Evening star., 1924-09-09
IN MAINE
| AIDS WALL STREET
Railroad Shares Are Extra
!Strong-New Low Records
7 in Some Stocks.
BY STUART II. WEST.


Special Dispatch to The Star.
NEW, YORK, September 9.-Tht
Maine election results were pleas
ing to Wall street, and prices were
bid up in the market today starting
at the opening. Buying was quite
urgent for time, steel common or
the first few sales gaining a poin,
and half. Baldwin Locomotive two
points and the more swiftly moving
specialtieS like General Electric and
American Water were as much as
four points.
Result PIeases street.
In the view of the financial com.
munity the outcome in Maine sup
ported the idea of this being nor
mai presidential year. Railway
shares, representing as they do, in
vestments which have more at stake
than any other group with what hap.
pens in November, were particularly
favored. Union Pacific at 140 was uI
nearly 3 points from it's recent low
New York Central across 108, was uI
over 2 points and Atchison, Reading
and Canadian Pacific were notably
strong. Among the low priced rails
Western Maryland second preferred
stood out prominently on the re-
vival of discussion of the road en-
teTlnS consolidation.
Lacknwanna Leads Rails.
The real railway leader was Della
ware. Lackawanna and Western, Ia
which the buying have been very
persistent for A week or more past
This buying has been associated with
reports that the road is going either
into the Nickel Plate or some other
combination. and that before doing
SO it will distribute its extremely
valuable treasury assets. There was
some revival of interest in New Or
leans, Texas and Mexico, which, il
the deal with the Missouri Pacific is
approved, would be valued at 12O in
Missouri Pacific Z per cent notes.
Numerous Weak Spots.
Despite the main tendency toward
recovery there were numerous weak
spots. Coco Cola was one of these
and Allied Chemical another. Ameri-
can Woolen was freely sold as soon
as it rallied at all, and Daniel Boone
Woolen Mills made a new low in
preparation for the passing of its
dividend. New low records were
made in American Sumatra stocks
apparently getting ready for the pub
lication of the results of the COM
pany's fiscal year ended July 81
=.
be anything but pleasing
Another outburst of selling occur
red in Allied Chemical and Dye Cor
porAtion common stock. Much of the
recent selling in this stock has been
attributed to the closing out of a
minor pool, while insiders are stand
Ing by and making no efforts at cur
rent market prices to stem the little
tide of selling in The stock Earnings
for 1924 are expected to compare IA
Vorably with previous years.
International Cement Stronger.
The third quarter earnings of
International Cement will be at the
rate of between 81 and sS a year, a
record for any three months in the
company's history. In the first half
year dividends were covered with a
comfortable margin; for the full Il
months they will probably be COW
cred almost twice over.
Pittsburgh Coal, once a fayorite
among industrial specialties, has been
almost entirely ignored in stock mar
ket dealings for the past several
months. Since April the company
earnings have been poor. In fact, it
is reported that it has been operating
IN red figures during 1924, due to the
distinctly unfavorable conditions in
the union coal fields in it's producing
territory.
Seek to Boom Oil Shares.
weakness in National Enameling
stock was the result Of the receiver
ship of st. Louis Coal and Coke.
The preferred broke points from
the last sale. Reduction of the
Chandler Motor dividend from a Sc
to $3 basis was pretty we'll in line
with anticipation. but there was fur
ther selling on the announcement.
Commission house advices con-
tinued optimistic on the oil shares,
and these were reflected in a further
moderate advance of point or more
in some instances. The buying of
Marland around 35 and of Phillips
Petroleum around 81 was noteworthy.