Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-07
INVESTMENT LIST
LEADERS IN STOCKS
Market Strong and Active
and Trade Broaden-C. &
o. and N. Y. c. Features.
BY GEORGE HUGHES.
|pacial Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK, September An
other wave Of buying swept over TIL
stock market today and prices mount
cd to new high levels. The marke
was not only strong and active, bu
broad. Stocks of all groups partici
mated in the improvement.
Al times the pace was fast an'
furious with the ticker almost 20 min
utes behind business on the floor
Then again it quoted down and as
summed a more reassuring appearance
II Is an old rule of speculative prac
tice that when rising market reaches
The STAGE OF excitement 1t is time &c
sell. but whether todays proceedings
fell within that classification remained
matter of opinion. Cndouoteoly the
technical position was seriously under
mined and yet the intervals of moder
afIon in the buying seemed to mega
tive any idea of immediate reaction.
Investment Stocks Leaders.
T. would I've wrong TO say that no
Termination was exhibited. There
were. Il is true that many stocks
we're going mp without any logical
reason. but it is equally true that
TIE real leaders were the investment
stocks. :
Take. for instance, Chesapeake x
Ohio and New York Central. Inc
latter had been strong all through
thespreceding day at the highest price
since 1902. 1t bettered yesterday
prlee today. Chesapeake Il Ohio,
vhieh had been a laggard for long
time. came to the front early in the
forenoon and at 1877 touched the high
est price for all time.
There was good defense for both
these advances. New York Central
viii earn. it is estimated, about SIS
directly this year, but if equities in
tie earnings of it's subsidiaries are
taken into account the sum VIII be
/. nearer $50. Chesapeake Ohio. on
similar basis, ought to net almost $50
a share for the year ending December
81, making it about the cheapest
high.grade railroad stock. comparing
the percentage of earnings to market
price.
On the other hand. the advance in
Minneapolis, st. Paul Sault Ste
Marie was a distinctly speculative
move. founded OH the expectation that
AGRICULTURAL prosperity will restore 10
this road the earning power II
formerly enjoyed. Great Northern
preferred was still strong. on the same
argument. New York. Chicago q ot:
Louis went along with other rallroao
INVESTMENT stocks, making new 1927
top.
The two old industrial favorites,
General Motors and United States
steel started in strong and soon
recorded new high prices for the pres
rnt shares. General Electric did the
same. and so did Woolworth. All
these had to absorb heavy profit
taking later in the session. however.
and came down from their forenoon
Tops.
Better Motors Market.
There was a better market for some
ef the independent motors and lnde'
pendent steels than for the leaders.
Nash was prominnt 1. nong the former
and Rethlehem and Crucible among
lhe latter. Bethlehem sold at the best
since 1923. There is still talk OF
bethlehem initiating dividends on the
eommon before the year is out.
I-rucible pays Sc now and so gives
an extraordinary high yield in the
present market. 1t has always been
en- erratic performer marketWlse,
which perhaps accounts for its lag
ying so far behind the rest OF the
list. II was very prominent today,
however
Utilities were not neglected, the
most conspicuous being Consolidated
Gas, at the highest for the present
no-nar value shares. National Power
4 Light, Public Service of New Jer-
sey. American Power & Light and
a
demand.
Interest Shifts Later.
Interest shifted about in the after
noon, new leaders being taken up as
the old ones faltered. but the general
tone of the market was still decidedly
strong. United Fruit was bid up 4
points, and National Lead continued
Its advance. making a new high for
the new stock. Wright Aeronautical
also established a record high. and
Savage Arms made its appearance on
the tape for the first time in over a
week with a net gain of about 3
points.
There was unusual activity in the
lower priced motor car shares. Stude.
baker, Jordan, Dodge "A'' and Hudson
fell into line with Nash on a combi'
nation of fresh buying and short coy
ering General Motors was not so &C
tive and ruled under the preceding
close
Railroad stocks were still firm.
Traders used as an argument the fact
that car loadings in the week ending
August 81, the last for which stats.
tics were available, were at the high.
est for 1927 to date. They ignored the
fact that this total represented a de.
LII. II.
Baltimore & Ohio was very strong, and
so for time was st. Paul preferred.
Notwithstanding all the activity,
sales for the first three hours were
only little over 100000 shares above
those OF yesterday.
CLOSING is STRONG.