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 20 The star
NEW YORK. May 2l.-~The stool
/ market closed the week with the up
ward movement in fun swing The
showing yesterday. when the adverse
decision of the Interstate Commerce
Commission on The Southwestern
railway merger had no effect on sen
1lment except for the stocks immedi
atelv involved. seemed to have con.
WINGED traders that nothing could stop
the advance, and so today the buying
went ahead as confidently rs ever.
The market was not only strong
hut It was broad. The only group
that did not participate was the oils.
EOtherwiee rails, industrials and utili-
tiles were taken up at one time or
ianother and many new high records
were set up.
United States Steel Feature.
Perhaps the most impressive feature
or 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 a. discreditng the invest
ment character Of the market. To
record high for all time at 172a4 aud
then bettcred even that price. This
resumption of the leadership by the
old favoritc had q stimulating effect
upon the entire lSt.
The railroads were prominent all
DAY Rock Island dist imgushed Itself
by running UP TO its highest since re
Organization. as it crossed l05. Ncw
York Central held Yesterdays gain
and improved upon il, selling at the
highest in % years. Pere Marquette
went through its old high for the wear
with a rush Pittsburgh & West Viz
iEinia climbed sensationally also 10
new 1927 high. The stocks of the COM
,panies forming the Loree Southwest
ern 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
ment and only a few points under the
gprice at which il has been rumored
Rnother corporation was paying for
stock at private sale. Brooklyn
g11dison was very strong. up some
points. II allowance be made for the
reduction from the price of the
1'rights." this stock made a new high
also International Telephone & Tele-
graph was agCresSivcly bought, and
nIontana Power moved up again. Nor
were the lower priced utilities neg
Elected Standard Gas e Electric, En-
gineers Public Service and Electric
Power & Light trailed along.
/ Metal Shares Active.
The metal shares had their part in
The limehght. International Nickel
was the leader in this part of the list.
American Smelling d Refining went
higher early in the session. but then
met a good deal of profit-taking.
Liggett & Myers ''B'' was the favor
Ute 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.
s The motor shares We're quieter than
usual Timken Roller Bearing made
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
inclined 10 sag and Dodge did not
hold its initial gain.
I Profit-taking made some impression
Gust before the close, especially in the
ISSUES that had advanced the most.