Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-04-07
INVESTMENT STOCK
/ LIST SCORES GAIN
Weak Spots Numerous, How.
ever, Today, Mostly Among
Industrial Shares.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

NEW YORK, April 7.-Investment
stocks moved up again to new high
priaes in todays market. The list as
whole, however. did not share in
the strength of the leaders, and there
were numerous weak spots, practical
" all of them among the industrials.
The spectacular moves We're on the
side OF advance, and the activity in
the issues that were rising was so
great that it gave the market an APP
pearance Of a larger preponderance
of buying than it really had.
New York Central was the out
standing feature among the seasoned
dividend.paying railroad stocks. 1t
had come to the front in the last half
hour on Wednesday, and The forecast
that 1t then gave of a broad upward
swing was fulfilled at the opening to.
day The initial quotation was a
block of 100 shares at 1872, up over
2 points, and at the highest this stock
has sold since 1906.
Brings Out Stock.
Naturally this striking advance
brought out g. lot of stock, but all of
It was taken with only fractional
concessions, plainly indicating the
most powerful kind Of support. New
York Central on a system basis is
earning over see a share, and while
the income return at the present 81
rate is low, speculative circles are
confident that sooner or later stock
holders will receive a larger reward.
Second to New York Central in this
part of the list came Illinois Central,
above 100 at a new high for 1927, and
Baltimore & Ohio with a smaller
gain. Illinois Central, representing
one of the few American railroads
that have never gone through reor-
ganiZation, was apparently being
bought because it was behind the
market. while Baltimore & Ohio sells
far lower in relation to earnings per
share than the average of the group.
Elsewhere investment interest
conferred about American Telephone
& Telegraph. This favorite utility
moved UP to the best since 1908, when
It crossed 172, where the return at
the present dividend rate is 5.S per
cent. Today's high compared with
the record for all time of 1856. Fantas-
tic suggestions as to stock split-ups
or various other benefits to telephone
stockholders were lacking today and
investment attraction was the only
reason advanced in well informed
quarters for the strength. Interna-
ton Telephone & Telegraph followed
American Telephone into new high
ground. While these two companies
are not connected in a corporate
sense, they are associated in the
minds of traders. Other utilities,
among which was Western Union,
were in demand from time to time
during the day.
Motors Are Irregular.
The motors were irregular most of
the day. Whatever effect Mr.. Durant's
announcement may have had in the
trade, it was hard to see any refiec-
ton of it in the stock market. Gen.
eral Motors was fractionally higher
at 1S3 and within a point of its top,
but Hudson, Nash and other prom
inent independents were unchanged,
or slightly lower. Traders who al
ways crave action were evidently
abandoning the automobile shares for
the rails until something more definite
was forthcoming as to the industrial
situation.
The weak spots of the day included
Electric Refrigeration, Fox Film "A"
and the sugars generally. The first
TWO made new lows for the year.
Copper shares received better support.
In fact, this group has moved over
narrower range in the past week or
so than any other The oils, too, re-
sisted further selling fairly well, not.
withstanding announcement of a new
cut in Mid Continent crude.