Evening star., 1924-06-22
DOZEN MORE STOCKS
TOUCH new PEAKS
Short Saturday Session Sees Unex-
pected Burst of Buying in
Oil Shares.
RAIL GROUP GOES HIGHER
Utilities Also Continue Recent
Steady Advance.
RAIL GROUP GOES HIGHER
by the Associated Press.

by the Associated Press.
NEW YORK, June 21.-Stock prices
continued to point upward in todays
brief session of the stock market,
although sufficient selling developed
in spots to give the market an irregu-
lar appearance at the close. Buying
was of a more selective character
net gains. as a rule, being smaller
than on any day since the present ad-
vance started two weeks ago.
An unexpected burst OF buying in
the oil group, which sent shorts IN
some OF the popular issues scurrying
to cover, was one of the features of
the session. Extreme gains of one
TO two points were recorded by pro-
ducers and refiners, the an-Ameri-
can issues. Marland, Houston. Mara
caibo and Atlantic Refining preferred.
but some of these were reduced be-
fore the close. Unusual activity also
developed in Transcontinental Oil,
which improved fractionally.
Dozen New High Levels.
Rails and public utilities continued
to give good exhibitions of group
strength, more than dozen issues in
these two groups establishing new
high prices for the year. Activity of
the low priced carriers was sugges-
tive of pool operations, the three Erie
issues, Southern Railway, Western
Pacific common and preferred. katy"
common and preferred and st. Louis
Southwestern preferred, all touching
new peak prices.
Brokers reported good invest
ment demand for the public utilities
on the strength of large current earn
inES Montana Power assumed lead
nf hH nf3N lnpr n
more than two points to 67I and be-
ing followed into new high ground by
Brooklyn Union Gas, United Railways
Investment common and preferred,
Brooklyn Manhattan Transit common
and Pittsburgh Utilities certificates.
American water works common,
which has recorded an extreme gain
of twenty points in the last week and
more than doubled the years low. fell
back about 3 l. points on prof1t-taking
with drop of / i in the 8 per cent
preferred.
steel shares Stiffen Slightly.
Standard industrials showed little
change. Steel shares were inclined to
stifen slightly on reports from the
steel centers that the industry showed
indications of an upturn. Strong
spots in the specially list included
Schultz Stores. Otis Elevator pre-
ferred. McCrory stores preferred and
international Nickel all of which sold
at their best prices of the year.
French francs stiffened slightly in
anticipation of developments on repa.
ratiOns at today's meeting of the pre-
miers of France and Great Britain.
but the other principal European
rates showed only nominal changes.
Demand sterling ruled around sA33
and French francs were quoted just
above $40 cents.
The weekly clearing house state
ment showed increases in most of
the principal items. Loans discounts
and investments rose s21,049 900; re-
serve of member banks in the federal
reserve bank. s2l,57s. 900; net demand
deposits, s33,576, 600, and time de-
posits S4.246.Oo0. Cash in own vaults
dropped 1853 900 Aggregate reserve
totalled $627.1O5,O 900. leaving excess
reserve of 52,973,42O, an increase of
SI6S3-h2