Evening star., 1924-07-17
STOCKS FIRM UP
IN FINAL TRADING
Steel and Oil Shares Gain
Much of Ground Lost
Earlier in Session.
BY STUART p. WEST.
Snecial Disnstrh to The Star.

SPECIAL Dispatch TO Ihe star
NEW YORK. July 1.-THE price
changes on the stock exchange today
as a rule were under influence OF
either two things, namely, unfavor-
able news. as in the case of the steels
and oils. and, secondly. the persistent
attempt on the part OF several specu-
lative cliques to bid up their faror1tes-
The New York City fractions and
number of the rails were notable
exceptions. The confidence OF the
rank and file in any sustained up
ward movement had been reduced to
some extent by the fluctuations in
certain quarters of the list and the
uncoVering one after another oil weak
spots. Even while the market gen
orally had an appearance OF Weah-
ness, however, strong syndicate sup
port asserted itself here aud there
and kept alive speculative interest
steel shares Depressed.
Steel shares were depressed by the
extremely poor showing of the Re-
public Iron aud Steel Ior the second
qua aitei, which was looied upon as
an Indication OF what the other steel
makers VIII report for that period.
Republic earned only cents share
on the common stock after all charges
and preferred dividend requirements,
as compared with So,0b III the HrSt
three months and with $500 share
in the second quarter of 1928. with
these facts at hand and bearing IN
mind the none too satisfactory out
look 70. the tnird three months, Wall
street was inclined to regard the
prospects for the steclS in rather
pvSSimiStic manner.
Operations Tor the rise in the New
York City traction issues. principally
BROOKLYN Manhattan Transit and the
Interborough Rapid Transit, were
conducted with a good deal of asSur-
, ance Brooklyn Manhattan Transit
rose briskly to it's highest level for
the year. The demonstration IN the
New York transactions reflected the
belief that earnings would continue
to improve.
Rails Advance Slowly.
The upward movement in a num-
ber of the rails was less spectacular
than it had been in recent dealings.
but nevertheless it was an outstand-
ing incident. The interest today III
this quarter lay more in the medium
and low priced groups, with New
Haven and Rock Island among the
features. Both these stocks went to
new highs and were very active
Wheeling and Lake Erie stocks were
again in demand.
Oil shares resisted the selling
pressure occasioned by unfaNorable
trade news in rather impressiv.
fashion.
Stewart Warner was the center of
interest early in the day as ii drop
ped back sharply below 80. The de-
cline was rapid but the stocks re-
bound across the 80 levtl aga in
was fully as swift. and even the most
nfmbie traders Cuufe scd they missed
the ma rSet." The selling in Stew
art Warner, carrying the stock to
where ii was off more than 30 points
from the 1924 top. was in anticipa-
of N
from $40 annually to 81.
General Brkins Quiet~ Down.
General EaIlins encountered profit
taking following its 9-point advance
OF the preceding day, but the gossip
rers isted that the company would be
involved i'll a merger with other bak
ing company interests. The possi-
hility of a deal with the United Bak-
ing Cooperation has been rumored.
fhe common stock Of United Baking
has been typicai cf the baking stocks,
for in the space OF year it has had
a steady and extensive rise.
The higher prices for the rails were
achieved in spite of the, traffic Statfs-
tics. According to Bureau of Rail-
way Economics, net ton miles on the
class one railroa DIS decreased 14.4 per
cent during May over the same
month year ago.
Late Trading Stronger.
The afternoon stock market pre-
sented much better appearance
having lost much of its irregularity
of the forenoon. The ordinary indus
trial leaders. like United States Steel
common. after having dropped below
the bottom prices Of the previous
day recovered all and more of their
early losses the session went on,
and the strength of the New York
1'ity fractions and some of the rails
vas distinct heln To the general
list. on shares sold higher than at
any time Wedne daE. notwfthsta nd
ing a fresh 10; OF unfavorable news.