Evening star., 1927-11-23
SPEC|A[T|ESLEA
ONSTOCK MARKET
ReceSsions Occur After Early
Enthusiasm AbateS-Mont-
gomery Ward Scars.
ny GEORGE L. HUGHES.
., ,,tA a.. fy,,,, ct,

Spe,tal Dispatch 10 The Star.
NEW YORK. November 13.--StoCks
started in with pool operations IN ful
swing. There was Il heavy accumu
/ ,atiou OF overnight buying orders Stim
! ulated by the show OF strength II
| these specalties yesterday and open
/ ing quotations for this kind or Sc
! curitv were higher all around. After
th, initial transactions. enthusiasm
! ehatpd somewhat and there were minor
/ rcteSsions. hut for the first half of the
| tay, AZ least. the trend was upward
! II was again noticeable that the
! former industrial leaders. General Mo
I tors and L. : Steel. did not seem 10
| have a part IN the plans of the spon'
sors for the market. General Mo-
tors was down fractionally and L. :.
Steel ranged around the preceding
close This was overlooked, however.
III the rush 10 buy new favorites.
Montgomery Ward Gains.
Montgomery Ward scared 10 the
highest at which the present shares
have ever sold and was up nearly 4
points at 9S. Sears Roebuck above
s. showed a smaller gain on the day,
but was also at new high under the
present form of capitalization. Radio
opened up likewise at new top on
a block of 10000 shares and the pool
in Westinghouse Electric pushed that
stock up TO the highest III 20 years
as it sold around 80. There were
many other "new highs" but these
are typical. The advance encountered
remarkably little opposition. 1T seemed
an easy thing to put prices up at
least while the move was on.
There was more irregularity in the
lower priced automobile stocks which
were so prominent earlier in the
week Nevertheless, Dodge Bros.
class "A" crossed 20 on an enormous
turnover, apparently forecasting some
favorable development in the affairs
of this company. Meanwhile Hupp
Motor was the object of realizing
sales and came down fractionally,
while there was little doing in Nash,
Hudson or Chrysler. Paige Detroit
Motor was a strong feature, rejecting
the success of the Offering OF addi-
tional stock.
The burden of giving the proceed
ings an investment appearance was
put upon the utilities. The leaders
were Brooklyn Edison, Brooklyn I'm.
ion Gas and Peoples Gas. Brooklyn
Edison, around 1872, was at the highest
since 1905. Brooklyn Union jumped
over 6 points. Peoples Gas, at 100.
was at the highest in the history of
the corporation. and up a points on
the day. All these are operating COM
panies and have nothing to fear from
any congressional investigation Of the
holding companies, although that mat
ter was given scant attention.
Yield Is Very Low.
The foregoing are all high-grade
investment stocks, but the yield at
present dividend rates and today's
prices is very low. For instance,
Brooklyn Edison returns less than
AZ per cent and Brooklyn Union Gas
only about S.3 per cent. Peoples
Gas makes a better showing, for that
stock, paying IS. returns exactly 5
per cent at 100. Consolidated Gas
was another utility in active demand.
While all this was going on in the
industrials railroad stocks were very
quiet Norfolk & Western was active
in the first hour. duplicating its pre-
vious high. but evidently needed time
to consolidate it's gains.