Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-03
STOCKS CONTINUE
MOVING UPWARD
Rails Not Features in Ad-
vance Today, However.
Shorts Are Covering.
BY STUART p. WEST.

Epeclat IhSp1tcN 10 Inc Stai.
NEW YORK. February 3.-Opega-
lions for the rise We're resumed a
the outset of today's session ON the
Stock Exchange and carried on aS-
excessively throughout the greater
part of the session The short inter
ests, intimidated by the action of the
main body of stocks earlier in the
week, were actively covering in their
commitments and the demand from
this element accounted for good
deal of improvement.
Railway shares no longer held the
place of prominence in the proceed
inys. On the contrary. a number OF
rail issues upon which the present
speculation for the rise had centered,
came off readily, once profit taking
made itself fell This was true OF
Western Maryland. which was sell
ing 3 points below yesterdays final,
Wheeling and Lake Erie down
point or more. and Rock Island down
almost a point from its high est2o-
lished after Yesterdays dividend ac-
tion. Chicago Great Western issues
which had shared only to small
extent in the upturn in junior rails,
were responsive to an increased de-
mand.
Dividend Payers Attract.
IT was the high-grade dividend pay
ing issues, however, which were the
fayorites in today's buying. CANADIAN
Pacific again rose sharply to its high
est prices since 1916. accompanying
reports that plans were under conSld-
Of
NOT directly concerned with the rail
road end of the business. Atchison
end Norfolk and Western were about
a point higher While the demand con-
tinued for New York Central and
Baltimore and Ohio.
Encouraged by yesterdays success
ful efforts in the industrial section, the
element working for higher prices con-
Centrated it's operations in the steel
group. United States Steel common
was bid up across 15S for a gain of
more than a point While Bethlehem,
(,rucible, Youngstown and Republic
Iron and Steel gained a like amount.
Sloss-Sheffield changed hands for the
first time this week at an advance of
> points, while operations for the rise
kept on in United States Cast Iron
Pipe. There was nothing in the out
demand for steel shares. There had
been hanging behind the railway
shares and with the public displaying
more of a desire to come into the
market it was not surprising that they
should have responded once the move
ment got under way.
Rediscount Rate Talk.
Highly speculative quarters made
much of the possibility of reduction
in the Federal Reserve rediscount rate
at today's meeting. New high records
for the year were reached by Chicago
Pneumatic Tool, Otis Elevator up
points at one time, Thinker Roller
Bearing across SO, while Consolidated
Cigar was within fraction Of its best
figure.
Among the motors, General Motors
was the feature, crossing 156 to its
best for the move, while Hudson and
Mack Trucks were still responsive to
a demand from the short interest.
Houston Oil resumed it's remarkable
advance into new high ground and
new tops were established by Barns
dali "a" and Phillips Petroleum.
1t was a market which was moving
forward under the momentum gained
earlier in the week and one which was
not being influenced by any change in
the industrial situation.