Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-06
WAVE Of BUYING
HITS STOCK LIST
,arIy Buying Followed by
Slight Recession, But Bulls
Have Best of 1t.
BY GEORGE r. HUGHES.

2ccial Dispatch to The Star.
NEW YORK, July GA wave {
buying. which embraced practical
very group, swept through the stoc
,larket in the first hour today and cal
lied the prominent industrials an
tails substantially above yesterday
C.osing prices.
1t could not have been expected
However, that the pace during tina
period would be maintained and as tn
@cssion progressed intervals of profi
'aking developed, causing slight re
Cessions. The elements favoring high
e. prices had everything their ow
ay and the market appeared to nee
ltjle in the shape of outside news a
d Stimulant.
The midweek steel trade review
'oke of further curtailment at tn
Ills. Nevertheless United States
s'teel was actively taken at advancin.
li"iceS and the special operat ton whicl
las been in progress for a week o
ore in Colorado Fuel & Iron KEEP
q. carrying the price well across 9
hafore the demand was supplied. 9th
- independent steels like Crucibl
ere taken at higher prices, but Their,
vas no disposition to bid prices vi
.arply. The best that could be sal
;hout the steels was that they wer
1vilsg forward sympathetically will
lie rest of the market.
Baldwin Is Feature.
Baldwin Locomotive again fur.
! shed one of the outstanding Incl
+, 'nts. advancing into new higl
l"ound for all time. although the ris,
3 WIS by no means spectacular. Mucl
vas heard about the reduction in the
floating supply. ordinarily small, a.
= result Of the accumulation of thu
issue by few prominent individuals
Who were in no hurry to take dowr
profits. Westinghouse Electric Wen
rward to it's highest since 1925
ut other equipments were reluctant
Il follow the lead of these two is
:1es. General Railway Signal was
o1ly fractionally changed, although
il was reported that the Chicago
and North Western had contracted
for continuous automatic train con-
troll on it's main line.
The manner in which the high
grade dividend-paying issues, both
;ldustrials and rails. were taken, ap-
reared to bear out the contention that
much of the current demand repre-
"anted reinvestment of the midyeal
''ividend and interest payments
brooklyn Edison, Brooklyn Union
Cas-, Consolidated Gas and General
Electric were in the former category
The improvement in railway
ehares of the type of Atchison, Allan
&c Coast Line, Baltimore & Ohio
Norfolk & Western, Reading, Chesa
'Heake & Ohio and Southern Pacific
"Xtended from 1 to more than :
points.
Hardly Buying for Control.
Despite the statement by an officia
Of the Chicago & Eastern Illinois thai
il was unlikely the current demand
for both issues of this road repre-
tented buying for control, speculative
Wall Street apparently was placing
credence in rumors to this effect
Seaboard Air Line Preferred came in
for considerable attention.
Improvement in the motor rrour
vas confined chiefly to General Mo
tors and Nash Motors, however
price changes in others were for the
most part fractionally higher. Sc
much has been heard about the fay
orable earnings, present and prospec
tive, of numerous tobacco Companies
that 1t was not surprising shares OF
a number of the wer-priced issues in
this group should be taken up. In
Guided among these were General CT
gar, Congress, Bayuk, United Cigar
Stores and Consolidated Cigars
Among higher-priced shares. both
classes of American Tobacco were in
demand.