Evening star., 1924-08-17
50 STOCKS REACH
NEW HIGH LEVELS
Brisk Demand for Standard
IndustriaIs Makes Very
Active Market.
u. S. STEEL TOUCHES 10
Coppers Gain for Seventh Day.
Truck Shares Strong-Oils
Issues Backward.
Fy the Associated Press.

Fy tho Associated Press.
NEW YORK, August 1S-Thirty
stocks mounted to new high levels of
the year in todays brief hut active
session Of the stock market. which
was featured by brisk demand for
the standard industrial shares. Buy
ing was Influenced by london cables
stating that the allies and the Ger
mans had reached compromise
agreement on the evacuation OF the
Ruhr. by the more optimistic tone of
the weekly mercantile reviews and
the probability of a long period of
easy money rates.
United States Steel common re-
sumed its traditional role of bell
wether of the market. duplicating its
years high Of 1ln and then slipping
back to 1924, for Il net gain of
point on the day. American Can
closed more than points higher. at
1"l IS. after touching new peak at
13I",. Baldwin touched 12J and then
eased to 124I@ up T.
Copper Again Higher.
Coppers provided seven of the day $
new highs. although some of the net
gains We're small. American Smelling
led this group with Il net gain of
nearly IL points at 1873 kennecott
and Magma being among the Others
TO attain new peak prices. Shares of
motor companies engaged in the
manufacture of trucks made the best
showing in the automobile group. all
the Mack Truck issues and White
Motors climbing to new high ground.
Rails failed to move forward as a
group. although they developed some
strong spots, notably Southern Rail-
way, which touched the record high
price of 6S4s. Frisco preferred and
Texas and Pacific also broke through
their previous tops.
other issues to sell at the years
best prices included Marine preferred.
Allis Chalmers. Brooklyn Edison.
Montgomery Ward. Associated Dry
Goods. Iigget and Myers and the b
stock General American Tank and
Texas Calf Sulphur
OIL Shares backward.
Oils were rather backward. Pan
American B" losing a point on profit
taking. National Lead also lost d
point on realizing sales. Foreign ex-
changes stiffened moderately. but
trading was relatively light. Demand
sterling ruled about cent higher
around S4.55, and French francs
were quite active around 80 cents.
some of the recent buying represent
ing the transfers of funds from the
United States to Canada for invest
ment because of the low interest rates
prevailing here.
The weekly clearing house state
nrent showed increases in most of the
principal items. Loans. discounts and
Investments advanced S1J.6l9,0OO, the
reserve of member banks in the
Federal Reserve Bank, SS.152.o00: net
o
deposits, s11.127.00o. Cash in own
vaults dropped S1.ST2,00O. Aggregate
reserve totaled S62S,100,000, leaving
excess reserve of $27,969,000, an in
crease of S6,303, ,490
Wall street Briefs.
Earnings of the Paige Detroit
Motor Car Company for the first half
of this year We're over five times the
dividend requirements for that period.
After interest. depreciation, preferred
stock dividends and retirements, but
before federal taxes, the net profits
were s1,S54.69 equal to s3.09 d share
on the 100000 shares of common stock
of $40 par value.
Although the first half of 1924 was
quiet in the anthracite coal trade, it
was declared by officials of the coal
carrying railroads to have been the
first normal six months since before
the war and to promise the most
prosperous Fall and Winter season
in several years. barring mild
weather With favorable consuming
weather they expect soon to be carry
ing capacity loads, and TO continue at
q more rapid pace than year ago.
La France to Sell Plant.
William It. Smith, director of w.
A. Hartman & CO.. Inc. and +. T..
q
Manufacturing Company of Bridgeport.
Conn, are now in France to complete
the sale of the textile company's Lyon
plant. Salts will discontinue it's Euro
pean trade with the sale of it's foreign
plants, as the Bridgeport plant will be
able to supply domestic needs.
Mack Truck was bid up today to a
new high level in it's history. 1t was
said the company would not do any
financing this year because it's earn
ings have been sufficiently large to
supply it with all necessary working
capital.
Asserting that many loose state
ments have been made about specula-
tion in German securities, bankers who
specialized in these issues before the
war said today that revaluation of
the national government bonds would
not take place until after the conclu-
sion of the London conference. A
per cent increase in valuation, it was
said would lift the present market
value of the million-mark note from
$1,000 to $4,000. Proposals also have
been made to pay l per cent interest on
these bonds.
f German Loan Months Away.
Wall street today had no definite
knowledge as to when the expected
German loan might he offered. but it
was rather generally thought that
several months might elapse before the
"details incidental to it's offering could
be completely determined. In the
meantime, however, the Street con-
ceded that considerable time would be
devoted to preparations.
In the final ironing out of the diff
ferences in Europe the general feel
ing is that greater demand for Ameri-
can raw materials should develop.
Copper and cotton, largely, have been
figuring in this potential inquiry and
reflection has been shown in shares af-
fected by the former.