Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-28
CL|MBISRESUMED
IN STOCK MARKET.
lndustriaIs and Rails Con-
tinue Moving Upward, Some
to New Highs.
Special Dispatch TO The Star.

Special Dispatch to The Star.
NEW YORK, February 2s.-Th,
upward movement was resumed II
the stock market at the start of thu
week. A large number of industrial
selected for leadership were carried
to the highest levels yet attained
Railway stocks. which left Off las
week at practically top prices, contin
ued in urgent demand throughout the
first half session. while the motors
felt the effect of heavy short cover
ing.
While all this was going on the
feeling was growing among the more
conservative element that the pace
had been to fast and that reaction
was in order-if not at present, in the
more or less near future. Certainly q
good many stocks which have enjoyed
the largest advances, have discounted
their investment claims unless there
is to be an Industrial revival on
larger scale than now seems likely
For this reason it was encouraging
to observe the falling off In activity
which punctuated from time to time
the days operations.
Frisco Is Leader.
r.
as the leader of the railway group
As the latest incentive to work for
higher prices in this issue, Wall Street
had the report that when directors
meet for dividend action "Wednesday
consideration will be given plan for
increasi sing common distributions to
shareowners. Rock Island at new
high prices was responding to the
rumor Of an exchange OF st. Louis.
San Francisco stock for Rock Island
common, although this was nothing
more than speculative gossip. New
tops were established by Wabash pre-
ferred and common, while high grade
dividend.paying issues were featured
by an urgent demand for Atchison.
American Smelling and Refining
made immediate response to pubiica'
ton Of the favorable earnings state.
ment for 1926, which disclosed a net
equal to $23.3S a common share or an
increase Of $4.21 a share over that for
1925. Above ISL it was at new
high Cor the year and compared with
Saturdays final Of 14S.
United States Industrial Alcohol.
which IS thought to harbor a large
short interest, furnished one Of the
features in the afternoon. Once the
demand got under way the price was
bid up violently, reaching its best
prices for a gain of some five points.
Despite the recent sharp upturn in
Baldwin Locomotive, 1t was evident
by the manner in which the price was
bid up again today that a good sized
short account still existed. General
Railway Signal went along with Bald
win extending it's gain another two
points or more.
General Motors Strong.
General Motors maintained its place
of leadership in it's group getting into
new high ground. Its persistent
strength had the effect Of bringing
about heavy short covering in Mack
Trucks, which went to its best level
of the year, while Hudson, Chrysler.
Nash Motors and White gave a good
account of themselves.
Dupont went along with General
Motors while there was an urgent
demand at rising prices for WHY'S.
Overland among the lower priced
It was evident that the buying
which had been in progress during
the past week for Houston Oil, had
considerable reduced the floating
supply. The stock scared spectacu-
larry at the outset and was carried
UP more than 10 points before the de-
reached its best prices for the year.
Barnsdall issues continued in demand
but II was apparent that the recent
improvements had discounted to a
large extent the favorable earnings
reported for 1926, showing 1928 a
share earned on the combined class
"a" and "B"