Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-11
|. Use IS RESUMED
ON STOCK MARKET
cc..eeI Tonnage Figures Have
+ BuIIiSh Effect on Shares
of Leading Company.
BY GEORGE T. HUGHES.

sn~rial Dispatch TO The Star.
NEW YORK, July 1.-Operation
~ the rise were carried further in th'
st session of the week on the stool
Ichange. Outside news develop
ents over Sunday were for the mos
IT favorable, and encouraged public
,rticipation on the buying side o.
To main body of stocks.
The speculative element had hat
enty of time to analyze the signifi
t2nce of the increase reported after
re close Saturday in the June un
lied tonnage figures of the United
tates Steel Corporation. Although
10 gain was slight, it compared with
'timates of another stable decrease
und came as a surprise to many.
l.. S. Steel opened at 122 Il. up well
over a point. The independent steels
'.ere more active. with Bethlehem
trucible and Colorado Fuel in demand
It advancing prices. The action of
!e steel stocks had a favorable lnflu-
'nce upon other industrial shares.
V,any of which went into new high
;,cound for the year.
Sugar Stocks Strong.
The sugar stocks were taking their
cue from the strength displayed in
raw sugar and sugar futures. The
heavy buying last week had practi-
cally cleared the market of the avail
able supply at the 2s4 basis. With
the outlook for sugar consumption
much improved, the tendency was to
come in on the buying side of the
sugar stocks. South Porto Rico was
almost 5 points above the Saturday
final. Great Western Sugar was up
points or more, and higher prices
were reached in Punta Allegro, United
Fruit, Cuban American Sugar and
American Sugar Refining.
Tobacco stocks maintained their
prominence, with Lorillard at a new
high for the year above 38. Bayuk
Cigar continued in demand and r. J.
Reynolds "B" was taken at advanc-
ing prices. Those back Of the buying
were contending that in view of the
improved earnings outlook for most
OF these companies they were selling
out OF line with other industrials.
The market for Paramount Famous
had been discounting the possibility
of an adverse decision by the Federal
Trade Commission regarding the prac
tice Of block booking, so that wht N
the ruling was handed down it came
IS no surprise. Baldwin Locomotive
rose to its highest for all time when
1t changed hands at 241. Other strong
stocks included American Can at a
new high for 1927. Air Reduction,
General Electric, Union Carbide and
Carbon, Otis Elevator and United
Drugs. all up fractionally to more
than points.
/. But the industrials by no means
monopolized speculative attention.
Prominent railway issues shared
equally in the Improvement. The man.
ner in which Atlantic Coast Line was
taken at an advance of Z points, at
one time, indicated that much of the
buying was Of reinvestment charac.
ter. Atchison, Erie first preferred.
Rock Island, New York Central and
Southern Railway joined in the ad.
vance.
The Northwestern rails were re.
spending to highly favorable crop pros.
poets and what this Is to mean to
these carriers. Northern Pacific.
Great Northern preferred and Chicago
d North Western were a point TO two
points above Saturdays finals. Kan
.sas City Southern was at its highest
price for all time, and carried with
II Missouri-kansas-T Texas and st. Louis
southwestern. although there is moth
Ing new in the merger developments.