Evening star., 1924-06-11
RAIL LIST HEADS
+ ADVANCE IN STOCKS
Several Issues Score New High
Marks Today on New York
Exchange.
MUCH SHORT COVERING
Reduction in Crude Oil Prices Ap-
pears to Be Discounted.
MUCH SHORT COVERING
BY STUART p. WEST.

Special Dispatch TO The Star.
NEW YORK, June 11.-Improved
feeling over the political outlook
and recognition of the fact that un-
favorable trade news was ceasing to
have effect. were the two dominant
motives in the stock market today.
There was great deal of short
covering in stocks which during the
last few weeks had been objects of
professional attack. There was also
much fresh buying, especially in the
railway list. A number of the rails
either made new highs for the year
or came close to doing so.
Union Pacific, with an advance of
more than points, was the leader of
the old line dividend-paying railway
shares. Atchison, New York Central
Pennsylvania and Southern Pacific
we're not far behind. All these stocks
were unusually active. the absorption
of large blocks of Pennsylvania
around and above AZ being especially
notable. Investment buying had a
good deal to do with the rise in this
quarter.
Southern Common Reaches go.
southern Railway common reached q
60 for the first time. Even at this
than SL per cent, and considering
the outlook for continued prosperity
in the south and for continued large
railway receipts, the stock was sun
regarded as attractive, classed as
business mans investment.
The st. Louis and San francisco
shares, the Erie. Rock Island, the 81:
Louis Southwesterns, the missouri
Kansas and Texas stocks and Pere
Marquette were all in demand at ris-
ing prices Missouri Pacific preferred
made a new high above AZ, although
it was hard to see how there Wouid
be sufficient Justification for early
dividend payments. The accompany
ing advance in Texas and Pacific and
New Orleans and Texas and Mexico
revived interest in the reports OF a
combination including the Missouri
Pacific-reports which have not been
denied.
Steel Goes Above 9G.
Among the industrials, the prin-
cipal gains naturally occurred in
stocks where short selling had been
most active. The bears were intimi-
dated rby the refusal of stocks to
20 down on bad trade news. The
reception accorded to Tuesdays re-
port on United States Steel tonnage
had made a particularly strong inn
preston. Steel common crossed 96
today. and other steel shares were
bid up under short covering.
The oils were higher. but were
not as conspicuous as other groups.
In the speciality class a sharp jump
in National Lead. active buying Of
Mack Trucks, strength of Savage
Coca Cola were features. Special
buying appeared in United States
Industrial Alcohol on favorable trade
reports. Dawson Chemical had one
of its characteristic upturns, and
there was further short covering in
Stewart Warner and other of the
motor supply stocks
Mack Trucks Earnings Up.
Buying of Mack Trucks was in
duced by preliminary reports that
the earnings of the company for the
first six months will fall very little
below the record figure of 1923 a
share on the common in the first half
of 1928. For the full year. Macks
balance on the common is expected
to be only about IS share under
last years results. The motor truck
industry, as trade reports have in.
dicated, has fortunately escaped much
of the recession which has occurred
in the past several months in the pas
senger car business.
The 15-centa- barrel reduction in
Smackover crude oil, announced late
Tuesday, received little attention in
the stock market, although it was in
line with expectations. Those who
had been predicting further lowering
of crude prices since Magnolia Pc
troleum's recent price cut, regarded
the Smackover action as an indication
that bottom had been struck in both
the crude and refined oil price move
ments. However, with the feeling
toward the oils as we'll as other quar-
ters of the industrial list decidedly
more favorable, Wall streets view
was that this latest reduction had
been fully discounted.
The Wilson & Co. bankers commit
tee has secured agreements for re-
newals of $1,000, 900 more notes, which
brings the total renewed to date up
10 S26,500,000, against $31, ,000,00 out
standing 1t was reported that the
reorganization plan has not been def
nitely drafted, but is expected to be
completed in time to avert a receiv-
ership.