Evening star., 1924-06-18
LIST TURNS HEAVY
IN CLOSING TRADING
Slowdown in Industry Used as
Bear Factor During Drive
Against Stocks.
RAILROAD SHARES ACTIVE
Public Service Issues Weak for
First Time in Two Weeks.
by STI ART =. WEST.

Special Dispatch t" The star
NEW YORK. June 1S.--Railway
shares came to the front in the stock
market today following the signs
Tuesday and again this morning or
showdown in the industrial quarter.
This time. il was the standard divi-
Gend payers that were favored.
The buying of southern Pacific,
noticeable for several days, was
again conspicuous, carrying the stock
10 its high of the year. The street
is already lie ginning to talk again
about an increase in the dividend, al
though in View of the uncertaintieS $
in the situation. this discussion would
seem to lie at least very premature.
Atchison and New York Central were
more active at higher prices ana
Norfolk and Western rallied after
dropping below 120 early in the day.
Among the low-pric"d d speculative
rails realizing sales appeared to De
over in Rock Island and the stock
rallied II wa influenced ny the
strength in southern Pacific because
nt the fact that the two roads now
are. regarded as mer" possibility
at no distant time.
H.IustriaIs nscttled.
Irdustri~' shares We're irregular
with alternate periods Of heaNintsS
and Steadin.S Operations ioI the
ris, continued in Tohacco Products.
wh.ch around g.: was at It's hlShest
for some time schultz Retail stores
was also strong on the marked IN
crease shown in the report for the
FIVE months ended MAY 81 in tn" COM
rany's errninGs. The total sale were
Sl2.79?.35l. compared with slo.b24,-
~ in the same period OF 1873.
The effect of The passing OF the
Kelly Springfield per cent divi-
dend on the previous day was felt in
Rubber first preferred. whi6 n was
weak, although those supposedly pest
informed insist that the regular
declaration will be made at the meet
ing on July 3. on the other haad
GOODYEAR per cent preferred "ad
quite a little rise. The fo"dNear
Company al through the SLUMP in ne
tire bus ness has been credited WIN
being romDarativ"ly well tlNed
Atlantic Refining Breaks.
Anon. the srerialties. pool activi-
ties We're given credii for the sharp
j. dding up of Mathieson Alkali. re
remarkable motemCnt in the new
Wentworth stock was abruptly
brought TO an end and at one time
il was selling nearly five points un-
der its high The break in Atlantic
Refining 10 new low was ascrIhed
to special causes and had little effect
upon thu other oils
Current quarterly earnings of Sloss
AT the rate of we'll over s5 Il share.
according to most recent estimates
The second quarters net income Is
expected to be over twice the com
mon dividend requirements. after all
charges and allowance for the pre-
ferred
Dry Goods Sales Improve.
Business OF Associated Dry Goods
in Nay exceeded expectations and the
carly june business showed improve
nentS Oter May.
cross income the first five months
was higher than in the correspond
ing period year ago. and net was
only slightly lower. Ability TO re-
place goods on falling markets and
at the same time dispose OF them
at favorable profit margin has been
reflected IN an unusually well sus-
, tanned earnings cap city.
Further selling in Atlantic Refining
carried the stock TO the lowest point
reached at any time since its admiS-
sion to the stock exchange. In 1923.
after a 900 per cent stock dividend.
Atlantic Refining common at its low
was quoted at 9S3.. Atlantic Refin
ing. gossip had it, can no longer he
regarded as a Standard Oil stock be-
cause of its independent stand. If
Atlantic Refining is any less stand
ard Oil unit now than it has been in
the past. it is news to the rank and
file of Wall Street.
In one quarter today the comment
was made regarding General Motors
new policy of issuing monthly reports
that lin little while ii big company
viii he 'opl-"d upon und"Serving Of
confidence that won't fall in line with
the new idea.
Grain Advance Most Vital.
Without doubt, the happenings in
the grain tr; Il were by far the most
important. The advance in wheat has
been virtually continuous since the
publication of the government report
ten days ago. 1t has carried prices
up over / 3 cents a bushel. The days
upturn in corn was even sharper than
in wheat.
The most important contribution
in the trade news of the day was the
weekly summaries of iron and steel
conditions. The picture drawn by the
Iron Age was rather dismal.
In the afternoon the buying move
ment in the rails subSided and the
whole list became heavy. For the
first time in nearly two weeks the
public service stocks were reaction
AIRY. The one exception was Brook
lyn Union G"s. which made a new
high around 66.