Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-23
LIST ON BIG BOARD
: RALLIES BR|SKLY
Coppers, Rubbers, Som'
7 Motors, SteeIs and Rails
! Have Good Recovery.
By GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 18th
stock market rallied brisxly today
The opening was hesitant and irregu
lar, but when 1t was seen that tn
selling which made such an impress
sion on the list Thursday had ceased
operations for the rise were resumed
at first cautiously and then con
f1dently.
Copper shares were prominent OIL
the recovery. For one reason there
rs still room for improvement in the
price level of this group on yielt
basis, and for another the extrava
gances which have marked the bid
ding-up process in so many industrial.
have not been INDUCED in here.
Most of Coppers Participate.
Calumet & Arizona and Greene
Cananea were the features. although
all the copper stocks participated
more or less. Greene Cananea made a
new high for all time and Calumet &
Arizona sold at the best since 1919
There was no improvement in the
market for copper metal. but that was
not a consideration. Mining shares in
general were firm.
Rubber shares were favored also,
Under the leadership of Goodyear and
Goodrich. with somewhat higher prices
for United States Rubber. With the
rubbers, as with the coppers. there
WAS no overextended long interest.
Cudahy was bought again, rejecting
she reported betterment in the pack
ing trade. The stock made a new
high on the movement today, which
was also the highest for the present
$50 par shares.
The motor shares did better, but
there were exceptions. one Of them
being Willys-Overland, which dipped
10 new low for the year on concen-
krated selling directly after the open
Ing. There was no explanation for
The weakness. AS Of August 81, Will.
sys-Overland reported cash and cash
equivalents more than double all cur
rent liabilities. Nash motors was the
strongest of the independents, up 8
points or thereabouts, responding to
the declaration of the extra 50-cent
dividend. General Motors, new and
old, came back with the rest of the
market.
New York Central Near Peak.
The buying in steel represented in
part at least covering of short con-
tracts put out on the previous day, but
the strength of the rest of the market
had something to do with it. The in
dependent steels registered moderate
gains, with the widest price swing in
Colorado Fuel & Iron.
In the railroad group New York
Central still absorbed most Of the in
terest as it crossed 1913 to within
fraction Of its best price in more than
20 years. All through the reaction
yesterday New York Central was well
supported and it has been noteworthy
for its resistance to selling even when
the other rails were giving way. On
direct earnings per share New York
Central does not look as cheap as
the majority Of the seasoned high.
grade dividend payers. The explana-
tion lies In the large equities in the
earnings OF subsidiaries. Texas &
Pacific rallied easily and most of the
lower priced rails were firm. but not
particularly active. Business as a
whole fell off from the total Of the
day before.
Irregular I'm Afternoon.
The market was more irregular in
the afternoon when the recovery
seemed to have lost its vigor. Pierce
Arrow preferred developed weakness
and there was more selling of WHY'S
Overland. The industrial leaders hest.
tated, including both Steel and Gen
eral Motors.
The most important railway state
ment was that of Southern Pacific,
which showed gain of s44,649 in gross
during August, but loss Of $685., 392
In net. Atchison was lower and there
was little life to the market for most
Of the dividend payers. On the other
hand New Haven advanced over a
point. The street still talked about a
New Haven dividend next year now
that the capital structure has been i'm
proved by the issue of preferred stock.