Evening star., 1924-07-13
CHEMICAL STOCKS
MARKET LEADERS
Dawson Gains Over 6 Points
in Two HourS-UtiIities
Also Make New Records.
PHILLIPS JONES SCARS
Advances Five Points Between
Sales in Saturday Trading-Rail
Group Neglected.
By the Associated Press

By the Associated Press.
NEW YORK. July 12.-Stock prices
continued to forge ahead in today's
brief session under the leadership OF
the chemical stocks. Pools were
again active. particularly in the spe-
cialties, while active short covering
contributed largely to the substan-
tial gains recorded by some OF the
popular industrials. Active buying
Of Dawson Chemical, based on spec
ulative execution of large profits
through the use of it's silica gel
process. sent that stock up to 59%s, or
low. New 1924 peak prices were es-
tablished by the Commercial Sol
vents issues and Allied Chemical, the
last named closing three points high
er at a.
Score OF New Highs.
Public utilities again provided
about one-third of the score OF new
1924 high prices established during
the session. Leaders in this group
included Columbia Gas. United Rail
ways Investment preferred, Standard
Gas and Electric and Brooklyn
Railway and Power climbed to a
new peak at 72A and then fell back
to 69H. Steel stocks advanced on re-
ports of an improved demand for
common closing point higher at
1o1. Other so-called pivotal issues
showed mixed changes. American Can
touching 117l2 and then dropping
back to 1858, UP Is; Baldwin closing
u lower at 1l6h and Studebaker
NJ rad
stock in Wild Run.
Phillips Jones was run up 80 points
to IS on the announcement OF a
favorable court decision carrying
large damages in its suit against
several soft collar manufacturers, the
stock jumping five points between
sales.
Among the industrials and special
ties which sold at their best prices
of the year were American Locomo-
tive, international Cement, owens
Bottle, International Paper, Western
Electric preferred and F1eischmann.
There was little of interest in the
railroad group except the steady de-
mand for the coal carriers the three
Erie issues, and Pittsburgh and West
Virginia mounting to new maximum
prices.
Foreign Exchanges Firm.
with the exception of Brazilian ex-
change. which was weak on reports
of revolutionary successes in the state
of Sac Paulo, all of the foreign ex-
changes displayed firm tone in re-
fection of the more cheerful feeling
regarding a satisfactory solution of
the reparations problem. Demand
sterling advanced about 2 cents above
yesterdays low at 4.37A, the gain
being attributed, in part. to the with
drawal of British funds from this
center for investment in London,
where better interest rates prevail
French francs sold about 6k points
higher, around SIS cents, with corre-
spending gains by other principal
European currencieS.
Clearing House Report.
The weekly clearing house state
ment showed increases in most OF
the principal items. Loans. discounts
and investments advanced s17,24S.OO0;
cash in own vault, s4,609.000; net de-
mand deposits, $70,160,000, and time
deposits, s13,699.000. The reserve Of
member banks in the Federal Re-
serve Bank dropped $11,s44000.
Aggregate reserve tota1ed SSH 1887 900,
leaving excess reserve Of $2S,643,210,
a decrease Of 20,49S,140.