Evening star., 1927-12-02
RAILS LEAD CLIMB
IN STOCK MARKET
Canadian Pacific Up 13
Points on Day-Money High
er-IndustriaIs Rise.
Ry GEORGE T. HUGHES.
Special Dispatch to The Star.

Special DlSpatcn TO Inc Stdr
NEW YORK, December 2.-Railroad
shares assumed the leadership in to-
days stock market, practically every
one of the seasoned dividend payers
being actively bought at higher
prices. The forenoon had been de-
voted to industrial specialties, but in
the second part of the session the
rails monopoliZed attention.
Canadian Pacific, which was the
early favorite, increased it's gain un-
til, above 217, it was up over 13 points
on the day and moving forward by
leaps and bounds. 1t came within
hailing distance of the high of 1914
and was far above anything seen
since that time. Delaware & Hudson
moved into line, crossing 1870, up over
points. and offerings diminished as
the price advanced.
, Movement Spreads.
Then the movement spread to the
rest of the list and Atchison, Union
Pacific, Nickel Plate, Rock Island,
Baltimore & Ohio, Chesapeake & Ohio,
Southern Pacific, New York Central,
Illinois Central, Northern Pacific,
Norfolk & Western and others were
rushed forward with show Of en-
thusiasm unequaled in weeks.
1t was one of the most remarka bic
demonstra tions this remarkable mar
ket has witnessed. It was all the
more striking because it came at a
time when car loadings were down,
not only from last year but from the
three preceding years.
Reasons for strength in individual
stocks could be assigned, as for in
stance, in the case of Canadian Pa
cific, but they were not needed in the
general rush to buy the rails.
The strength in the rails in the aft
ernoon overshadowed the feverish
speculation in the industrials, which
had been the feature of the earlier
trading. 1t served to obscure the
fact that money had renewed at An
per cent, which, with but one excep.
ton, was the highest renewal rate in
nearly two months and the fact that
brokers' loans had touched another
new peak for all time. Little atten-
ton was paid to these fundamentals.
The so-called specialties f1uctuated
wildly. United States Industrial AL.
cohol, which had closed at SO, opened
up noint or so, advanced to 92h and
then on a single string of transactions
mounted to 81, where it showed a net
gain of points. After this demon
StfdllOu, III WHICH unfortunate SnOrtS
must have suffered huge losses, the
stock dropped back almost points.
Greene Cananea Spectacular.
Greene Cananea was another spec.
tacular performer. Under an accu-
mutation of buying orders, and with
large blocks changing hands on the
way up, it crossed par for the first
time since the stock was listed. Later
Freeport Texas shot across 800 a
share also for the first time. Then
Wright Aeronautical was taken up,
soaring nearly points to the best of
the year. which was also the best
since listing. Postum Cereal was bid
up more moderately.
The foregoing does not exhaust the
list. Westinghouse Electric continued
its rise, American Machine & Foun-
dry sold around it's recent high, and
there was sharp rise in General
Railway Signal. Meanwhile the old
standbys. Steel and General Motors,
moved more se0ately. Steel was frac.
tionally higher in the early trading,
but that was about all. General Mo-
tors did little one way or the other.
The market was determined to have
new leaders.