Evening star., 1927-05-21
BUYING CONFIDENT
!. IN STOCK MARKET
Upward Movement in Full
Swing as Short Session
Closes Week.
BY GEORGE T.. HUGHES.

Special Dispatch TO The Star.
NEW YORK. May 21.-The stool
market closed the week with the up
ward movement in full swing. Th'
showing yesterday, when the advers,
decision of the Interstate Commerc,
Commission on the Southwestern
railway merger had no effect on sen
Jiment except for the stocks immedi
ately involved, seemed to have con
WINGED traders that nothing could stoT
the advance, and so today the buying
went ahead as confidently as ever.
The market was not only strong
hut it was broad. The only group
that did not participate was the oils
Otherwise rails, industrials and utili
ties were taken up at one time or
another and many new high records
were set up.
United States Steel Feature.
Perhaps the most impressive feature
0f the day was the taking up of United
States Steel in the second hour. Steel
had been tagging behind all the week
while other industrials had performed
spectacularly. This fact had been en-
phasized as discrediting the invest
ment character of the market. To-
day, however. Steel moved up to its
record high for all time at 17234 and
then bettered even that price. This
resumption of the leadership by the
old favorite had a stimulating effect
upon the entire list.
/ The railroads were prominent all
tday Rock Island distinguished itself
lby running up to its highest since re-
organization. as it crossed 105. New
kCorl- hold H-aSfer6a1r'S vain
and improved upon it. selling at the
highest in 20 years. Pere Marquette
went through its old high for the year
with a rush. Pittsburgh & West Vir-
tginia climbed sensationally also to a
inew 1927 high. The stocks of the COM
!panies forming the Loree Southwest
tern group were not especially active,
but they did not go down any more.
Two or three of the utilities were
singled out for favor. Brooklyn Union
Gas went to new high for the move
ISnent and only few points under the
price at which it has been rumored
another corporation was paying for
stock at private sale. Brooklyn
Edison was very strong, up some 4
points. If allowance be made for the
reduction from the price of the
rights" this stock made a new high
also. International Telephone & Tele-
graph was aggressively bought, and
Montana Power moved up again. Nor
were the lower priced utilities neg
aected. Standard Gas & Electric, En-
eineers Public Service and Electric
Power & Light trailed along.
+ Metal Shares Active.
The metal shares had their part in
the limelight. International Nickel
was the leader in this part of the list.
American Smelling & Refining went
higher early in the session, but then
met a good deal of profit-taking.
Liggett & Myers 3D. was the favor
tte of the tobaccos. In the general
run of industrials Case Treshing Ma
chine, American Can and Woolworth
all set new high marks for the year.
The motor shares We're quieter than
usual. Timken Roller Bearing made
a new high, but that issue is now
classed with the equipments. Short
covering came into Dodge and Pack
ard was up, but General Motors was
jnclined TO sag and Dodge did not
1old its initial gain.
{ Proflt.taking made some impression
hst before the close. especially in the
4gueS that had advanced the most