Evening star., 1924-06-25
OILS THROWN OVER;
OTHER STOCKS FIRM
Railroad Shares Arouse Most In
terest in Today's Trading in
Wall Street.
STEEL OUTLOOK BRIGHTER
Advances Well Maintained Up to
Closing of Session.
BY STUART r. WEST.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June 25.-Railway
shares continued today to arouse the
most interest in the market. No Off
cial confirmation was given of Tues
days report that the Van SWeringens
had secured control of the Erie. But
in view of the fact that there was no
denial, the street still believed that
this was true. Erie shares themselves
were not much further affected, but
Pere Marquette stock ran up sharply,
this road being supposed to hSure
in the deal. The street had its mind
on other possible railway combina-
tions. Ontario and Western made
new high above 81, the report per-
siSting that the New Haven is to sci
the controlling interest to New York
Central. This control cost New
Haven over $40 a share.
New Haven Mt High for Year.
New Haven stock made new high
for the year. above %. The reason
was found in the May traffic state
ment,I which showed, despite an in
crease of nearly $1,500OO0 in gross
revenue, net operating income very
little down from the month year
ago. This was accepted as evidence
that New Haven had secured such
control of it's operating expenditures
that it was able to offset gross de-
creases by reduction in outlay.
Missouri. Kansas and Texas stocks
were actively bought at new mgr
figures, although the dividend on the
preferred seems remote. There is
much better chance of something
being done on St. Louis and san
Francisco preferred, which. along with
the common stock, constituted a
crossed crossed so and Southern Railway
common continued it's remarkable
rise.
Heavy Selling in Oil Group.
Among the dividend-paying issues,
New York Central reached los. Union
Pacific was up over point. North-
ern Pacific and Great Northern pre-
ferred reached the best they nave
sold at in some time. because u INC
improved outlook in the NORTHWEST:
A moderate advance occurred IN tne
steels. equipments and other leao-
ers But an unsettling influence DE,
yeloped later, when 1t was ANNOUNCE
that the government had nleu SUI 1iI
against a number of the standard Oil
companies. This brought heaVy Sell-
ing in the oil group in general; Losses
of point or more in the olls na'u
rally had an unfavorable reactioh III
other parts of the list.
Grain Market Strong.
The most significant happening or
the day, however, lay outsioe .io
market that furnished the principal
interest. The advance continued IN
farm prices, which has been alto
gether the most important deVelop
ment of the last month II was not
felt so much in wheat, but the July
corn option drew across the 9o-cehI
level, and a very sharp rise occurred
in oats The advance In corn since
the first of the year now amounts 10
in cents
a bushel. This, coupled with
2o-cent gain in wheat, has altered the
picture of agricultural conditions TO
an extent that nobody but self-seek-
ing politicians would fail to acknoWl-
edge.
Railroad Stocks Feature.
The outstanding feature in the
strength in railway shares in face OF
what ordinarily would be CONSIDERED
adverse influences. The RepupllcaH
convention at Cleveland announced
itself in favor of lower frelght rates.
Judging by the speech of the Demo-
cratic temporary chairman Tuesday.
the Democratic platform will contain
a similar plank. Certainly II there Is
to be a third party, one OF It's main
declarations will be the repeal OF tne
Esch- -Cummins law, with all that
this would mean for the future safety
of railway investments.
1t was hard to reconcile the buying
of railway stocks and bonds with the
political situation, except on the as,
sumption that Wall street has figured
out the election probabilities. and
does not believe that there is any
chance of such an overturn as would
result in the resembling Of the present
transportation act
Steel Outlook Brighter.
The advance in stocks, especially
that in rails, was well sustained
through the afternoon. Selling of the
oils, such as it was, had no disturb
ing effect upon the rest of the mar
ket. For the first time the two lead
ing steel trade journals in their mid
week reviews agreed that the bottom
of the reaction was very near at hand,
if il had not been reached. Demand
for certain steel products has begun
to pick up and prices are steadier,
while buying of pig iron has increas-
ed very materially.