Evening star., 1924-06-26
u. S. STEEL is LEADER
IN MARKET ADVANCE
Wide Range of Stocks Reach
Higher Levels in Trading
= Largely Professional.
CHEAP MONEY AIDS RISE
Recovery in Farm Prices Called
Vital Factor.
BY STUART r. WEST.
pecisI Dispatch TO The Star.

special DIspatch 10 Inc StAr.
NEW YORK, I June 26.-Today's
stock market was the strongest thai
has been seen in some time in the
sense that an unusually large mum
Der of issues at one stage or anotnel
were taken up. 1t was no longer
case of centering attention upon a
few particular groups. Interest was
continually shifting from one set oil
stocks to another. but the result was
to give the impression of more gen
cral and better distributed upward
tendency.
Steel Dominates Market.
Steel common dominated the mar
ket, and under its lead the whole list
took on greater confidence. The al
vance in United States Steel and the
accompanying rise in independen,
steel stocks. like Bethlehem, Gull
States and Republic, was in the ma
ture of belated recognition or We'd
nesdays trade reviews. These had
made il clear that the bottom of the
recession which started in March had
been reached. and that, while not
much of an Improvement mlSht pt
expected right away, prices were
hardening and new business was com
ing in little more freely.
American Can Crosses.
American Can was bid up across
little buying TO put Baldwin Loco.
motive up > points. The government
suit against the oil companies on
the charge of violating the anti
Oil stocks went forward with the
rest, Cosden and Marland taking the
lead. Unusual activity at higher
prices in Transcontinental Oil drew
attention again to the possibilities OF
lew oil discoveries in the company 5
Tnlnraln a,fi ls ThnSa
studied into this situation think there
is a good deal in il.
SpecinIties at New High Marks.
Among the specialties Woolworth
and Savage Arms made new highs
for the year. Buying in Brooklyn
Manhattan Transit preferred, whlch
carried the stock to 20 for the
tractiveness of the yield under money
market conditions, where risks must
be taken if there is to be anything
like a high return. Schultz Retail
stores had another jump, getting
over all disappointment that negotia
tions with the United Cigar Stores
had been broken off. The full
per cent dividend has been declared
ahead for the current year, but this
would not preclude some sort OF an
extra distribution. The strength OF
International Harvester and the re-
NlNdl OIL interest III
stock were connected naturally with
the Improvement in the agricultural
outlook.
c. & o. Advances Points.
Railway shares fully held their
place in the market of the day. New
York Central made d new high and
Lehigh Valley was prominent CheS
peake and Ohio went forward nearly
points, and Northern Pacific, on talk
- la@ otoI
by the rise in farm prices. was ac-
lively bought for time. Going
through 24A. New Haven sold at
a new high for the year.
The rise in wheat carried prices
to the highest of the year. Combined
with the remarkable jump of the last
two days, in corn and oats, it gave
a picture of an altered farm situation
which was very appealing to the Sc
cUrity markets. Stocks representing
companies whose principal custom is
with the farmers were among the
strongest in the list These included
the shares of agricultural implement
makers. of mail order concerns and of
certain railroads, the prospects for
which have obviously been improved
by the 20-cen tS-a- buShel advance in
wheat.
Market Mainly Professional.
In today's further upward drift the
SLDck tSCndnSG was It's
conviction upon three points-irst.
that nothing menacing to the busi-
ness future would come out of the
Democratic convention; second, that
in many of the important indus
trialist lines, the downward move
ment of the last few months was at an
end: and third, that the recovery in
farm prices was constantly assuming
more Importance in its bearing both
upon politics and upon trade.
IL was still. however. mainly pro-
fesSional market. Following the new
high in Brooklyn Manhattan Transit
preferred. Interborough Rapid Transit
issues were bid up sharply in the
last hour. There was also unusual
activity at higher prices in Fifth Av-
enue Bus. An increase in fares is
not yet seriously contemplated, but
the action of the rapid transit COM
mission in allowing the New York
and Queens road to raise it's charges
has had a favorable sentimental ef-
feet.
MARKET CLOSES STRONG