Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-08-24
INTEREST CENTERS
IN RAILROAD STOCK
Steel Shares Lower, While
ca. erS and IndustriaIs'
Shares Ascend
BY STUART p. WEST.


Spenaf Dispatch TO The Star.
NEW YORK, August 24.-In to-
dA-'a stock market steel shares were
'cwe., while most of the rails and
l.us1'rer of the industrials were higher
This was the same sort of mixed
mo cement which has been going on
to- the last month. 1t was the sort
% thing which denotes professional
sp.cA7..on going rapidly from one
R-tu,s another, as contrasted with
pUb' C ouying movement which
would sweep forward the entire list.
Interest Centers i'm Rails.
Interest centered in the rails. The
notion was that with any crop sea,
sol N the Northwest these roads
mi1nt have a fair chance of resum-
irs, in part at least. the dividends
With they used to carry in the years
I,Fure 1920 and 1922. AT that time
key were feeling the full effects of
the great agricultural depression,
which was especially marked in the
Spring wheat States.
.,trthern Pacific, Great Northern
p'eH rred and Chicago and Northwest
IN all used to pay Z per cent. The
fIS, two are now paying and the
tn d 4. Northern Pacific made a new
high record for the year, as it crossed
90 on active trading. Great Northern
prefer red was steady. Chicago and
No thwestern had a large rise pre-
IioCsly and was under the influence
of profit-taking.
A Gibson crossed $50, but ran into
a lot Of stock and subsequently came
down. The Seaboard Air Line issues
were strong and active. So were st.
Louis-San Francisco. Rock Island
Wabash common, and Wheeling and
Lake Erie common. Seaboard was a
big feature, and was evidently moving
for special reasons.
Public Utilities Prominent.
Public utility issues occupied a more
plor inent place than they have for
son time. International Telephone
AZ L Telegraph was a leader, unusual
~ active as it climbed Brooklyn
Union Gas went up over . points.
North American was higher.
General Asphalt was heavily sold,
the eXpla nation being that favora BILE
rumors did not eventuate and that
there was a large speculative fol-
lowing anxious to take profits.
General Motors ran up sharply,
then lost part of its gain. Du Pont
fiuctuated in sympathy. Mack Trucks
was bid up, and Hudson Motor was
slightly higher. Studebaker and Nash
were up a point on more active trad
ing.
What seemed to be a sharp drive
against the market occurred midway
through the afternoon. For space of
Is minutes or so there was an an
pearance of weakness in the Specula-
tive industrials, while the rails lost
most of their early gains. On this
decline supporting orders came into
play. United States Steel was around
$50; Hudson Motor. which gave bet
ter account of itself than it has for
some time, was evidently in demand
as it neared 81: while the market for
General Motors was we'll protected.
These stocks all came back readily
and as they were accepted leaders
their recovery steadied the entire list
Money Unchanged
The money market continued as it
has been for the last 10 days or
more with time loans quoted from
Az to per cent and with call
money renewing at Ar
Railway traffic statements for July
continued to indicate a larger volume
of gross receipts and an unusually
good sized percentage for net. Union
Pacific reported an increase in gross
of $l.316,OO0, while net was up $685.
600 from year ago. No such re-
suits as this would have been possible
during the period of excess MAIN
tenance appropriations in the years
following the resumption of private
control.
Very little happened in the foreign
exchanges. French francs were for the
most part unchanged. Italian lire and
Belgian francs, were slightly higher.
But the changes were too small to be
worthy of comment All these curren-
Cies are awaiting political develop
ments, while in the case of France
and Belgium they are also looking to
see what the effect will be of the econ
omies in purchasing which have been
put forward as patriotic measures.