Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-12
BUYING RESUMED
ONSTOCK MARKET.
Motors and Steel In Rise.
Strength Is Shown in Oils.
Rock Island Rail Feature.
BY GEORGE T. HUGHES.

Special DlSpdLcn W Inc SbdI.
NEW YORK, December 12.--All the
important changes in today's stock
market were on the side of advance.
The industrials were uniformly strong.
The rails were steady most Of the
time. Toward the close a little irregu-
larity appeared in this part of the
list, but there was no weakness.
Numerous specialties had spectacu-
lar advances. American Steel Foun-
dries, up over 6 points, headed the
list. Others were found in the airplane
and tobacco groups. Steel. General
Motors and General Electric worked
higher, inspiring faith in the charac-
ter Of the buying.
No further attention was paid to
the status of the railroads as affected
by Saturdays decision upholding the
Interstate Commerce Commission. 1t
was agreed that the final ruling of
the Supreme Court was the only
thing that mattered and confidence
was expressed that the precedent es-
tablished in the utility cases which
came before that body would be fol-
lowed. There may be flaws in this
reasoning, but it satisfied Wall Street
for the time being.
Neither was money a factor in the
proceedings. When call funds re-
newed at per cent the subject of
gold exports was dropped and the
way cleared for pool operations and
an impetus given to short covering.
Motors Rise Rapidly.
The motor stocks were taken in
hand early in the session, and quota
tions for such typical independents as
Nash, Studebaker. Willys-Overland,
Hupp, Hudson, Chrysler and Dodge
bid up rapidly. Nash at 80 was at a
new high since the split-up. Hudson
more than made up the dividend
which came off the price today. 1t
was declared that a season OF great
prosperity for the automobile trade
was in prospect. Meanwhile stocks
were dicounting the retail buying ex-
pected to come from the January
shows.
Steel and General Motors were both
higher at the start. Steel at 144 was
IN two points. General Motors had a
more moderate advance. and du Pont
went along with the two, as 1t always
does. The feature in the equipment
steel group was American Stee! Foun-
dries. which at So was up two points,
and at the highest of record for the
nresent no par shares. In the copper
group Calumet & Arizona pushed
through it's old top, while Greene Ca
nanea went through its customary
wide range.
The leader of the rails was Rock
Island. At 100 it was selling at the
high of last week. and said to be fore.
casting an increase in the dividend
rate at the February meeting. ROCK
Island is expected to show over $Iz
a share for the common stock at the
end of the year, a margin above re-
ouirements sufficiently large to JUSTIFY
a raising of the disbursement to share
holders.
Canadian Pacific Receivers.
Canadian Pacific recovered its loss
of Saturday, Southern Pacific was in
demand again and New Haven was
the fayorite of the lower priced stocks.
The rails, however. were not as prom
inent as the industrials.
An incident that aroused comment
was the furry in the oils. Production
statistics were still decidedly unfav.
orable, but indications of concerted
action among the Oil companies in
working out a remedy served as the
basis for the buying movement
which lifted quotations all along the
line. Atlantic Refining, in which
there is large short interest. came
back over three points. General AS
phalt advanced about as much and
higher prices were recorded for Mar
land, Pan American "B," Philips,
Barnsdall, Texas Corporation. Pro-
ducers and refiners and others.