the sec
tion contributing to the revenues OF
profitable year.
The continued advance in CONNER
ciaI Solvents \ and shares bore
out the information printed recently
pany's earnings More information
came to light today which indicate
that the increasing use of a new
paint, sold by Dupont and manufac-
tured from the pigment supplied by
Commercial Solvents, would perhaps
tfrr, ,fxo 1,n INF N n
add appreciably to the profits of the
latter company.
The recent persistent strength IT
Superior Oil was more fully explained
today in the announcement of the
company's developments of new pro-
ducing territory in Oklahoma. An ini-
tial well in the so-called Cromwell
pool, which has received considerable le
attention because of the success o.
its operation, has been completed ano
is flowing 800 barrels Of oil dally
according to the Superior Oil presi-
dent. The company's Kentucky pro
duction is also being maintained from
long established wells.
Chandler Motors Move.
Chandler Motors stock became more
active at rising prices in common
with otHrr motor shares. Earnings,
according to latest information, have
held up better than the slump in the
automobile business might have indi-
Gated.
Nothing about the operations of the
day suggested any imme ediate sus-
tained speculative revival. Rather
they indicated the driving in of a lin
gering short interest in Istocks like
the steels and motors, which had been
under particular pressure two months
ago. Along with this went the usual
upbidding by speculative syndicates,
which never lose an opportunity TO
advance their favorites. The outside
public was not in the market to any
extent. The buying for investment
account which had been so keen three
and four weeks ago, was much less
apparent.
The most striking incident of the
day, the same as on Monday, was the
advance in corn