New Britain herald., 1927-05-26
RAILROAD STOCK
Stronger AGAIN
Nearly a Score Of Them Touch
High Marks


| activity and strength OF the railroad
shares, nearly score of which
touched record high prices, over
Swallowed all other Developments ir
today's stock market. Industrials
disclosed widespread irregularity
buoyancy OF several specialties be-
ing offset by the heaviness of some
OF the standard steels, motors and
textiles.
Banks called about sl5,ooo,Ooo In
loans, but plenty OF funds were
available at the renewal rate of AZ
per cent. Secretary Mellon was
quoted in private Washington adj
vices as stating that the recent
tightening of call money was Incl
dental to month-end requirements,
and had no effect on the general
credit situation, which continues
easy.
Placing of the Chesapeake & Ohio
and Hooking valley railroad stocks
on $40 annual basis took many
Wall street trader by surprise, and
stimulated buying OF the high grade
railroad shares, Nickel Plate COM
mon scared points and was fol-
lowed into new high ground by
Chesapeake & Ohio. New York Cen
trail, Erie first and second preferred,
Chicago Great Western preferred,
Norfolk & Western, katy" prefer
red, Pere Marquette, Gulf, Mobile &
Northern and a few others.
Excellent April earnings state
ments by the Pennsylvania and
Southern Pacific railroads We're Off
set by the poor showing made by
the st. Paul and the Missouri Paci-
1lc, the latter showing a deficit of
$4,000 in contrast to net operating
income Of nearly s1,40O,O0O in April
of last year. The rise in Norfolk
& Western was accompanied by Va
rious rumors, including one that the
Pennsylvania was planning to offer
three shares of Pennsylvania for
one of Norfolk & Western, and an
other that 81 guarantee would be
offered to Norfolk stockholders.
Inspiration Copper sank to a new
low on the passing of the dividend.
Motors were inclined to heaviness,
with selling presumably inspired by
the announcement of new Ford
car. L. S. Steel common also was
in supply. Pittsburgh Coal scared
over points on reports of competi-
tive buying.
Wall Street Opening
Rumors of large earnings were
responsible for a number of gains
in industrial shares at the opening
Of todays stock market. Resump-
ton of dividend payments on a 4
per cent annual basis by CRANKY
Copper was sgnalized by the pur-
chase OF a block Of 1000 shares at
As, an overnight advance of 81
and the highest price in years.
Nickel plate jumped points to a
new peak of 236 IL and Chesa-
pcake was up 3 SIS to 1S9 IA.
Bush Terminal opened II points
higher.
The buying movement expanded
in the subsequent dealings, with
merger railroads among the shares
showing the most substantial gains.
probably on new hopes Of more
favorable reception of the inter
state commerce commission OF the
new Southwest consolidation plan.
TO be submitted within 10 days.
Pittsburgh and West Virginia sold
up 3 IL points. Gulf Mobile and
Northern S-4. Norfolk and West
ern, Chicago Great Western pre-
ferred and Western Maryland
quickly, rose . to 5 points to new
high records. Gains Of a point or
more also We're registered by Atchi
son. New York Central and Chi
cago Great Western common. Gen
eral Railway Signal scored an over
night jump of five points. and Col
Inns and Altman and General Elec-
trio advanced to new peaks. Bald
win was down 1 IL points, and L.
S. Steel held close to yesterdays
final price.
Railroad shares attracted the
bulk Of the buying power In the
forenoon. with the Van Sweringen
group continuing in the forefront
OF the advance. Round amounts Of
Hudson Motors were jumped on the
market, forcing 1t down 3 IS to 70
rs. before it met strong support.
Further liquidation OF the American
Wooden issues carried the common
down to II and the preferred to 47ai
both new minimums. The renewal
rate for call loans was unchanged
at AZ per cent.