Evening star., 1927-10-24
LIST HAS RALLIES
IN T0DAY'S TRADING.
Dealings Lighter - Shares
Creep Upward as Shorts
Take in Their Contracts.
BY GEORGE T. HUGHES.
Special Dispatch 10 The Star,

| Special Dispatch 10 The star
NEW YORK, October 24.-The
stock market enjoyed a fairly genera
rally today. There was good deal OF
irregularity in the forenoon trading
but in the afternoon the gains fal
outnumhered the losses. Transac-
! tiors fell off sharply from the aEgre
gate Of the two preceding sessions
Today stocks simply crept upward rs
shorts were persuaded to take in their
contracts.
International Paper was a feature
of the later dealings, selling up to the
highest for the present shares as it
touched 6N Another was the conf
dent buying Of the oils, and still an
other the better tone in most of the
investment rails.
1t was not a market easy Ia
generalize about. Stocks moved with
out uniformity, not simply as to
groups but as to stocks within the
same group. About all that could be
said was that the readjustment pro
cess still was going on, involving re-
actions in issues which had not been
lquidated during the weakness Of
last week. as we'll as short covering in
the ones that had been under the
seVcrest pressure. All this left
traders in the dark as TO the i'm
mediate future.
\ striking example of the irregu-
lauitv that characterized the pro-
ceedngs was the rally in L. s. Steel.
which occurred simultaneously with
acute weakness in Youngstown Sheet
& Tube. steel did not get very far.
the huying evidently coming most
entirely from previous sellers for the
decline, but Youngstown went down
nearly ; points before meeting sup
port, large loss for stock of this
kind. Other independent steels were
unaffected by the selling in Youngs-
town. Crucihle and Colorado Fuel &
Iron advanced while Bethlehem ruled
around the previous close. Il. S.
Steel's dividend meeting is scheduled
for Tuesday. at which time the quar-
terly earnings statement will be given
out.
General Motors and General Elec-
tric rallied along with United States
Steel. New York Central did the
same among the high grade rails. The
buying in General Electric and in
Central seemed to be more effective
than in the others. Yet the action
of none of these stocks was typical
of others in this group. Atchison
below 1874 was lower than at any time
since the reaction began, Delaware
& Hudson likewise made new low on
the movement. below 1885 Chesa-
peake & Ohio was fairly strong and
Union Pacific did better. all SEEM
ingly without much relation to earn
inSs or prospects. 1t was simply a
question of selling good stocks by
traders anxious to protect positions
in highly speculative issues.
The only real consistency in the
market appeared in the oil shares.
Practically all of these stocks moved
upward, not alone such volatile issues
as Houston and General Asphalt, but
stocks representative of the oil indus
try, such as Marland. Pure Oil. Stand
ard Oil of California. Atlantic Re.
f1ning and others. If the tape is to
be relied upon. better things are at
hand for the oil producers.
The tobaccos and the sugars also
moved as units. The tobaccos were
strong and the sugars were weak.
Specialties which had given evidence
of support during the selling of last
week were well cared for today. In
ternational Paper and Greene Cana nea
came within this category