Evening star., 1927-09-15
]. s. STEEL LEADER
IN STOCK MARKET
Motors, Up SpectacularIy,
Encounters SeI|ing-BuIIs
Turn to Other Shares.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK. September 15.-An
other sensational advance in General
Motors set the stock market boiling
today. The first result was 20 bring
heavy profit taking into the general
list. but the forces working for higher
,rireS simply shifted their attention
TO new leaders. principally Steel. rush
ing that stock mp to n new hlSh
shortly after noon. Money renewed
mt 81, per cent, which was the lowest
since the recent hardening. 1t is
likely to remain there or so even
lower for two or three days at any
rate. And vet money was not a factor
In the market today.
Instead the movement was result
Of two forces, one the urge to take
profits after such a spectacular rise
ms has been witnessed this week and
the other impulse to buy on any re-
action however slight. For the con-
trolling element in the speculative
world today is Just as confident as
ever that over the longer period in
nationary influences will compel
further upward revision of prices.
Selling Not Surprising.
1t was not SURPRISING tlldl HSliliIs7
came into the market today. 1t would
have been unprecedented had that not
been the case. The eight-point up
turn in General Motors yesterday and
the nearly siX-pont gain this morn
ing We're enough in themselves to in
vite professional attack. The surprls-
ing part is that the selling was not
more effective than it was What real
~ happened was a shifting of leader
shin, new stocks being taken up While
the others were resting.
The opening in General Motors was
very similar to that of the day before.
The first transaction was block OF
$500 shares from 2631a to 263A, COM
pared with the preceding close or
oe27s. The opening was a new high,
and before the first hour was over
the price had mounted above 26S.
Du Pont went along. as it always does.
to a new high for the present shares.
I0ove $50.
When General Motors appeared to
have exhausted it's possibilities for the
time being attention was turned to
Steel, which had been dragging early
in the day. Once the buying got un'
der way it was not difficult to run
Steel up also to new high record as
It touched 1873. Neither with Steel nor
suggestion of relating the speculation
10 trade developments. United States
Steel is now operating at slightly bet
ter than 81 per cent of capacity. COM
pared with 20 per cent last week and
II per cent two weeks ago.
Chrysler Is i'm Demand.
At this time a year ago the cor
responding figure was sc per cent. AS
far as the minor stocks were con-
cerned, the movement was highly
irregular. Chrysler was in demand
among the Independent motor shares,
and Sloss Sheffield among the inde
pendent steels. Two new favorites
were found among miscellaneous in
dustrials in Allis Chalmers and Amer
lean Radiator. The former sold at a
new high for all time, and the latter
at the best since the par value was
reduced from 500 to s25 in 1920.
First place in the railroad list was
given to Chicago & Northwestern
above 81, and at the highest since
1919. Stocks of other Northwestern
roads were moderately higher, princi.
pally Northern Pacific and st. Paul.
Prices Hold Firm Later.
AS predicted call money went to 3ia
per cent in the afternoon. For time
the market quieted down, but prices
held firm. Forenoon profit taking
seemed to have been completed. Steel
dominated the trading, supplanting
General Motors and still pushing
ahead. Houston Oil initiated a new
upward movement, New York Central
sold only fractionally below it's pre-
vious best and American Smelling
& Refining was again actively bought.
General Electric came in for more at
tention and Mack Trucks was up over
two points as it approached 107.
The most impressive thing about
the proceedings at this stage was the
deliberate character of the buying. in
dicating that confidence, which had
been slightly shaken by the early SELL
ing, had been completely restored.
There were no conspicuous weak spots
anywhere.