Evening star., 1924-07-28
STEEL COMMON
STRONG AT CLOSE
Midday DuI|ness Cast Off in
Last Hour-Irregularity
Leads to Caution.
BY STUART p. WEST.

Special DlSpatch 10 Inc Slar.
NEW YORK, July 2S.-The movement
of prices on the stock exchange today
was less orderly and with an increas-
ing tendency toward irregularlty.
Although the trend was still upward
and many new high records We're
made, interest shifted from one group
of stocks to another, and in spite of
a succession Of bulltsh demonstra-
tions the list as a whole appeared
under the influence of speculative
cross currents. In some quarters OF
the Street a technical reaction had
. been looked for at the outset OF the
week.
The realizing, which went on IN the
rails and in some parts or the lhuuS-
trial section was thought TO De 1ur-
nishing a corrective, needeu alter su
Sririt,d an upsWlnS as mas occurred
the past few eekS. Meanwhile the
sugars, copperS, fertilizers some OF
the motors mail order shares and a
large number of specialtles were
pushed up vigorously.
Sugar >tocks Popular.
Sugar stocks and bonds were par
ticuIar favoriteS. Cuban American
Sugar common was a feature on the
stock exchange selling at new top.
Cuba Cane preferred and Punta
Allegro also kept active. The likell-
hood of higher Cuban raw sugar
prices, which have been low as com
pared with other commodities. was
the motive behind the continued buy
ing in the sugar group. Sharp ad-
vanceS occurred in sugar futures to-
day.
kennecott Copper at its high or
lhnEp
last weeks bottom tgure and at an
absolute top for the year. Other
metal shares attracted further buy
ing. including Utah, which bettered
its previous high. All through the
past week the factors behind the
advance in copper securities have
been made plain in 50 far as W ali
street was able to distinguish them.
The mo important consideration has
been the possibility of settlement
of the reparatiuaS problem, opening
the way for even greater consump-
ti"n of copper metal
American Agricultural Chemical
stocks We're bid up sharply on the
broad assumption that the fertilizer
business faces a decided change for
the better
Steel Common Strong.
oil shares as a group were not
particularly disturbed by the an
N'tt
and Gas and the Sinclair Crude Oil
Purchasing Companies had reduced
crude oil in the Nidcontinent district 10
to - cents a barrel Among the
motors Pierce Arrow preferred sold
III a new high for the year, and there
was special buying also in the Max
we'll Motors issues. These moves had
nothing in the news to explain them.
They were simply characteristic OF
the general trend.
In the last hour United States Steel
common, American Can, Baldwin
Locomotive, American Wooden and
United States Cast Iron Pipe were
taken up, and the market cast off
from its midday spell of dullness.
steel common, carrying with it Gulf
group, rose Enthusiastically to a
level above where it sold at any time
last week.
Mail Order Shares Active.
Again today buying of the stocks
representing mail order department
store and chain store companies was
conducted on large scale, and prices
in the group in most instances rose to
their highest. There was nothing g
during the day in the way of earn
ings figures to subStantiate the claim
that these companies We're eXperi-
cncing increases. Nevertheless from
mercantile reviews and from latest
taiHiiS Stdteillehtss as dlldple LII E
street has drawn bright picture of
the future of these companies.
The shares of companies engaged
in the production or transportation of
coal stood out prominently, the per-
forrnance Of D., l.. &z w; d. & II.
and Philadelphia and Reading Coal
and Iron being particularly noticed.
Within the last week or 50 the pros
pective movement of coal h s at
tracted cUnsid erable attention.
MARKET CLOSES FIRM.