Evening star., 1928-04-25
RAIL SHARES LEAD
ADVANCE IN STOCKS.
N. Y. C. and Southern Hit
New Peaks-Minority Is
sues Provide Fireworks.
BY GEORGE r. HUGHES.

Scecigl Dispatch to The star.
NEW YORK, April 25.-Sensational
advances In railroad shares featured
the stock market today. For once the
tndustrials were thrust aside and all
attention was concentrated on the rails.
At one time OF another practically every
railroad stock on the list recorded an
advance.
In the course of the day two dividend
payers sold at the highest prices IN the
history Of their respective roads. one
was New York Central, which was con-
sistently strong all day. finally crossing
186. n price never before equaled. The
other was Southern Railway, which
made a similar record when 1t sold al
I52. Then in the more speculative
stocks the St Paul issues made the pest
prices since the road was reorganl1ed.
Minority Stocks Fireworks.
The real fireworks however. were In
the minority stocks, OF these the spec
tacular performer was New YORK q
Harlem. Closing yesterday at 293 after
having made a record high OF 300, IL
advanced today by leaps and bounds,
finally touching 460 in the early after
noon where it was up l67 points on
the day. The Streets explanation was
that the New York Central was willing
to pay almost any price for tn" minority
interest At any rate it is many a day
since such wild bidding for railroad
stocks has been seen
This demonstration was followed by
violent advances IN other stocks OF the
same status. Central Railroad OF New
Jersey at $40 was up 20 points and
Southern Railway-Mobile and Ohio ccr-
tificates at l40 were up ID points. Nash
Vile. Chattanooga g. St. Louis was up
Ia points at lB9 Hooking Valley at
$40 was up 20 points.
The rank and file of the carrier stocks
swung into line Not only dividend pay
ers. but medium and lower priced Is
sues were eagerly bid up. Among them
were Northern Pacific, Chesapeake d
Ohio. with its associated Chesapeake
Corporation. Baltimore & Ohio. Norfolk
and Western. Lackawanna Union Pa
cific, Reading lin the higher priced
group and Western Maryland. Erie Mis-
souri, Pacific. Kansas City Southern and
New Haven of the more moderately
priced.
Money of Little Import.
Money renewed at per cent. but no
heed was paid to money and apparent
ly no thought given TO the credit situa-
ton. The turnover was larger than on
luCSIdgs Uut tIlC LtAFNA hCRL ny HANA'
business most of the time.
Public Service OF New Jersey monop-
olized attention among the utilities. 1t
opened with a block of 10000 shares
at 81. up over two points and at a
new high for the present shares. The
March earnings statement published
today made a highly favorable showing.
but the explanation accepted In the
street for the strength in the stock was
merger with United Gas and I'm
provement.
Paramount Famous Lasky.
The advance in the amusement
stocks was led by Paramount-Famous-
Lasky at a new 1923 top above i3O
In this case the attractive yield at the
market was sufficient excuse. Other
theatrical stocks moved higher sym
pathetically Radio had a sharp run
ip early in the day and United States
Leather common and class "A were
both taken In large blocks at advances
of from 10 3 points. This latter
movement was a reflection OF the sur
prisfngly good earnings statement.
Minor incidents were the strength
in the most speculative oils such as
Mexican Seaboard ard hurried short
covering in General Railway Signal.
Announcement of a new contract. with
others expected 10 follow. was the rea-
son for the bear retreat in the last
named stock.