Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-24
TREND IS HIGHER
IN STOCK MARKET
Buying Caution Noted-BaId-
win Has New Run-Up-U. S.
Steel Has Rise.
BY GEORGE r. HUGHES.
pecial Dispatch to The Star.

By GEUkOE Il. HtUHES.
Special Dispatch to The Star.
NEW YORK, June 24.-Highel
prices predominated throughout the
greater part of todays stock market
session. The selling movement which
became rather general on the day pre-
ceding appeared to have run its
course at least for the time being
When it was realized that speculative
accounts had not become seriously
impaired by the recent downward
movement, which failed to bring out
anv great amount of forced liquida
ton. the disposition was to cover in
short contracts. The volume of bust
ness again fell off and where new long
commitments were made the buying
was carried on with a good deal of
caution.
Speculative sentiment was favor
ably influenced by the increase re-
ported in the ratio of reserves to
liabilities at the New York Reserve
Bank, which were placed at SS.4 per
cent, compared with S1.2 per cent
week ago. The increase for the sys-
tenn as a whole was from 76.4 per
cent to 1877 per cent. Call money
again renewed at per cent and APP
peared to be in good supply -. this
figure.
Baldwin Above $50.
The action of Baldwin Locomotive
STRENGTHENED the belief that as re-
suit of recent purchases by two prom
inent groups, the floating supply,
which under ordinary circumstances
Is known to be limited. had been con-
siderably reduced. Above ego it was
UP some 5 points to the highest price
in history. General Railway Signal
continued to respond to reports of
new incoming business. But those
closely associated with bankers for
the company were of the opinion that
net for the first half year would show
no material change from that of the
same period year ago.
So far as the steel stocks were con-
cerned, the reported slowing down IN
operations at the steel centers was
taken as nothing more than seasonal
United States Steel was higher most
of the session. Operations for the rise
were renewed in Colorado Fuel & Iron.
carrying it across 81 again. Bethle-
hem, Crucible and Youngstown shared
in the improvement.
In view of the denial that prominent
interests in Western Pacific were add
Ing to their holdings, the further sharp
run-up in both common and preferred
stocks was even more myStifying.
The high-grade dividend payers like
Atchison, Nickel Plate, Delaware &
Hudson and New York Central were
readily taken whenever offering came
on the market. The special buying
which was persistent during the past
few days kept on. resulting in further
price appreciation.
Eastman Kodak Strong.
Among the specialties there was
the expectation of some form Of spe.
cial distribution for Eastman Kodak
share owners to account for its
strength. AT 164 it was. at the high
est price under the present form of
capitalization, effected in 1922. Adams
Express, above 1872, sold at its highest
since 1916. and rumors were current
of a liquidating distribution before
the year end. American Railway Ex-
press, of which Adams Is the second
largest stakeholder, went along SYM
pathetically.
If sentiment favoring higher prices
for the motors had been adversely af
fected by the recent reports concern
ing Ford competition, it failed to have
any reflection in the movement of the
group today. Liquidation in this
quarter on preceding days of the week
had brought the leaders Of the list to
a point where they were again con-
sidered attractive. General Motors,
around 200, compared with yesterdays
final of 1888. Hudson was bid UP
some points, Mack Trucks like
amount, and offerings of White and
Studebaker appeared to have run their
course.
Volume Tapers OF.
AS the afternoon session progress.
ed the volume of business tapered off.
The main body of stocks maintained
the early improvement and there
were intervals when new leaders were
brought to the front. 1t was one of
the dullest days in a month and at
times trading was almost at a stand
still. Nevertheless no attempt was
made to renew the downward move
ment which became general yester-
day.
General American Tank Car was
bid up sharply and there were rumors
of a possibility of an increase OF the
regular annual distribution from 50
TO 81 share. White Sewing Ma
chine was responding to reports OF a
highly favorable second quarter.
The market was not without Its
weak spots. Electric Refrigeration
broke rather sharply into new low
ground for the year, coincident with
further liquidation in the bonds.
American Piano was still feeling the
effects Of the recent unfavorable earn
ings reports. The oils were readily
supplied when bids came into the
market. This was true of Phillips,
Marland, General Asphalt and Union
Oil.