Evening star., 1927-05-04
MOTORS S|SLEADER
IN STOCK MARKET
New High Records Are Set in
Dealings on New York Ex-
change Today.
Ry GEORGE t. HUGHES.


Special Dispatch to The Star.
NEW YORK, May 4.-The stocl
market started in today under the IN
fluence of the trend toward hlghel
nrices plainly in evidence at the close
on Tuesday. New high records fol
the leaders were set up without delay
General Motors was rushed up tc
the highest since the stock DIVIDEND
came off the price. Colorado Fuel
which has attracted so large follow
ing. sold higher than at any time III
e5 years. Baltimore and Ohio went
through the previous high this year
and to the best since 1909, and brlsk
rally in the oils added to the general
appearance of strength.
While it is never possible to speak
nositiyeIv in regard TO these matters,
il is reasonable to believe that short
covering played an important part IN
the days advance. Certainly tla-
was the case with the oil shares Inc
early Improvement in the group was
based upon the announcement from
California that gasoline prices hau
been advanced Approximately TO TUE
basis existing before the price-cuttlng
war began.
Standard of California.
Standard Oil of California ran up
rapidlv for a gain of nearly two points
and so did California Petroleum
other oil shares in which there is sup
nosed TO be a large short interest re,
snonded quickly, Maryland ana
phillips being among the leaders.
Aside from the restoration of gaso.
line nrices on the Pacific Coast, the OH
news was no more favorable than 1t
has been all along. A new peak for
dailv production of crude Oil was re-
norted from the Seminole area Tor
the "a hours ending at Z am. yester-
dav. In trade circles the feehng Oh
nessimism was still dominant.
Probably the improvement IN the
railroad list had a better foundatloh,
although buying seemed to be paseu
on facts known for weeks past ~
has been repeatedly pointed out thdt
tbe relation between earnings per
share and price was more tavoraple 10
.he huyer in the case of Baltimore q
ohio than with any other seasoned
dividend payer. Perhaps the strength
in Reading, in which Baltimore q
nhio has so large an interest, was
responsible for part of the buying.
Taking up of the utilities was even
more defensible from an investment
standpoint. More attention was PAID
10 these shares than in long time.
Among the conspicuously strong IS
sues were Western Union, which ad-
Sanced at one time a point between
GALES. I,aclede Gas, which made
new high for the year as 1t crossed
200: Peoples Gas of Chicago, up some
two points on a small turnover, ana
Rrooklvn Union Gas, likewise at new
1927 top. With regard to the last
named, the story persists that other
utility interests are active on the buy
ing side. Columbia Gas and Brooklyn
Edison were other stocks in this group
to sell higher.
Motor Shares Advance.
Nearly all the motor shares were
I'M at one time or another. The new
high in General Motors was associ-
hted in the gossip of the day with
the "running-in of a big short.
However that may be, the stock went
up easily enough, while the move
ment was under way and carried
with 1t most of the Independents.
Hudson Motors was particularly
ktrong and so was Mack Trucks. In
The low-priced group Paige-Detrolt
sold up to the best of the year to date.
Favored industrials included Amer
lean Can. Famous Play
ers. Allied Chemical and Schultz, the
last named at new 1927 top. Weak
spots We're found in International
Paper. which made new low in con-
hection with reports about probable
bffer of additional common, and the
Armour stocks. Armour or llllnols
preferred was without nearby sup
bort and showed a loss at one time
bf over points.