Evening star., 1927-08-26
STOCKS IN MARKET
!. AT HIGHEST POINT
Irregularities in General List
( Offset by Strength of
Leading Issues.

Special Dispatch to The Star.
WALL STREET, NEW YORK. Az
gust 26.-With General Motors, Unite
States Steel and General Electric sell
ing at the highest under their presen
forms of capitalization, the stock mar
ket again today gave every appear
ance of great strength. There wer
Irregularities in the general list. bu
they were lost sight of in the upswin;
Of the leaders.
Up to the last half hour trading wa!
more orderly than in the precedins
session, but Just before the close th'
buying movement became urgent.
Features at the end were Chryslel
Motor, at n new top since the spllt
up; New Haven and New York. on
tario and Western. which started up
ward simultaneously. NotWlthstand
ing the activity the only really Wllc
display was that of Vulcan DEFINING
which went up 20 points ana ther
came all the way down again.
Perhaps the most significant tea'
t,re of the day was the strength
in u, S. Steel. Trade advices have
been so unfavorable that the ability
ef steel to make a new high, even
though IL was only a comparatively
small advance over the previous top
was regarded as indicative OF d
strong position of the market gen
orally. Independent steel stocks I'M
proved svmpathetiCally to mod
crate degree. The largest gain was
shown by Colorado Fuel and Iron.
Spectacular Up Surge.
A spectacular upward surge OF
Pressed Steel Car was the principal
incident in the equipment group. Al
rs the stock was up 712 points on the
dav. In part this was in reflection OF
merger plans, but the fact that the
stock loaned at a premium revealed
the existence of a harassed short IN
terest. General American rank Car
ran up briskly to a new 1915 hisii
early in the day, reactlng somewhat
later. .,,,.
Railway shares moved irregularly
&tchison, which had closed Thursday
at 900. the highest point in its his
torv. came off sharply after the preSl'
dent had been quoted to the effect
that consideration of stock DIVIDENDS
was as distant as ever. After drop.
ming 4 points, a rally enSued. VI
course Atchison is worth just as much
now as it will be after the shares nave
been increased by the stock dividend
process. What Wall Street really
hopes for is that the dividend on the
new shares will be equivalent 10 an
increased rate for the old.
Railway Issues Strong.
Elsewhere in the railroad list Ches-
apeake G. Ohio was strong, and so TOR
= time was New York Central. Chesa-
peake Corporation went along with
Chesapeake & Ohio. Lackawanna, on
the other hand, was lower, and some
selling came into Western Maryland.
The new high in General Motors
was made early in the session. Other
motor shares were not much affected.
Mack Trucks made a good gain and
Stewart Warner did better. General
Electric came to the front in market
that seemed remarkably free of offers
advanced to a record high for the
present shares. Vulcan Detinning, the
newest so-called mystery stock, opened
15 points higher and added 5 more
before noon.
General Motors Near $50 Mark.
General Motors continued its ad
vance during the afternoon, coming
close to the ESQ mark, which its spon
sors have declared to be the goal.
Steel held steady around 14O, and
General Electric maintained its new
high position. Du Pont went along
with General Motors, and Houston Oil
began to creep up. On the other hand,
heavy selling of Pan-American Pc
troleum B depressed that stock. and
the independent steels We're lower.
The rails which looked so promising
in the forenoon were neglected. Trad
ing in general was quiet.