Evening star., 1924-07-18
RAILROAD SHARES
| HIGHEST AT CLOSE
Clippers and Shipping Stocks
Also Join in Advance-Up-
turn in Rubbers.
BY STCART Il. WEST.
Special Dispatch 10 The Star.

Special Dispatch 10 The Star.
NEW YORK, July 1S.-Railway
shares played the major role in the
operations on the stock exchange to-
day, receiving fresh stimulus from the
important ruling of the Interstate
Commerce Commission, refusing to al
low proposed reductions in western
railroad rates on grain and grain
products. The effect of this ruling
was, of course. particularly favora BILE
to the securities of the northwestern
railroads. and at the same time prac-
tically the entire railway list reached
top prices for the current movement.
In the Northwestern group Great
Northern preferred. NOthern Pacific,
Chicago Northwestern and the st.
Pauls all advanced sharply, in one
or two instances to the highest for
the year. The gains amounted to l y
TO over > points before realizing,
sales made themselves felt.
Rail Advances Spread
The advance in the Northwestern
rails was communicated to other
members of the group. with strength
in such high grade issues as New
York Central. Atchison and Atlantic
Coast Line. The medium and low
them reaching their best prices of the
year. Rock Island touched a new top
TO the accompaniment of stories that
the road would be merged with the
Southern Pacific.
Kansas City Southern crossed 30 for
the first time, and the St Louis South
western. Missouri Pacific and Mis-
souri,. Kansas and Texas issues all
gained ground.
Copper shares We're among the
strongest of the induStrials. Chile
sold at a new high and kennecott
Cerro de Pasco and the other ord-
narily active issues were bid up
American Smelling and the shares of
other companies which are engaged
either wholly or in part in the pro-
prominent. In this group American
Zinc preferred and Federal Mining
and Smelling preferred were at their
highest
shipping Shares Strong.
International Mercantile Marine
American international and American
Ship and Commerce shares all went
ahead in another wave of buying
Marine preferred's upturn was es-
pecially sharp, fitting in with the
improved conditions in the ocean
Irelsht business. Leather stocks.
Leather preferred and the American
Hide and Leather preferred lettering
their previous tops for the season.
The foreign exchanges f1uctuated
uncertainty. The best that could be
said was that the more pessmistic
tone in some of the London cables
as to the outlook for favora bl le
conclusion TO the allied conference
was not reflected in the quotations
for sterling or francs.
An upturn on the rubber and tire
shares was based upon more favor
able reports from the industry re-
gardlnE earnings and the improve
mont of company finances. GOODYEAR
preferred advanced in response to a
report that the 26 per cent accrued
dividends on the preferred would be
capitalized and IA cash dividend paid
on the entire issue of stock. United
States Rubber. it is estimated, earn
ed between SO and 81 a share on the
common in the first six months. which
exceeded the full years results in 1928
Lima Locomotive Gains.
IT was apparent that special in
huenceS We're at work in Lima Loco
motive. In 1928 earnings equaled
over S11 a share, as against the 81
dividend disbursement, and it is es-
timated that profits in the past six
proximately SO a year. Lima has
been more fortunate recently than
Baldwin, at least in so far as it's abil-
ity to demonstrate any appreciable
earning power is concerned.
Railway shares reached their high
est in the afternoon trading on the
stock exchange. While the stocks of
Northwestern carriers continued in
favor, new tops were made in such
high grade issues as New York Cen
trail, Atchison, Atlantic Coast Line
and Southern Pacific. The advance
in rails, extended to as much as 3
points and all classes of securities
participated.