Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-02
STOCKS CONTINUE
: FORGING UPWARD
New Highs Numerous-In-
tervaIs of UnsteadineSs
Noted in Today'S Trading.
BY GEORGE T. HUGHES.

Special Dispatch TO The Star.
NEW YORK, August 2.-Stocks
continued TO forge ahead in today 5
market. New highs were fully as num-
erous as on any other day of the up
ward movement. In one respect, now
ever, the proceedings differed from
those of yesterday. The advance was
more spasmodic. the fluctuations
covered a wider range. and there was
more profit-tal<ing whenever an indi-
Nidual issue seemed to falter. In short
the market, while predominantly
strong, had intervals of unsteadlness.
The feature of the session from the
viewpoint of the spectators or the
rise was the way in which u. ;. steer
came to the front, sharing leadership
with General Motors. Generul t.lectflc
and American Smelling Rellhlhs'
Steel had Jagged behind yesterday
presenting n striking exception 10 the
trend. That was all rectified today.
Evidently the realizing sales have been
absorbed and new buying was Tree 10
make itself felt.
Industrials Are Favorites.
Inst as on yesterday the railroads
ba5 boon the center of interest, so
,ha ind1strials were the favoriteS to-
1av Early in the session General
Electric ran up to the hlGheSt lhe
bresent shares have ever sold. steer
accomplished the same thlnS, just De
fore noon. Baldwin fell into line ana
General Motors exceeded Its pest pre-
vious price about the same time:
Dther strong stocks in the industrial
list include United Fruit, Genera
Railway Signal, Woolworth, Postum
Tereal and F'leischmann. Except for
The last named, all these made new
highs of one kind or another.
There was still little discoverable re-
lation between the buying and any
new facts about the financial position
of the sto.I--. concerned. 1t was an
Further testimony to the confidence IN
spired by the money situation. Inc
utilities were more prominent today,
notably Brooklyn Union Gas and Con-
golidated Gas.
Resides General Motors, the leaders
I'm that part of the list were Chrysler.
Nash and Hudson. The transactions
In Chry-ier were on very large scale
and all three sold at or near the pest
pf the wear. Mack Trucks went up
with the rest. Its second quarter re-
bort. made public today, shows great
Improvement over the results of the
first quarter.
Rails Continue Rise.
In the railroad group Reading con-
tinued the advance initiated yesterday,
Ereat Northern perferred sold at par,
Erie first preferred sold at the high
est since 1907 and Union Pacific at
the best since 1911. There was
larger turnover in Pennsylvania, but
not much progress was made, al
though commentators alleged that TINS
stock was behind the market. be.
sides Great Northern, the shares OF
The other Northwestern roads were In
steady demand. Atchison set new
high FOR all time right at the opening,
but reacted somewhat afterward.
The incident which again showed the
straits of the short interest was the
hump in Manhattan Electrical Supply
of nearly ten points. The oils did
little one way or the other, although
the news concerning them was just
rs discourageing as ever. This, too,
illustrated the timidity Of SPECTATORS
for the decline. There can scarcely
be any disputing the fact that the
technical position was further I'M
haired by the days advance.