Evening star., 1927-02-15
STEEL AND MOTORS
MARKET LEADERS
InduStriaIs Lead Upward
Swing Today-0iI Shares
Also Display Strength.
sneclal p,spatch 20 The Star.

Special Dispatch 20 The Star.
NEW YORK. February 15.-Tnflu
enced by pronounced strength in U. s
Steel and General Motors. the indus
trials assumed leadership of the up
ward movement on the Stock En-
change today. The further substantial
decrease reported in brokers' loans, as
OF February 3, was an added indica-
ton of the markets underlying
strength, and was made the most of
10y those continuing to favor the side
of advance.
The demand for the better grade oil
stocks became urgent after the first
hour of business. So far as the in
dustry itself was concerned there were
10 outside developments which could
tave influenced speculative sentiment
toward this section of the market. On
the contrary, latest statistics on do
mestc crude oil output disclosed that
during the week ended February II,
production established new peak of
2.440,6I2 barrels daily, an increase Of
C5,034 daily over the preceding week.
Oils Show Strength.
The best opinion was that in view
OF the Improvement elsewhere the
oils were behind the rest of the
market and on an earnings basis
alone were entitled to sell at higher
levels in the present market. For
Il non-dividend payer Atlantic Re
fining was a feature and was actively
bought above IFS. although nothing
further was heard regarding retire
ment of the remaining outstanding
notes. Houston Oil, which for some
time past has been placed in the cate
CORY of mystery stocks, had another
of its characteristic run-ups. EXpec-
cations of larger distributions for
Barnsdal issues appeared to be back
Of the buying in each instance.
Phillips Petroleum, Pan-American
"B," Marland, were a point or more
higher, while the demand for low
priced members of the type of Sin
clair, Independent Oil and Gas and
Pure Oil was urgent.
Industrials specialities. which Eave
had the backing of powerful pool
support, stood out strongly. In
cluded among these were Interna-
tional Combustion Engineering, up
more than points across 81. A new
high record for the year was estab-
lished by Gulf States Steel, the nuy-
ing apparently based on belief that
operations during recent months had
improved decidedly.
Other Independents like Bethlehem
Steel and Youngstown again moved
forward while the dividend deducted
from the selling price of Republican
Iron and Steel was easily retraced.
Equipments Are Strong.
The equipments were not as promi
nent as they had been on the pre-
ceding day, but they continued to
give a good account Of themselves.
Baldwin fiuctuated over a wide range
with changes during the greater part
Of the time on the side Of advance.
Western Maryland common again
furnished the feature of the junior
rails and was actively bid up follow
ing the report that arrangements for
acquisition of a large block of stock
by the Baltimore and Ohio were prac-
tically completed High-grade dividend
payers like Atchison. New York Gen.
trail, Great Northern preferred, North
ern Pacific and Union Pacific, made
further progress although the demand
was less pronounced. Wabash and
Rock Island common were taken up
again but improvement was moderate.