The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-06-07
STOCKS move IN
RESTRICTED
LIMITS
Public Utility Companies Fur
nish Only Bright Spot in
Industrial Earnings
BY w. 8. COUSINS,
International News Service.

1AAeOAAA~SAAhAAN-a
NEW YORK, June Mot enough
speculative enthusiasm was created
by favorable developments at Wash
ington this week to overcome the
growing obscurities and uncertain.
ties Of the business situation and
to stimulate fresh buying on any
large scale in the stock market.
Except in the case Of few rail-
road shares and stocks Of the
public utility companies, the market
again moved within narrow limits
with the general average OF prices
slightly downward.
The bright spot in industrial
earnings was furnished by the pub,
lie utility companies, and the small
floating supply of stocks Of the
companies mentioned prominently
In the news of the day was an
important factor in the sharp up
turn Of prices in these securities.
It is conceded that public utility
concerns supply a product or fur
demand, whether general business
many recent economies introduced
into the operation of leading CON-
panies indirectly have enhanced
their net earnings.
Rails In Demand.
Despite the rather disappointing
net earnings Of the railroad COM
panies in the first four months Of
the year, as revealed by q new
Hood OF earnings statements this
week, buying demand for railroad
stocks was good and several active
issues sold UP to new high price
levels for the year.
The failure of opponents Of the
railroad companies to push through
adverse legislation in the closing
days Of Congress was, of course, an
important factor. Missouri Pacific
preferred and Southern Railway
common, the two most active rail-.
road shares, led the way to higher
prices, while Pere Maruuette.
Missouri Pacific common, Nickel
Plate and Katy preferred also sold
into new high ground.
lndustrials stocks were practically
reatureless, though a distinctly up.
ward tendency was in evidence in
the equipments and specialties.
Steel stocks sold off under the
leadership Of steel common, Bethle.
hem Crucible and Republic.
~ The market was particularly i'm
pressed with the marked decrease
In iron production shown In thu
report Tor May. During that month,
daily production declined 23,42S
tons as compared with April. an
unparalleled cut" for a single
month, according to trade authori.
ties, and not matched either in the
steel strike Of 1909 or in the de-.
preston following the money panic
OF 1907. But even with the reduc.
tlon, last months daily average Of
c4'ooS tons was nearly 10000 tons
ABOVE that Of May, 1922, and three
1921. maj Vi
Oils Open to Attack.
Spectators appeared still unable
70 read the riddle Of the oil trade
situation and the oil stocks were
! again the most vulnerable section
OF the speculative market. Heavy
eelllng OF Cosden, Marland, Pro.
ducers and Refiners and others of
the Independent oils followed the
news OF a price cut in the mid.
continent field. Pan-American oil
stocks were strong on report that
the management in making a new
offer for the outstanding Mexica n
Petroleum stocks contemplated re.
storing the 8 per cent dividend on
the Pan American issues.
Rejecting the awkward develop.
ments in French politics the franc
was again erratic and sold down be.
low cents on a fresh wave Of SELL
ing originating in the foreign mar
ket. =