Evening star., 1924-07-10
UTILITY STOCKS
MARKET LEADERS
Uncertain Moves in SteeIs,
Motors and Rail Shares.
Oils Under Pressure.
BY STUART p. WEST.

special Dispatch to The Star.
NEW YORK, July 19.-Today,s
stock market was dominated by the
public utility stocks, which had an
other remarkable advance. There
was nothing new in this quarter to
explain the upward swing. The fact
simply was that such extraordinary
opportunity for profit, in such a small
space of time. had been afforded by
the leaders of this group, that trad
ers and outside speculators were
rushing in to buy anything labeled
public utility american water
Works common and per cent prefer
red kept on with their astonishing
advance. The impression that the
same market interests had bsen pack
of the operations in United Railways
investment as were, responsible fo.e
the fireworks in American We &c,
Works, accounted for the jun O OF
over IL points in the preferred shares
of the former from early Wednes-
day.
a1 - Utility shares Ae Awe.
Gas and Electric Iafes were in
active demand, with Consolidated Gas
of New York above, 20 for the Arst
time and Brooklyn Union also above
20 Peoples Gas ST Chicago came to
life and there r<as more activity at
tric. Colum bliA Gas made a new high
d bsve Al.
In other directions the fluctuati ons
were mo re uncertain. There were
stages Curing which, in leaders like
the ste.els and the motors, realizing
care of the new demand. Equipme ent
shs res. however, gave expression to
tf.e view that the situation in these
companies comm saced to turn some
F& L IL
have had a chance to get better line
upon fall traffic they will start in to
buy. Railway Steel Springs and
American Locomotive were the fea-
lures
Less Action in Rails.
Railway shares were not as promi-
rent, with one or two exceptions, suct
as St. Louis Southwestern common
which sold up around it's high prices
again The same was true of the oils
which were not responsive to the
further decrease reported in the
weekly crude oil production figures
They were more affected by the
series of fresh price cuts.
Dawson Chemical was bought or
the word that a new contract had
bsen signed for the Silica Jel process
Eelschmann, American Chicle and
special buying operations. There was
dvsharp upturn in the usually inactive
American Express.
- Three Important Factors.
THE three most interesting points
before the financial community today
ware, first, the reception to the Demo
csatyc nominations, second, the grain
markets. response to the latest de-
parlment estimates on current pro.
dnction. and third, the effect upon
The stock market in general and upon
The market for steel shares in parti-
'cular. of another very poor monthly
showing in untitled tonnage on the
hooks of the United States Stee,
Corpora
The oil shares demonstrated that
they had not become adjusted to the
continued price cutting in the oil in
dustry. Another series of price re-
ductions, not altogether expected.
was announced today and was fol-
lowed in the afternoon by an active
selling movement in some of the oil
stocks.
Final Trading Dull.
Trading on the stock exchange in
the latter afternoon became dull and
uninteresting and the turnover was
noticeably curtailed. The public util-
tty shares fell back from their high
lsvels, while the leaders among the
industriAls. such as Steel common,
Baldwin and American Can, simply
marked time. The tobacco shares.
particularly Lorillard and Phillip
Norris, developed special weakness.
The oils continued soft.