Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-20
FLOOD Of BUYING
LIFTS STOCK LIST
Motors Forge UpWard-Cop-
pers Continue Climb.
Fox Film Up.
BY GEORGE r. HUGHES.

Special Dispatch to The Sta.
NEW YORK, December 2O.-The
stock market today gave another eX-
hibition of the power of unlimited
credit.
The forenoon trading had gone on
with mixed price changes. Coppers
were strong, steels were heavy, rails
were duh and motors were irregular.
Then in the early afternoon buying
operations were concentrated on the
automobile shares and to the accom-
paniment of an enormous turnover,
Nash. Chryser and Packard all set
new highs for their present forms of
capitalization.
General Motors were taken in even
| larger blocks. q transaction of $4,000
shares at 1876 involved $2,4S0 900 OF
course. this probably represented
punched" buying orders. Hudson
Motor, Studebaker and Mack Trucks
were all higher at one time or an
other. Gains expressed in points were
small as a rule. 1t was the volume Of
the business rather than the extent of
the rise which attracted attention.
Other incidents which deserve notice
included the upturn in American Can
again to a new high and the rise in
A NJ Byers and Fox Films "A" A.
NJ. Byers, above SO, up over points,
added to an advance of the same
amount in the preceding session. Fox
Film increased by some 4 to points
to its market valuation.
The buying of the copper stocks
was the other feature on the side OF
advance. Demand appeared directly
at the start and was not satisfied
until new high records Of one kind or
another had been set up for Greene
Cananea, Calumet g. Arizona, kenne,
colt and Anaconda. The last named,
above So was al the best since 1920.
The others were at the highest since
listing.
Greene Cananea Fireworks.
Greene Cananea provided he FIRE
works as it did on the day before
when it advanced over II points.
Above 149 today, it was up over z
points more Eighteen points in Two
days for one stock is hardly the mark
of investment interest. Calumet d
Arizona was the other star performer,
with a gain of over 4 points at ia.
Announcement that no action had
been taken on the Pan-American Pc
troleum dividend came just before
noon, and that stock dropped more
than points. In part the adverse de-
velopments had been discounted, but
there was liquidation nevertheless.
The official statement said that the
dividend had been earned, but that 1t
was thought wise to conserve cash for
1928 developments. Another weak
stock was Cudahy Packing, which was
further rejecting the disappointing
earnings statement made public over
the week end
Steel shares were in supply during
the early trading. United States Steel
sold off a point and Bethlehem Steel
had a larger loss. Colorado Fuel de-
veloped independent strength, up at
one time nearly points, and Vanadi-
um, which had gained 6 points Mon
day, extended its rise. All this was
without relation to the news.
Motors Are Irregular.
For the time the railway shares
made a better showing. New York
Central was the leader. followed by
Atchison and Delaware 81 Hudson.
Enthusiasm for the rails was tenn
pered by anticipation of what the
November earnings statements would
reveal Judging from the car load
ings also December operations will
not be as satisfactory as had been
hoped.
The one railroad stock of which
buyers seemed to be entirely con-
tident was New Haven. This was
taken in larger volume across 81 or
at the best since 1916. 1t was an
other illustration of the irregularity
of the market as a whole.