Evening star., 1927-07-27
STEEL AND MOTORS
!. MARKETLEADERS
Both at New Highs-Rest of
List Shows Fair Amount
of Strength.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, July 27.-Althougl
the pace was not so rapid and ther
was a good deal of realizing, which
at times depressed quotations, tn
stock market as whole had anothe
day of rising prices today, with nev
highs for the present shares or botl
the leaders, General Motors and y.
Steel.
Publication of the General Motors
statement brought a rush of buyint
orders for that stock and for a goot
nany of the other automobile share
General Motors itself moved up rap
idlv to a new peak for the presen
shares, and at 226, was above thu
best of last year before the deduc
zion of the stock dividend. ChrysleI
went along with General MOTORS, al
It did on the day before, and later or
Nash swung into line.
Realizing Is Absorbed.
All this happened in the first hour
efter which came the realizing II
General Motors. Once absorbed, ant
that without much recession. the ad
vance was resumed. Meanwhile, Nasf
and Chrysler, especially the former
were very firm. On the other hand
acute pressure was eXerted agalls,
Pierce e-Arrow. with the common ahe
preferred shares dropping to a new
low for the year. Recent unofticla
statements were to the effect tina,
dividends on the per cent preferred
were not covered in the nrst nan
>ear. Not so much was heard apou'
consolidation plans, although Chrys
Ter and General Motors continued &c
be linked in the gossip OF the DAY
A feature of the proceedings III III.
motor group was the urgent snor'
covering in Mack Trucks and in Whlte
'Afntor. Both stocks advanced easily
with Mack Trucks making the larger
gain. Something of the sort happened
slso in Yellow Truck and Coach, pu'
not on so large a scale.
United States Steel responded 10 the
quarterly statement by dupicatins
yesterdays high. 1t wavered atter tne
first hour, but moved up again al
noon. Today, however, the independ
ent steels did not share favor WIN
the leader in the group. Ioungstowl y
Sheet & Tube lost point after the
second quarter earnings were an
nounced, showing a sharp drop 1roill
those Of the corresponding period .
yeAr ago. Six months net was equai
to- S3.S7 a share for the common,
against S7.5S a share in the first hall
of 1926. Bethlehem Steel was steady
most of the time. awaiting publication
Of its second quarter resulte.
Union Pacific Feature.
In the first half of the session the
rails were neglected for the indus
trials. Union Pacific, however, man
aged to set a new high since 1914, as
Il sold at 1S4, responding to what was
evidently investment demand. Baiti'
more & Ohio was firm, rejecting the
favorable June earnings statement;
Atchison and New York Central held
their ground, but some of the low
priced non-dividend payers sold on
among them Kansas City Southern.
There was an irregular market IN
the oils. Phillips Petroleum maze
disappointing response to its surprls-
inglv good earnings statement. COIN
cldent with reports that the Seminole
area Of Oklahoma reached a new high
output for crude in the "a hours enoeo
at am. July 26.
Brooklyn Union Gas and BROOKLYN
Edison were the best bought or the
utilities, but the turnover was not
large. Radio ran up couple OF
points, a speculative group evidently
making good use both Of the good
Quarterly earnings statement and or
the technical position. Other indus
trials were taken up from time to
time, prominent among them being In
ternational Combustion.