Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-13
STOCK LIST CHURNS.
UNDER BULL WHIP.
Violent Advances Scored.
Motors Prominent-Hupp
and Studebaker Soar.
BIZ GEORGE L. HUGHES

Special Dispatch to The Star
NEW YORK, December 13,-With
violent advances in many issues and
a general churning about of prices,
speculation went on i'm the stock mar
ket with a fervor that even this mar
ket has not often seen. When one
group of stocks faltered, another
would be taken up, so that attention
was always concentrated on the bid
ding-up process.
1t was day in which little heed
was given to fundamentals. The talk
was not of money, of car lOadingS, of
the general outlook for industry, but
of developments said to be pending
with regard to the specific stocks.
Some of the reports which We're wide
spread throughout the street were not
inherently improbable. Others were
purely fantastic. All had their effects
more or less in stimulating the specu-
latiVe imagination.
Motors Are Prominent.
AS on the preceding day, the motor
shares took a place Of prominence.
Particularly was this the case with
the so-caled independents. IIupp
Motor was Whirled upward to new
high for the year early in the session.
A little later Studebaker took the lead,
and on an enormous turnover re-
corded it's gain. The others were
more or less strong. Besides the re-
vival in demand expected to come
with the January shows, there were
limitations that some of these manu-
faCturers were to enter the airp,ane
field following the example of Henry
Ford. No. one could be found who
would confirm this story, but it prob
ably served the purpose.
OF the standard stocks Steel was
the favOrite. Approaching lat it was
up over points from the low of
yesterday. News from the steel cen
tiers was more encOurag ing, but that
alone was not enough for the mood of
the Street today. SO the story was
brought out again that a split-up of
two for one was under consideration
with n 81 dividend on the new shares.
1t is hardly necessary to add that this
tale was not generally credited, either.
Aero Shares Feature.
The really spectacular moves were
in such stocks as American Steel
Foundries, Wright Aeronautical
Curtiss Aero, Montgomery Ward
and Calumet and Arizona. Steel
Foundries. above 70. was up over
points and 20 points higher than
the low of last week. There are
902,745 shares of the common stock
of this company outstanding, so
that a 20-point rise means an in
crease in market valuation of over
100000. Evidently a develop
ment of no small Importance is
needed to justify such enhancement.
Wright Aeronautical scared 3
points and then came down almost
as much. Both Wright and Curtiss
made new highs since listing. Calu-
met and Arizona, which established
the same sort of a record, advanced
between and 5 points. The upward
surge in Montgomery Ward came
later in the day and took Sears, Roe
buck along with it. There We're
plenty Of minor features. including
tobacco products, Continental Can,
COLD Dust, Simmons Co and Endi-
colt Johnson.
BY comparison with that for the
industrials the railway market was
a tame affair. Canadian PACING was
higher for a time and Southern Pa
cifiC crossed 124 again. There were.
however, no sensational advances III
the rails.
Trading quieted down in the after
noon. The ticker caught up with bust
ness on the floor. whereas it had fallen
| behind during the forenoon. More
interest was taken in the rails, par
ticularly Canadian Pacific and New
Haven. Canadian Pacific has the ad-
vantage from the Wall Street point
of view of not being subject to the In
terstate Commerce Commission. Under
what appeared to be uniformed buy
ing it slowly advanced for gain of
some points on the day, While New
Haven came within a fraction of its
previous high for 1927 Other rails
that did better included Norfolk &
Western, Northern Pacific and Great
Northern pfd.
Money renewed at 4 per cent and
held there all day.