Evening star., 1924-06-23
WALL STREET LIST
, TURNS IRREGULAR
Convention Given as One Cause for
Dull Trading and Lower
! Prices.
EARLY TRADING STRONG
First Railroad Statement for May
Is Made Public.
BY STUART p. WEST.
nenial nisnatch to The Star.

epeeial Dispatch to The star.
NEW YORK, June 23.-Wall street
began the new week with an uncer-
tain tendency in the price movement
but without any enthusiasm over the
immediate outlook. Very little change
occurred for the first hour or so, then
the stock market became very irreg-
ular. Profit taking was apparent in
stocks which had been favored in the
buying last week, among them
Coca Cola, Industrial Alcohol. Schultz
Retail Stores, Consolidated Gas and
Cast Iron Pipe.
Southern Mt New High Mark.
The upward swing in the rails was
brought to an end, but not until fur
ther conspicuous strength had been
shown in several instances. Nickel
Plate crossed 8 for the first time,
and there was some suggestion OF a
dividend increase Chesapeake and
Ohio was drawn along sympathetl-
Cally The Erie issues were In de-
mand al top prices and Southern Rali-
way common made a new hlSh. Later
in the day realizing sales bore down
upon the railway section as Wei as
upon other parts of tie list, making
themselves felt in stocks like South
ern Pacific, New York Central, Atchl-
son. Lehigh Valley and others which
had been prominent at various stages
of the recent advance.
Public Utilities Slow Up.
Public utility stocks experienced
the same check as other groups. One
OF the exceptions was international
Telephone and Tele legraph, which again
crossed rs. The upward move appeared
TO be merely readjustment in ac-
COrdance with the low interest rates.
Public Service of New Jersey was
evidently running into a lot of stock
around 55. and Philadelphia Company
was meeting opposition above AS.
Brooklyn Manhattan Transit stocks
were again strong at new high prices
for both common and preferred.
MathieSon Alkali reacted sharply
following the publication of this dis
patch of what are believed to be
the facts regarding the contract for
the oil refining process with the
Pan American Petroleum Co. The
truth appears to be that the amount
which Mathieson will receive will be
insignificant and quite insufficient
to warrant any such rise as the stock
had last week.
Break in CuynmeI Fruit.
The break in Cuyamel Fruit was
due to the fact that the fruit busi-
ness, like the sugar business. has
been going through a period of reac-
tion. Talk of new financing accom-
panied the fall in Atlantic Refining
below 90. Montgomery Ward was
strong for a time the result of
disclosure in it's recent monthly
earnings statement that its business
is holding up exceptionally well.
The reason commonly ascribed for
today's decline on the stock ex-
change was the uncertainty of the
political outlook. This was the most
convenient as well as the most timely
pretext Just how much truth there
was in it was doubtful.
Professional Wall street looking
for an excuse for turn to the selling
side, laid stress upon the McAdoo
he made the customary attack upon
the financial district and urged the
repeal of the Esch-Cummins railroad
act. There was nothing, of course, in
the least new in the enuncia ton of
this program.
Railroad Decline Moderate.
The market has known all along
that McAdoo stood for the abolition
OF the present transportation law
with its safeguards for railway in
vestors. 1t has not allowed itself to
become upset over the possible sue
cess of his candidacy, on the contrary.
railroad stocks have stood out more
strongly than almost any other
group. The decline today was quite
moderate and no more than was in
keeping with a minor downward re-
action.
Prices went lower because there
had been considerable advance in
the fortnight preceding. and because
the surroundings were not suitable
for what was no more than a natural
recovery, emerging into a bull mar
ket"
The stock exchange dealings had.
then. a two-fold significance. They
meant. first. that Wall street was
political campaign. They meant sec
ond, that it was waiting for riore
assurance that the trade recession of
the last three months had fully run
its course.
First May Report Out.
The first May railway statement
that of the Southern Paci1c-attract-
ed much attention for its bearing
upon the question of general decline
and secondly upon the policy OF rail-
way managementS regarding main
tenance appropriations. Decrease in
the Southern Pacific gross of s1,660,-
600 from the month last year was
quite in keeping with the known
comparison of trade activity The
more interesting point was that the
May gross was down very little from
that of April.
On the other hand, net operating
income in May was reduced $500, 900
from the month before and s1,170,000
from the month in 1929. This demon
strated that in the case of Southern
Pacific expenditures for property i'm
provement were not being relaxed on
account of general business conditions.
MARKET CLOSES HEAVY.
Breaks in Atlantic Refining Has