Evening star., 1922-06-24
CLOSING IS firm; Q
GA|NSARE Scored
Oils and Rails Feature
Speculative Interest in +.
Dull Session.
BIZ STUART r. WEST.

Special Dispatch to The star. ,". =.
NEW YORK, June A.-Frtrene
weakness again in the foreign en-
changes, continued reaction In cottoA
and conspicuous strength In the rails
way shares on the stock exchange
were the leading Incidents in the
financial situation today. It waS
probable the assassination OF the
German foreign secretary had sonse
sentimental effect upon the exchanges
movement. But, undoubtedly. te
merely accelerated a decline which
would have come about in any event
German marks at 2SA compared with
the previous low for all times at the
close of March. French francs at
$40 were down nearly a cent from
the high at the outset of April and
within half cent of the low of
January. OIL
In other words. the franc has now
lost two-thirds of the entire gain Of
1922. Sterling, joining with thS
weakness elsewhere, dropped down
to the low point of the first reaction
l3 cents in the pound for the sea-
sons high. ,r,
Foreign Exchange Factor. =.
Although the strength IN exchange
rates was an obvious warning res
garding Germany's precarious posi-
ton, now that an allied loan is IN
definitely postponed. it had no nos
ticeable effect upon the security
market Of the day. Industrial stocBs
We're irregular, with only a few
changes of consequence. Interest
shifted largely to the railway group.
in which a further striking advanSs
in New York Central was the feature
New York Central for some time past
has plainly been getting ready for a
larger distribution to shareholders. This
did not occur at the June meeting,
doubtless because of the railway labo.
uncertainty. 1t may be deferred to tbs
December meeting in keeping with prasS
tice which gave rise to the well remeE.~
bered phrase Of the old-time Wander
bilt Christmas present" oz
Strength I'm Rails.
The prominence and strength Of the
railway list was sufficient evidence o.
how the investment community regards
the threat of nationwide railway
strike" Evidently the market put mote
dependence upon the expression Of con7
fidence on the part of railway execu-
tives than in the scare talk Of unit9fii
chiefs
The excitement in Mexican Pete
quieted down, that there was rather
sharp recovery in the stock, apparently
in response to the statement OF the pres
ident, apropos Of the stock exchange iHs
quiry, in which he takes the ground
that the recent advance was fully war
| ranted by the present and prospective
earnings.
Leading transcontinentals, grangers
and coalers were again purchased by
commission houses Several OF the
motors and rubbers and tobacco speciaJ1
ties made moderate gains. The closing
was mfr a.
! sales appropriated 100000 shares 70 -
New York Central Leader.
New York Central was the leader 81
the entire market today. It sold moe
than two points above what had beSl
its previous high for 1922 until yestel-
day New York Centrafs present earn
/; inSs are running at the rate OF ABOUT 50
a share, but the big point is the equity
in it's subsidiaries. especially Michigan
Central and Pittsburgh and Lake Erie.
Michigan Central particularly could
AFFORD tc Increase its dividend distribu-
ton substantially and the increase
would all go into the New York Cen
trails treasury. Under the circumstances
New York Central could easily raise its,
own rate.
Rails Generally Strong. :.
The New York Central move quick
ened the entire railway share market.
Baltimore and Ohio. which could al
any time resume dividends, got across
50 again on large trading. Chicago and
Northwestern. which often goes with
New York Central. was unusually
active at rising prices. Southern Pa
cific sold above 80, and Union PACING.
Canadian Pacific and Reading were Az
strong. rs
Interest was revived in the story thai
a new rail merger is in prospect whice
will take in the Buffalo. Rochester ana
Pittsburgh, the Western MARYLAND: tnt
Wheeling and Lake Erie and the Clofe5
upon the stocks concerned.