Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-21
BEARS ARE ROUTED
IN STOCK MARKET
Early Drives Intellectual and
Steel and Motors Rally.
Rails Do Better.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 21.-Rt
versing the declining movement of tn
forenoon, todays stock market turne
| slowly upward in the last hour. Bot
Steel and General Motors had beef
under pressure early in the session
but both rallied after an ineffectua
attempt by spectators for the declin
to get the list down.
The market had little that was new
to go upon. Some attention, but no
much, was paid to the statement o
John j. Mitchell. dean of Chicag
bankers, to the effect that many stock
were selling far too high. merely be
| cause there is a plethora of CheaI
| money" Wall Street does not Xix
to take advice from Chicago.
Two Strong Instances.
Mr. Mitchell instanced two corpo
rations, with the affairs of which h
said he was familiar. The stock of on
of these, he continued, was fluctuat
ing wildly on talk Of prodigous profits
and stock dividends, whereas the com
pany is operating conservatively al
though making good progress. TIL,
other was that of an oil company
which had earned its full years divi
dends in seven months. while the
stock remained stationary.
The two stocks were generally
identified as Texas Co and either
Pullman or international Har'
vester. The last named was the only
one of these three to figure impor
family in the trading of the day.
Harvester sold off rather sharply at
the start, but came back later for a
not rain While tho inforNrinXy ~,
not have been to the liking of specu-
lators for the rise, it did find some
supporters and probably moderated
enthusiasm.
General Motors was under pressure
right from the start. 1t opened down
over point and extended it's loss as
the day went on. u. S. Steel for
a time was better supported, but 1t
seemed to have difficulty in making
Roadway. Traders in Steel are begin
ming to scan more closely the in
dustrial reports and weigh them
against the present price of the stock,
not far below the high for all time.
Utilities Are Strong.
While the selling in General Motors
and in Steel was in progress. bidding
up went on in General Electric, Ma
L
utilities as a group were strong, par
ticularly the low priced ones. Amer.
lean Power & Light was the leader
The coppers were also again in favor,
notably Green Cananea and Kennecott.
Railroad stocks did not have the
buoyancy that was in evidence in the
last hour yesterday. Some of them
were higher. but the others sold off,
but rather eaSily Nevertheless the
rails made better showing than the
industrials. Baltimore & Ohio stood
out a strong spot, apparently fore
casting the eventual raising of the
dividend to 7 per cent. basis. While
nothing immediate along this line is
probable. estimated earnings of
around S12 share justify optimism.
Packing Stocks Taken Up.
The market hardened in the after.
noon when large buying orders an.
peared for the packing stocks. The
Armour issues were the chief bene-
f1ciarieS, partly because they had been
the most depressed and partly be.
cause they harbored the largest short
interest.
At the same time a new upward
movement in the rails was led by New
York Central and Chesapeake & Ohio,
the former lettering it's previous high
for this year, which was also the best
increase since 1902. This display of
confidence had its effects on Steel and
General Motors. Steel recovered it's
forenoon loss. Mining stocks con.
tinued strong. American Smelling &
Refining crossing $50, and there was
a better market for the oils.