Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-07-27
TREND IS HIGHER
IN STOCK MARKET
Steel and General Motors
Again Leaders-Copper
! Shares Score Advances.
BY STUART p. WEST.


Special Dispatch to The Star.
NEW YORK, July 27.--Recovery
which set in at the outset of the
week on the Stock Exchange follow
ing a week of declining prices be-
came even more pronounced today,
although the volume of business was
still below recent standards. me
most noteworthy incident in the pro-
ceedings was the manner In which
General Motors was taken at new
high prices for all time UNDER the
present form of capitalization.
General Motors left off yesterday
at 1881, More than 5000 shares
changed hands on the first sales to-
day between III and 17112, AFTER
which the price went through lfZ14
with comparative ease. There was
nothing that was not already known
TO account for the renewed demand.
The market was rejecting the belief
that when directors meet for dividend
action August IL a substantial extra
stock distribution will be acted on
Savorably. In some quarters the
opinion prevailed that a preliminary
earnings statement for first six
months operation will be issued later
in the week, which will disclose earn
sngs substantially in excess of those
for the same period a year ago.
Other Motors Rise.
Strength of General Motors com
municated itself to the market for
other motor stocks. Hudson was
selling most Of the time around 62
as against the final yesterday of 81.
The upward movement interrupted a
week ago in Mack Trucks was re.
sumed Pierce Arrow came in for
considerable attention and higher
prices were reached in du Pont. White
Motor and Nash. Among the motor
accessories, Thinker Roller Bearings
was carried into new high ground for
the year when It crossed 81
Wall Street was anXiously await
dng the outcome of the United States
Steel meeting scheduled for after the
close of business. Whether directors
are disposed at this time to do some.
thing for stockholders in the form of
an extra distribution of a art of the
corporations huge surplus remains to
be seen. The action of Steel common,
however, showed plainly that the
short interest was DESTROYS of evening
zip accounts preliminary to the out
come of the meeting. Steel common
went through 40 again, where it COM
pared with the Monday final Of 139
Some of the independent steels
worked higher, notably Sloss Shelf
field, up more than points at one
time; United Alloy, Republic and
Bethlehem.
Copper Shares Advance.
Copper shares responded moderately
to the further advance of "a cent a
pound in the quotation for metal. AL
though some reluctance was shown
TO pay the increased price, the demand
was said to be good with no copper
available under that figure. American
Smelling and Refining changed hands
around 131, up a point or more. Amer
acan Metal and CRANKY. Consolidated
were in better demand.
, Among specialties, buying was re-
sumed in sulphur stocks of the type
of Texas Gulf Sulphur. Although the
reports for the first six months re-
gently issued were favorable. it did
not reflect the result Of recent price
advances. In view of the increased
operations of the company some quar-
tiers were anticipating an extra distri-
button in the near future, and this ap-
peared to be the basis for the buying
Equipment shares We're helped by
the publication of the American Loco
motive report for the first six months,
which bore out all that has been
heard about renewed equipment buy
Ing by the railroads. Net, after all
charges and per cent preferred div
adend, was equal to 1910 a share on
the outstanding common, which COM
pared with only IS cents a share on
the S25 200, 900 preferred in the first
half of 1925.