The Washington times., 1924-06-28
MARKET
LED BY RAIL
STOCKS
New High Price Levels for
Year Established BY .
Number Of Stocks
BY w. IS. COUSINS,
Tnternational News Servioo Einancial

Editor.
NEW YORK. June 2s.-Rising
prices for speculative stocks, invest
Hment securities. grain and cotton,
further ease IN the money situation.
evidences Of declining production In
the country's basic industries. and
In most departments ~ domestic
trade and business. improving ssnti-
ment n financial centers and
tendency TO Discount the expected
trade revival which q due To reach
the country q few months hence.
were the principal features Of d
week punctuated by the confusion
and clamor OF an important political
convention.
Cheerful Tone.
The action of the stock market
was more the expression Of cheer
sfulness with respect to the business
outlook than the reflection Of any
definite evidence OF present improve
ment in industry as & whole. Serious
signs Of glackening industrial activ-
| ity were reported by the Federal.
Reserve Board az the result OF fta
monthly survey of business for May.
Production Of basic commodities and
factory employment, the board ~
ported, showed unusually large de-
clines last. month, and were consid.
erably below the level Of q year ago.
/ Purchases at wholesale and retail
also declined during the month,
Icommercial loans ct the banks fell
off and there was q further decline
In money rates. But the stock
market was not very much i'm.
pressed by this display.
Rails Lead
The railroad stocks were the first
to resume the upward movement
this week. under the double stimulua
of q new crop Of merger runors
and improving financial status tor
many Of the roads, due chiefly to
reduced operating costs. Al new
high price level for the year. ii
some cases for q decade, was estab-
lished BY q dozen or more nrOmls
nent Investment rails, while stocks
OF other roads which are believed
20 pc close to dividends" rose
rapidly under the stimulus Of en-
traordnary buying demand.
The rise Of some OF the steel ana
INDUSTRIAL stocks was spectacular.
The bulls in steel stocks had much.
@ encourage them In the reports
OF forward buying and brighter OUT.
look from prominent leaders IN the.
industry, and in the action of steal
common, which displayed some az
It's old time form this. week.
Oils Firm.
/ Oh stocks were firm in the face
Of the filing Of Government suit
attacking the gasoline cracking
patent rights Of many companies.
and alleging conspiracy in the pro-
duction and marketing of gasoline.
But the statistical position Of the
industry showed considerable Inn
provement this week, with a decline
OF over 5000 barrels q day In crude
oil production and an increase in
gasoline consumption. The oil
stocks have Jagged behind the mar
ket, and have been subject to heavy
short selling in recent weeks, hence
their technical position is stronger
than that OF the tndustrials In gem
eral.
The usual movements took place
In the market specialties to the list
of which were added q number OF
heretofore inactive stockss taken In
hand" by bullish pools. Encourage.
ment was also given TO the pools by
the sharp bulge In wheat ana corn
prices and the stability Of cotton.
foreign exchange and commodities
markets.