Evening star., 1927-04-20
CLIMB RESUMED
IN STOCK MARKET
Quiet Liquidation in Progress
| in Some Parts of List,
However.
BY GEORGE L. HUGHES.


NEW YORK, April 20.-The stock
market presented an appearance of
great strength at the resumption of
business today. Under the lead of GER
tain of the motors. particular issues
were rushed up in numerous instances
I to new highs for the year. The rail-
Is, road shares came in for more atten-
y ton especially the low-priced ones,
and some of these sold at new tops.
Nevertheless, in other parts of the list
M. quiet liquidation was in progress, and
WFit was quite evident that advantage
a-@ was being taken Of the speculative en-
~ thusiasm to tighten holdings by the
~ more conservative element.
nS Money remained at 4 per cent and
i :, the supply of credit continued abun-
as dant. The demonstration that the
= market had given in the closing hour
/ Lon the day before encouraged the early
90 buyers today, so that it was not diff
~ cult to put both General Motors and
N Hudson up to the best yet of record
ST, this year.
H~ Old Favorites Get WhirI.
%@ In other groups the old favortes
E<,were taken in hand and given a whirl.
aNIn the oils it was General Asphalt
III and Houston in the sugars, South
~ Porto Rico which set a new high, in
MAthe utilities International Telephone
TI1and Telegraph also at its best for
&A1927, in the steels the easily moved
4 1kColorado Fuel likewise at hitherto
I !lunrecorded quotations this year and
&Aamong the industrials, General Elec-
a Atric which bettered its previous high
TIlwhen it crossed "a.
~ There were weak spots, however,
aas not so noticeable, perhaps, but signi-
", ficant. Hupp Motor sold down to a
A fYda OF
ghwere lower. Youngstown was the
\ weakest member Of the group, re-
~ fiecting the first quarter earnings
- statement which showed only $2.03
share against $3.50 a share in the
same quarter year ago. Crucible,
Republic Iron and Steel and Gulf
States sold off in sympathy. United
States Steel opened higher, but did
not hold the gain. The strength in
General Motors was ascribed to talk
Of an extra cash dividend and in
Hudson to publication of the first
quarter earnings which were equiva-
lent to S2.52 a share as against $2.06
year ago.
1t was Missouri Pacific issues and
their affiliated stocks on which atten-
tion was centered among the rails.
Missouri Pacific, common and pre-.
ferred, sold higher than at any time
previously this year and SO did Texas
u Pacific. The gain in the latter
amounting to some points around 70
was little short of spectacular. All
this occurred without any excuse in
the news. Other low priced railroad
stocks went along moderately, among
them Missouri Kansas Texas and Kan
sas City Southern. Lehigh Valley was
the feature of the seasoned dividend
payers at a new 1927 high. st. Louis
San Francisco came to the front a
little later along with Rock Island and
for a time there was buying in New
York Central.
Oil Shares Uncertain.
The oil shares fiuctuated uncertainty.
Short covering, which had been so
potent in advancing prices yesterday,
was not so much in evidence, but, on
the other hand. the selling which had
been the rule in the oils for so long
was not pressed either.
Another batch of discouraging news
items, including new cut in crude
oil in the Midcontihent area. the sixth
successive reductions and lower prices
for gasoline in various. sections of
the country was apparently not a
factor in the market. Two groups
that were consistently strong nearly
all the day We're the coppers and
the department store shares. Kene- |
colt was again a leader, selling at
the highest in its history, while Abra- |
ham q Straus featured the other class. |