Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-06-22
RAILS TAKE LEAD
IN FINAL TRADING
Lower Priced Carriers
Shares Features of Market.
IndustriaIs Irregular.
BY GEORGE T. HUGHES.

Special Dispatch to The Sta.
NEW YORK, June 2c. - Railroad
stocks again assumed the leadership in
todays market. The turnover was
small. and the industrials at their best
we're only irregular, but the rails we're
uniformly firm and some OF them
strong. especially In the last hour.
The lower-priced rails we're the fea-
lures. Western Maryland had spec
tacular rise of some points. Mis-
souri,, Kansas e. Texas was taken in
large blocks at higher prices. Missouri
Pacific. New York, Ontario g. Western,
st. Paul preferred Wabash and others
were in demand. In the dividend-pay-
ing group Delaware g. Hudson was con-
spicuous. Texas 81 Pacific jumped 5
points.
Opening quotations were slightly
higher. The reduction in brokers'
loans of $l58,000,000 was about in line
with expectations. 1t brought about
some short covering at the start, but
when this had been satisfied the list
relapsed into dizziness. The continuing
high rate for call money, which renewed
at Gig per cent, was damper Oh specu-
latlve sentiment.
Higher Money Outlook.
With heavy interest and dividend
disbursements to be cared for on July
|. a higher charge for day-to-day funds
Is not improbable, and until this date
Is passed there will be nothing in the
money outlook to encourage operations
for the rise.
Scattered strength In independent
motors was due largely to merger de-
velopments. actual and potential. APP
proach of the time for deposit of Dodge
Bros. stocks in ratification of the merger
with Chrysler induced buying of all the
stocks concerned.
Chrysler at one time was up over 3
points and Dodge preferred points.
Then the story was renewed that Stude-
baker and Pierce Arrow would be COM
bined. Pierce Arrow common and pre-
ferred responded with an advance and
Studebaker itself was somewhat higher.
General Motors fiuctuated uncertainty,
first up and then down, on small
volume.
Rubber Shares Weak.
Rubber stocks were weak. especially
U. S. Rubber, the common and pre-
ferred of which went to new 1928 lows.
Goodrich and Goodyear sold of SYM
rathetically Steel opened higher but
came down afterward. Some of the
copper shares we're In demand, among
them Howe Sound. but others reacted
There was no renewal of the attack on
the railway equipments. which had fea-
tured the markets the day before.
Railroads were relatively firm. West
ern Maryland stood out among the
the lower priced stocks. partly because
of the retirement of short contracts
and partly because OF the decision in
the Pittsburgh 81 West Virginia case.
Delaware & Hudson was well taken
around the high of the day before.
Texas 81 Pacific gained. but Southern
Pacific. Erie. Chesapeake q Ohio and
others weakened.
FURRY i'm fractions.
After noon the market was enlivened
by furry In the traction stocks. Third
Avenue was the leader of the Demon
stration, advancing from 80 to 3Tla, UP
over points Interboro and Brooklyn
Manhattan made sympathetic gains.
The general market was much mixed
and very dull Up to | o'clock sales
were not much over 100000 shares. or
below the volume of Thursday at the
same hour. Radio was outstandingly
strong. up over 6 points, bat General
Motors and Steel held under the pre-
ceding close, Copper stocks we're
strong. notably Chile Copper and Greene
Cananea.
Features in the railway list we're still
Western Maryland and Texas a. Pacific,
each of which added to Its forenoon
gain.