Evening star., 1927-07-13
BULLS HOLD SWAY
!. IN STOCK MARKET
u. S. Steel Is Strong and
Shares Take Cue-High-
Grade Rails Gain.
BY GEORGE r. HUGHES.

Special Dispatch TO The Star.
NEW YORK, July 13.-For the
third successive day the elements
favoring higher prices in the stock
market had things pretty much then
own way. The impressive manner ir
! which the heavy profit-taking sales
! which came into the active favorites
i'm the late trading Tuesday, were alb
sorhed encouraged further attempts tC
work for higher prices as the market
opened today. The rise which car
ried through the greater part of the
! session was orderly, despite the I'M
proyement which had occurred earlier
in the week.
United States Steel crossing 125
was within less than a point of its
high established after the stock dis
tribution was deducted from the price
This furnished the incentive for
constructive operations in other in
tlustrials. The mid-week steel trade
reviews were more optimistic concern
ing operations at the steel centers, and
served to stimulate buying in such
independents as Youngstown, Re-
public Iron and Steel, Colorado Fuel
and Iron and Bethlehem.
Allied Chemical and Dye.
Allied Chemical and Dye stood out
strongly among industrial speclaltles'
advancing to its highest since the
stoclx was listed in 1920. Those back
of tIie buying We're hasing their opera
tions or the belief that the much talk
ed of stock dividend was near at hand.
General motors held most of the
time around the 200 level. The re-
mort given wide circulation yesterday
for another recapitalization of the
/ financial structure stimulated activity
i and a split up in the ratio of two new
shares for each of the present. with
the new stock carrying a 81 dividend
was considered logical.
Motor shares as group were
little changed. The covering move
ment in Dodge Brothers issues, which
followed publication of second quarter
earnings. appeared to have been COM
pleted for the time being. Mack
j Trucks received better support and
slightly higher prices were the rule
for Nash and Packard.
Pronounced strength of the high
grade dividend paying rails was gen.
orally attributed to the reinvestment
of mid-year interest and dividend pay
ments. Atlantic Coast Line gained al
most four points.
n. & w. Gains Heavily.
Norfolk and Western was up like
amount. Atchison, Baltimore and Ohio,
Southern Pacific, Illinois Central and
Louisville & Nashville were others in
urgent demand at higher prices. Some
of the lower priced issues of the. type
of Chicago Great Western preferred.
Gulf, Mobile and Northern and Wa
bash shared in the improvement.
Collins & Altman, which ha been
among the outstanding features last
week. lost points or more coinci-
dent with the offering of the new $5,.
100000 issue of per cent cumulative
preferred. The sharp upturn in both
American Smelling and Refining and
Green Canada reflected no change In
the outlook for the copper and metal
stocks. They were merely bought on
the idea that because Of the improve
ment elsewhere they were entitled to
some recovery.
The market for the oil shares was
little changed, although there was
heavy selling of Barnsdall "A" Lago,
on the other hand, was in demand at
higher prices, the buying based on the
recent development on the company S
new tract in the Lago basin.