Evening star., 1927-09-16
ADVANCE CHECKED
!. ON STOCK MARKET
Many Stocks Score Gains
Some SpectacuIarIy-Lead-
ers Hold up Well.
BY GEORGE L. HUGHES.

Special Dispatch TO Inc star.
NEW YORK, September 16.-An-
other attempt was made to check the
advance on the Stock Exchange to-
day, and for time it was successful.
Heavy selling for both accounts was
encountered directly at the start, and
prices yielded all along the line.
The best prices of the day were
made in the last hour, when buying
in the copper stocks broadened out
and became effective. Greene Can
anea, Anaconda, Kennecott, Chile,
Cerro de Pasco and American Smelt-
ing and Refining all moved forward,
most of them to new highs for the
wear. At the same time General
Motors rallied briksly, finally pushing
through it's old top of 270 to new
high. The close was strong.
Short sellers had for an argument
The increase in brokers' loans, which,
as announced by the Federal Reserve
Board after the close of business yes
terdav, broke all records. The total
on "Wednesday night of $3.249, PSI 900
was an increase of $42, ,952, 900 on the
week. and compared with $3.50, ,3S2,.
600 in the corresponding week a year
ago. Part of this increase is due to
the larger amount of money 1t takes
10 carry stocks at their present high
prices. but some of it must be the
result of a greater public participa-
ton.
Money Supply Ample.
Against this it was urged no matter
what the total of loans the supply
was more than ample, as the S1a per
cent call rate testified. And IL there
was a good deal of profit-taking from
holders of stock who had purchased
at lower prices, it could readily be
absorbed by other spectators who had
been waiting for reaction to enter
the market.
There was no sharp break and the
selling did not get far. There were
numerous instances of stocks moving
ngainst the trend, and among them
the shares of the retail and mail order
houses were prominent. Speclaltles
which had not been active in recent
sessions were taken up and advanced
nasiIy. American Typefounders. which
had an S.point jump, is an illustration.
The oils were nearly all weak, those
most affected including Marland, Phil
fins and Pan-American Pete B down
point or more Third quarter state
ments are expected to prove unpleas-
ant for stockholders and the curtail-
ment program in the Seminole Field
has encountered new difficulties.
The two old leaders, General Motors
and United States Steel held surpris-
lngly we'll considering the wild uprush
of the past two days. Steel sold OF
point or so. General Motors likewise
sold only a point or two below the pre-
teding close.
Most of Rails Heavy.
Most of the rails were heavy. A
striking exception was New York, On
tario & Western, which aggressively
bought only little over point below
the high for the year. The report was
revived that the New York Central
twas negotiating for the property, con- |
troll Of which now lies with the New
Haven.
There were not quite as many Sen-
sational advances as earlier in the
week. They were not entirely lack
ing, however, and included Commercial
Solvents UP s points to 200, Timken
Roller Bearing up over as it crossed
1923, and Calumet & Arizona up be-
tween and and at new high for
The year. Another feature was the
strength in Montgomery Ward follow
ing published predictions of extra divi.
lend disbursement.