Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-04-06
PROFITS ARE TAKEN
IN STOCK MARKET
Bears Make Little Roadway,
HOWever-SteeI and Mo-
tors Are Leaders.
BY GEORGE T. HUGHES.

BY GEORGE T. HUGHES.
Special Dispatch TO The Star.
NEW YORK. April 6.--The stock
market today was called upon to alb
serb heavy realizing sales, but the
offerings were surprisingly well taken
in view of the advance of the two pre-
ceding sessions. The broad upward
surge of prices. combined with the
volume of trading, might have been
expected 10 have weakened the tech
nical position and it did inspire
Spirit of caution in the professional
element So after the overnight BUY
ing orders had been executed. in the
coIlrse of which Steel and General Mo-
tors pushed through their old tops
into new high ground, traders turned
to the selling side.
They made little Roadway, however
Some of the leaders came down but
before noon others had taken their
place and the advance was on again.
Rails Not so Prominent.
The railroad shares were not quite
so prominent at the start as yesterday,
but they regained their leadership
later on. The feature in the low
priced group was Kansas City South
ern. which was bought in large blocks
and with every appearance OF con-
fidence. Once the price had gone
through the old high of 81 it went on
with rush for an additional gain OF
a point and a half before meeting any
considerable stock. Western Mary
land was another favorite of the day.
THIS. too. was in active demand, but
still far below its high of the year.
There was nothing new in eXplana'
tion of the buying of either of these
railroad stocks. 1t was another in
stance of a speculative current too
strong TO be stemmed. Kansas City
southern earned something like SO a
share last year. Its application Tor
permission to control Missouri, Kan
sas, Texas and st. Louis southwest
ern is still before the Interstate Com
merce Commission 1t is possible that
baltimore & Ohio desires a larger in
terest in Western Maryland, but there
is no confirmation of that view. ST.
Louis Southwestern was bid up along
with Kansas City Southern. The pre-
ferred stock of the former was also
unusually active at higher prices.
Lack Uniformity.
Most Of the day the higher-priced
dividend paying railroad shares lack
ed uniformity of movement. delaware
& Hudson resumed its advance after
3. week or more of rest, reviving the
report that stockholders were to re
ceive a share in the coal properties
and a share in the transportation
business in exchange for their present
holdings Other recent leaders were
not so strong Pennsylvania, Atchi-
son and New York Central, all at one
time or another, met heavy realizing.
Rock Island was given more atten-
ton.
Motor shares featured the industrial
xroup early in the day. General Motors
at IS4 was at a new high ana up
point on the day. Hudson Motor went
along and so did Mack Trucks. Dodge
Brothers "a" had a good comeback.
News from the automobile centers was
more encourag ing and the short inter
est in the motor stocks was evidently
becoming concerned. United States
Steel was very strong, crossing III
once again to the highest in its his
tory. The mystery stock among the
steels, Colorado Fuel, made new
high as It crossed 76.
other advances which stood out
were General Railway Signal, West
inghouse Airbrake and Baldwin, all
going ahead vigorously. Allied Chem
ical. Woolworth and Dupont improved
their position, the last two making
new highs for the year.
Few Weak Spots.
There were a few weak spots. One
of these was Fox Films "a" which
was heavily sold. breaking below SO
for the first time in 1927. Another
was American Agricultural Chemical
preferred, the decline in which repre-
scented doubts about the fertilizer
trade.
Some of the sugars were under
pressure also. among them Cuban
American. On the other hand short
covering came into the oils and quo
tations for those which had gone down
SO sharply in the recent liquidation
came back strongly. News from the
oil industry, consisting as it did in
reduction of gasoline prices, was not
the reason for the improvement. In
fact, predictions were made of further
price cutting to come, but evidently
much has already been discounted in
the present low level Of the oils.