Evening star., 1927-04-18
INDUSTR|ALS LEAD
IN ADVANCE TODAY
New High Records Again Are
Numerous-GeneraI Motors
at New Top.
BY GEORGE Il. HUGHES.

special Dispatch to Ihe star.
NEW YORK, April 1S.-Notwith-
standing the skepticism of the profess
sional element, there were enough
outside buying orders at the start OF
the week in the stock market to put
up prices for the particular issues,
chiefly industrials, that were the
leaders of the advance on Saturday.
The usual result, new high RECORDS,
followed in many instances, among
them General Motors, at 188, up a
point and a half; Mack Trucks at n
new high for the year, and AllIs
Chalmers at the highest in its history.
With these gains went further selling
of the oils, and in this part of the list
there We're more new lows, all OF
which showed that the market was
unchanged in character.
Suggestions were heard in many
brokers' offices that the oil shares had
gone low enough to discount much
of the current depression in the trade,
but there were few spectators suf-
ficiently courageous to act along this
line. Support for the oils was con-
spicuous by its absence. New lows
for the year were reached by Cali
fornia Petroleum, Phillips, Standard
Oil of California. Texas Co, Union Oil
OF California and Marland.
MarIand Attracts Attention.
Particular attention was attracted to
MarIand, which, although chiefly a
producing organization, is also en-
gagged in refining, transporting and
marketing. In 1926 it earned over Sc
per share for the stock, which is Of
only one class, while the company has
no funded debt. Yet Marland Oil, sell
So, k0an on ofc
from the high of the year. This strik-
ing Illustration of the situation could
be duplicated in many other Oil stocks.
The only news pertinent to the oil
outlook was a report of the extension
of the gasoline price-cutting war in
California.
The leaders of the motor car stocks
were General Motors and Mack
Trucks. Probably short covering
played a part in the rise of the latter,
and the former went up over an
nouncement of extension of its opera
tions in the truck field Other indus
trial favorites included Allied Chemi-
cal, Allis Chalmers and the recently
listed Remington Rand.
For a time there was quite active
buying of the copper stocks. Kenne-
cott seemed to be the favorite as it
approached the high of the year, but |
Greene Cananea was strong also, sell |
ing well above its previous 1927 top.
Sugars Well Bought.
The sugars were well bought again. |
rejecting the more optimistic feeling. |
american Sugar and South Porto Rico |
sold higher than at any time |
previously in 1927. The last named /
has great advantage over the Cuban |
IN haf it- Sc n
nitted to continental United States |
Tree of duty.
Railroad stocks which had been |
auiet early in the session became more /
prominent late in the day. Rock Is |
and was feature, crossing So to the I
rest since the reorganization. What |
he March report of Rock Island will |
eveal will be known in a few days, |
nut meanwhile the point was stressed |
hat February gross was the largest |
n the history of the road, and If earn |
ngs continue at the present rate it |
vas reasonable to expect that the SIS |
dividend would be increased to $6. |
This is probably over-optimistic, but |
he stock was aggressively bought as |
Il went into new high ground.
Strong spots among the utilities |
were furnished by Montana Power |
and Brooklyn Union Gas, both at the |
Jest of the year, while Letroit Edison |
ran up to new top on comparatively |
small transactions. On the other |
hand, the several bonds of the 500 |
group continued to improve from the |
ow average of the year reached at |
the end of last week.
Better Oils Steadier.
In spite of the fact that oil stocks
were heavy there was a steady tone
TO the better grade Of oil issues, but
sympathetic movements in oil con-
vertible bonds to the falling prices in
oil stocks. However, the response to
The $50, ,000,0 900 issue of Shell Union
Oil Co. per cent debentures was a
most flattering one, with the issue
quickly absorbed. Interest on these
bonds is being earned 151a times. a
significant feature of the issue is
that a portion Of it is being used to
retire about $17 ,000,0 900 of Z per cent.
preferred stocks.
Bonds Of sugar-producing com.
panies were higher following the inn
provement in sugar stocks. While
Armour of Delaware 51as were again
heavy, the first 412s went back to
about 9012. There were significant
movements in Wickwire Steel Is and
a repetition of the previous high
prices Of the year in Brooklyn Man
haitian Transit 6s and in Chicago