The Washington herald., 1922-07-07
RAILROAD SHAI8
DISTINCTLY FRllU
in BROADER RAnE
Phenomenal Gains Cpu-
sidering Dormant Stu1s
Of List, Are Recorded

&01k- Juy e~xU~U
stock market was Of . paAiss<,v o.
ferent conpiexion from shss, - sas
past two weska rns pana q
trading was broader ana snsrs 49,
pronounced strength IN . nunbsr
Of Issues. especially in ths rafIresx
shares Some OF the szyzness IN ths
latter group In fact vers pnsnoms-
nal considering their dormant char
acter even during the sessions ef .
month or more ago. when th> In
dustriais were making new hfrhs
on almost every ssls. Buyinf va
apparent early In the dsy In Louis-
Vile and Nashville. and q nttis later
in Atlantic Coast Line. ana these
two issues scored the most sensa-
tionai movement among the rail-
road shares. But shortly sftsr noon
many Of the other rails began 90
exhibit signs OF life. ana durins the
last two hours Of trading they al
most monopolized the tape. Call
money opened at az per cent and
was reported 70 be In good supply,
but the rate was advanced 20 az
per cent about 1850 and was then
advanced successfully to <& and 90
s per cent shortly before the close.
B~yfy Trade.
Transactions during this morn
ing's trading on the stock exchange
were In greater volume than for
some days past. and buying orders
road group. 90 that the tendency Of
market displayed something OF the
same tendency as during the pre-
vious day. both activity and prices
tending to slack on after the open
ing hour. However. this tendency
was not % marked as in wednes-
days market the gains OF those
issues which advanced At the open
ing were more generally held. and
q few stocks continued 20 exhibit
strength There was more ceiling
OF Mexican Petroleum and the Pan
American issues. but the movement
OF these stocks was ignored by the
rest Of the market
The entire railroad nst was strong
this morning. but Louisville and
Nashville and Atlantic Coast lane
led all the rest with advances OF 6
and AZ points, respectively.
UnnIIed Steel Toansr~.
Estimates OF the untitled tonnage
Of the Steel Corporation ss OF June
80. an officisi report Of which will
be published on Monday. were re-
vised upward today by the Street
Up to the present IL has generally
been assumed that there would be
no substantial increase IN the cor
poration's bookings. and in fact q
slight decrease would have sur
prised few persons IN the financial
district Today. however. a report
was in circulation TO the effect that
the statement viii reveal an IN
crease of between Ioo. 900 and $50
900 tons OF untitled orders. II this
Representation turns out 20 be
correct. IL will 20 far toward es-
tsblishing confidence In the imme-
diate future OF the industry.
Recent activity in General Motors
has given rise TO q number OF ru-
mors concerning the position Of this
company. and the policy TO be fol-
lowed In the matter Of dividends.
Rumors that q resumption Of oivi-
dends on the common stock 10 con-
templated were set at rest this
morning by a statement which was
described in some quarters az prac-
tIcally an oficisi announcement that
further houseclesning IN the mat
ter OF writing down certain plants
and other property remains 60 be
done. and that while operating prof
it's are satisfactory the process Of
writing OF assets carried at what
the directors feel 10 an unduly high
figure will absorb . large part OF
the years net
Southern Railway Esr.fnEs.
Just how far and how fast the
South 10 coming back 20 something
like prosperity 10 well illustrated In
the gross earnings Of the Southern
Railway System. published this
morning. For the fourth week In
June the systems gross Increased
no less than s775.ooo over the cor
responding period OF last year.
Oricisls OF the Mexican Petroleum
Company denied reports published
that the compsny's stock would be
exchanged for Pan American B
stock on a basis OF ~ shares OF the
latter for / OF the former, and that
Mexican Petroleum would thus be
removed from trading on the stock
exchange.