Evening star., 1924-07-23
BROAD ADVANCE
IN STOCK MARKET
Wide Variety of Shares Join
Rise in Today's Very
Lively Trading.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, July 23.-The forces
working for higher prices on the
Stock Exchange were again success
full today, the advance gaining In mo-
mentum and in breaGth until larger
number of issues in both the rails
and industrials were carried to fresh
tops for the year. The assurance
with which stock OF every rank
among one group after another were
bid up bespoke the confidence Wnlcn
speculative quarters held In the char
acter of impending trade and polit1-
cal news, and at the same time mai
Gated an increasing public following
Above Pre-War Prices.
Many of the rails got above any
r,oint reached since pre-war times
The demonstration took in such
stocks as Atchison, Union Paclnc, ~
linois Central, Chesapeake and ONO
and Atlantic Coast Line, all of which
made fresh records. In ADDITION me
Eries. North Pacific. the Pere
Marquettes, the st. Pauls and a
number of other recent favorites was
persistent. The favorable showing
of the Union Pacific, disclosed on
Tuesday, led the Street to the con-
railroad systems would be surpris-
ingly good. rejecting the ability OF
the carriers to cut down expenses as
gross revenues fell off.
Equipment shares Strong.
Another squirt occurred in the rail-
way equipment shares, American
Locomotive reaching it's best price
for the year and Baldwin rushing up
across its high of the preceding day.
Pullman touched 126 for the first time
in the current upswing. This per-
formance was based upon. more en-
couraging reports of equipment buSl-
ness and the outlook for substantial
Increase in new business when the
railway systems of the country will
have got a better line on the fall
transportation requirements.
American Water WORKS ana Elec-
trio common and West Penn Company
both had a brisk run-up. They sold
several points above the final prices
of the previous day, and 1t was the
opinion in speculative circles tnat
fresh buying had been attracted to
these stocks following the reaction,
which carried them down sharply
from the high levels to which they
scared recently.
Factors In steel.
The steel shares were plainly un-
der the influence of three factors.
They were. first. the lack of anything
IN the latest trade reports to indicate
that a definite turn had come in the
industry; second. the uncertainty
over the action to be taken at the
Bethlehem dividend meeting sched-
uled for Thursday, and third. the
ruling of the Federal Trade Commits
sion directing the Steel Corporation
and it's subsidiaries to abandon the
so-called pittsburgh plus system" in
quoting prices on steel products. The
Rat hlah
view taken in Wall Street, is in danger.
Buying operations today extended
to the sugar stocks. Cuba Cane pre-
ferred appeared to be most favored.
Philippine and Porto Rican raws-
now estimated at less than 10000
tons-was at least $4,000 tons less
than the quantity on hand a year
ago. When the remaining supply OF
this sugar is fully absorbed. 1t is
mand for Cuban raws.
Goodyear Tire Active.
Goodyear Tire and Rubber pre-
ferred stocks were fairly active
again on discussion regarding pro-
spective dividend action. There is
report that the 26 pei. cent arrears
on the 7 per cent preferred will be
capitalized and that holders of this
issue, with the accumulations repre-
sented in the value of the stock, Will
receive cash dividends.
There was nothing surprising In
the reaction in the exchanges con-
sidering the large gain of Tuesday.
1t was still the opinion of the bank
ing community that a satisfactory
solution would be found of the prob
lens which confront the London con-
ference. Sterling lost cent and
francs and other European currencies
were lower Sympathetlcally.