Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-12
BULLS GAIN MORE
IN STOCK MARKET
Industrial SpeciaIties Are Bid
: Upward Today-SteeI
Trading Cautious.
BY c. >RGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK. July 1.-THE ele.
ment favoring continued price appre.
citation made further Roadway in the
operations on the Stock Exchange to-
day. Industrial specialtieS, in which
the floating supply is known to be
small were bid up in some instances
sharply, while the high grade divi-
dend, paying railway shares moved up
hriSkly under the same character of
buying that came into this class of
stocks at the beginning Of the wc~k.
There We're no new developments in
the outside situation upon which to
base calculations. The action of the
steel shares yesterday indicated that
speculative Wall Street had been
agreeably surprised by the slight in.
crease in untitled orders of the Steel
Corporation in June, and sentiment
was improN ID today. Operations for
the rise. however. were carried on
cautiously in this quarter, and there
was a disposition to await the results
of second quarter earnings, which will
come to hand within the next two
weeks. Colorado Fuel & Iron. across
95. was at its highest since 1902.
Work of Powerful Pool.
the case on previous days, could have
been attributed to the work of a pow
erful pool which is known TO have
been operating in the stock for some
time. Crucible Steel encountered
profit taking at intervals, but sold
well above Mondays final of S515.
United States Steel was heavily
bought al and just above 123, as
against the previous close of I2i$4.
and its strength was an influence
upon the market for independent
steel.
The spectacular Baldwin Locomo.
tive went forward into new high
ground for all time, and the failure
of the stock to react following the
recent improvement was an indica-
ton of the scarcity of the floating
supply. Westinghouse Electric sold
at its highest since 1925. In the case
of Thinker Roller Bearing, which
went TO the highest since it was listed
on the Stock Exchange, there was the
highly favorable results for the first
half year upon which TO base opera
tions, much of which was due to the
expanding operations in the railroad
equipment of its business.
How much of the demand for the
high grade dividend-paying rails could
i
year interest and dividend payments
was question. but their strength was
a noteworthy incident in the railway
section. Norfolk & Western, up over
4 points, was at the highest for all
time. Atchison, above 1873 gained over
9 points. Atlantic Coast Line was
selling close to 200 and New York
Central crossed Isl to the highest on
the movement. The merger rails,
especially shares of roads involved in
the Loree Southwestern unification,
were subjected to heavy realizing.
Covering I'm Dodge Issues.
General Motors was included among
Industrial favorites, but the feature |
of the motor group was the heavy |
covering movement in Dodge Brothers |
issues, which carried the preferred up
approximately 3 points. This was a
direct response to publication of six
months earnings, which proved to
have been considerably better than
generally anticipated. Mack Trucks
was an exception to the main tend
ency, and it was evident that the
offerings which continued to come
upon the market were for special
reasons.
Electric Refrigeration broke to new
low ground at 10, moving sympa-
thetically with weakness in the bonds
Sears Roebuck, Commercial Solvents
B, National Lead, Union Carbide and
American Can were all at their highs
for the year.