Evening star., 1925-05-22
MOTORS AND RAILS
! Do BEST AT CLOSE
Jersey Central Soars-Amer'
ican Can and Mack Truck
Make New Records.
By STUART L. WEST.

Special Dispatch to the star.
NEW YORK, May 22.-The stock
market today continued generally
strong, with interest centered in the
oils, some of the motors, several OF
the railway shares and numerous spe-
cialtieS The volume of business held
up around the high levels recently eS-
tabliShed. AS the speculative follow
ing increased there appeared to be
considerably more protit-takinS going
on by people who had bought stocks
AT the inception of the current up
swing.
Rail Shares Active.
The swing into the rails was by no
means general, but, in view of the
large public interest in this class Of
stocks, it was the most important de-
Velopment of the day. New Haven
above 34 on a large turnover was
following the recent upward move
ment in the bonds. Wabash common
was actively bought just above % on
The usual merger talk. The Reading
shares came in for good deal more
attention and people were buying
Reading second on the age-old argu-
ment that this stock might be called
in, according to the provisions of the
charter, in exchange for half common
and half first preferred. On the basis
of today's prices, figuring in the
rather notable advance in the COM
mon, this would have worked out a
value of 90 for Reading second.
whereas the stock was actually sell
ing some II points lower.
Texas Company Leads Oil.
The overnight announcement that
California Petroleum preferred was to
be retired at 120 plus dividends had
evidently not been discounted, al
though it was not all unexpected. The
stock sold close to 123, as against
1875 at Thursdays close. On the
other hand, the prospect of new COM
mon stock being created in sufficient
volume TO take care OF the pre-
ferred had a depressing effect on the
former. The feature among the oils
was Texas Company, which ran up
almost to 40, where it encountered a
lot of profit taking from those who
had bought high, months ago.
Pacific Oil was sold rather freely
on the news that the dividend rate
had been raised from 81 10 So. Pure
Oil was active above 20, and Sinclair
at %. Pan-American b, Phillips
Petroleum and Texas Pacific Coal
and Oil came in for a good deal OF
attention.
Packard Motor Crosses 2o.
Among the motors Packard crossed
25 on the official confirmation of re-
ports that the preferred stock was
being called in at 10. The Pierce
Arrow made new high prices and
Mack Trucks renewed its advance.
The immediate objective in Electric
Power and Light appeared 10 have
been attained with the conversion
of Utah Securities. Electric Power
stock sold off somewhat sharply.
u. S. Cast Iron Pipe was bid up
and so was Universal Pipe and Radl-
ator. A notable advance occurred in
Park & Tilford and in May Depart
ment Stores. National Distlllers' Prod
ucts made a new high for the year.
L. S. Industrial Alcohol sold above
80 for the first time.
Consolidated Cigar sold at it's high
est since 1922 on reports that the
company was showing proht OF sS
a share. No dividends have been paid
on the common since 1921, when
12 per cent quarterly rate was dis
continued. Dividends of Z per cent an
nually are being paid on the preferred.
In 1921, when the common was still on
the dividend list, the stock Sold ABOVE
So.
Motor Rumors Revived.
There was a revival OF discussion
about General Motors. Much was mace
OF its very strong cash position, its
current earnings and the large volume
OF business being done. The street
looks for an increase in the dividend.
In one quarter it was said that the
stronger motor companies do not yet
appear to have fully discounted the
phenomenal business in the motor IN
dustry." The rumor persisted that
General Motors Corporation was inter
ested in acquiring Mack Trucks.