Evening star., 1927-04-04
BULLS HAVE EDGE
I IN STOCK TRADING
Oils and Few of TobacCos
Only Shares Under
Pressure Today.
BY GEORGE L. HUGHES.

Special Dispatch to The Star.
NEW YORK, April 4.--The elemen
working for higher prices had all tht
better of it at the start OF the weel
on the Stock Exchange. The higher
priced railroad shares assumed the
leadership at the opening. but later or
some of the nondividend payers came
10 the front and eventually the buy
ing spread to industrials of the invest
ment type. Finally short covering in
the more speculative issues played q
large part in putting up quotations
Only the oils and a few of the tobaccos
continued under pressure.
Initial strength in the railroad
group centered about Union Pacific,
up from TO 3 points; New York Cen
trail, up over a point, and Pennsyl-
vania, which sold at the highest since
before the war. Atchison went ahead
on the optimistic statement of the
president of that road.
Confident of Action.
No comment, however, was obtain
able as to the maintenance of the IS
cents a share extra dividend. Wall
Street is confident that Atchison is
now a $40 stock, but there is no official
confirmation of this view. Pennsylva-
mia simply was responding to the high
" favorable annual report. Shares Of
all the Northwestern roads moved up
emphatically without anything new in
the situation except the realization
that these stocks were behind the rest
of the market.
In the lower priced issues Erie and
Missouri Pacific, both at new highs,
1ck4 SnnHjn1 r.
ton as to the dividends was the only
apparent stimulus in each of these in
stances. The fact that New Orleans,
Texas and Mexico sold higher than
ever before, although only on an odd
lot was taken to indicate that the
Missouri Pacific was anxious to con-
soidate it's system holdings.
Industrials continued to reflect not
so much trade outlook as the effect Of
the overflow of investment funds from
the bond market. The star performer
was Eastman Kodak, which had an
opening rise of almost three points.
Announcement of the proposed huge
wage dividend was taken as convinc-
ing evidence of prosperity and as
promise of the permanence of the IS
distribution to stockholders. Ameri-
can Telephone and Telegraph, Ameri-
can Tobacco and General Electric were
all at one time or another substan-
tally higher.
Short Covering Active.
It was in the automobile and auto
mobile accessory groups that short
covering played large part. Yellow
Truck and Coach had a rapid run-up
to approximately the highest since
the dividend on the class 'B" stock
was passed. General Motors, which
controls yellow Truck, started in with
an advance of a point, and pushed
higher as the sellers of last week
began to retire their contracts. One
reason for the recovery of General
Motors was the lack of any announce
ment as to the intentions of the Ford
Co over the week end. Willys-Over-
land was strong for time, the buying
coinciding with the publication of en-
couraging quarter production sta
tistics.
No very convincing reason was adj
vanced for the rise i'll the rubber and
tire shares. Most of these, however,
were very strong. United States Rub
ber was the leader. but Goodrich adj
vanced easily. and higher prices We're
recorded for Kelly-Springfield and
Fisk.