Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-24
PRICE ADVANCES.
AGAIN AFEATUE
Market Notes Fourth ConseC'
utive Session Marked by
Higher Quotations.
BY GEORGE T. HUGHES.

special DtSpdtCn 10 4he Stai-
WALL STREET, NEW YORK.
August 24.-The stock market contin'
ued to move ahead again today not
Withstanding the fact it was the fourth
consecutive session of advancing
prices. The current rise began with
the Durant interview on Saturday, and
although leadership has varied from
day to day it has ut no time been In
terrupted.
Today it was the utilities and the
shares of independent motor COM
panies that assumed leadership direct
ly at the start Baldwin Locomotive
responded to the announcement that
operations during September would
be from 10 to Is per cent of capacity
by soaring to a new high for all time
at 261, but spectators in Baldwin
have long since ceased to pay any at
tention to anything but the popular
estimate of the value of its real es-
tate
Market Not Uniformly Strong.
The market was not uniformly
strong. There were weak spots CON
fidentially among the oils, but selling
in one part did not affect the rest
All a stock had to do was to initiate
an upward movement TO bring in
plenty of help in the way of outside
buying, and all it had to do to invite
selling was to display weakness. Rea-
sons were discovered for most of the
ups and downs of the day, but gen.
orally after the event.
The star performer in the autOmo-
bile group was Nash. at the highest
since the split-up. Packard came close
behind continuing the rise of the pre-
vious day. The talk was of large dis
burSementS TO stockholders. While
these two were absorbing attention
General Motors was resting less than
points below its record high. Hud-
son was slower in getting under way.
There was nothing new to account
for the strength in the utilities. 1t
was simply case of casting about for
a new group with speculative posi-
bilities on the up side. The lower
priced stocks We're relatively more
prominent than the seasoned dividend
payers. Electric Power & Light went
to a new high for the year, with a gain
of from / to . points. North Amer
lean was very strong and so was stan
dard Gas & Elec. The shares of the
latter's subsidiary. Philadelphia Co.,
ran I'D easily as might have been eX-
pected from the small floating supply.
American Power & Light, American 4
Foreign Power, Public Service of New
Jersey, Commonwealth Power and Pa
cific Gas & Electric were others in de-
mand from time to time.
Oil Selling Concentrated.
The selling in the oils concentrated
on Pan-American Petroleum B" still
rejecting doubt about the dividend.
Other oils were lower, including Stan
dard Oil of California and Producers
r. Reffners, With new cuts in crude
prices income statements of the oil
producers are likely to make sorry
showing if they have to take into &C.
count inventory losses. Colorado Fuel
a Iron was the weak member IN the
iron and steel class.
Railroad shares came to the front
around midday. Rock Island was I'M
disturbed by declaration OF only the
regular dividend. Chesapeake ONO,
was taken in volume at rapidly rising
quotations, Notwithstanding the July
report, made public today. showed
falling off in both gross and net over
the same month a year ago. But that
was not deemed important. New
York Central was in demand and the
uriet accumulation in Delaware q
Hudson kept up.
Prices Firm i'm Afternoon.
Prices were firm in the afternoon.
United States Steel was steady around
14O. but not very active. instead
General Electric was taken up, chang
ing hands only point or SO under the
hest for the present shares. In eX-
planation for the strength in Packard
a consolidation with Chrysler was sug-
gested. Wright Aeronautical stood
out among the specialties at new
ton