Evening star., 1927-05-31
NEW HIGH MARKS
MADE BY STOCKS
Week End Buying Orders
Bring About Advances
Early in Session.
BY GEORGE r. HUGHES.


NEW YORK, May 31.-New high
records in the railway and industrial
sections were established in the ffrs'
business day of the week on the Stock
EXCHANGE. Buying orders had accu
mulated over the extended week END
in sufficient quantity to bring about
sharp advances at the outset in the
issues selected for leadership. In nu
merous instances new top prices were
recorded, not only for the year, but for
all time.
Announcement by Secretary Mellon
Of rhe new $500, 900 900 Treasury of
ferinG for the purpose of retiring the
outstanding second 44 Liberty loan
on a basis as low as 3ss per cent
proved an added stimulus for opera
tionS for the rise.
Reading Goes Forward.
Last weeks unexpected dividend ac-
ton by the Chesapeake & Ohio direc-
tors revived hopes that other roads
with large surpluses would act SINH
larly. Reading went forward into
new high ground for the year. and
Norfolk 4 Western, taking into ac-
count the fact that it was selling ex
the quarterly dividend, sold at its best
in history. New high prices for the
wear in Wabash common were Stlmu-
lated by the prospect of SO guaran'
tee. Pennsylvania at 65 was at ITS
previous top. established last week, the
highest since 1915. Missouri-kansas.
Texas featured the merger rails. and
there was special strength in Texas
G. Pacific, Louisville Nashville and
Rock Island.
Public utilities iayed a prominent
part in the upward movement. Inter-
national Telephone & Telegraph at a
new top for 1927 was responding to
the disclosures in the annual report
concerning increased operations. Co.
lumbia Gas, American Water Works
and Public Service of New Jersey
were also at their best for the year.
Detroit Edison moved forward sharp
ly. Buying of this class of stocks was
influenced by the knowledge that
utility companies are not affected by
lowered commodity prices.
General Motors was brought to the
front again. The speculative element
was talking of price of $500 again
as the objective on the present move.
Chrysler continued in active demand
and Hudson felt the effect of short
covering following the recent decline.
The sugars bore their share in the inn
provement under the lead of South
Porto and Punta Allegro.
L. S. Steel Advances.
United States Steel was carried for
ward to it's highest since organization
when it changed hands at 17413. Colo
rado Fuel featured the Independents,
and United States Cast Iron Pipe was
bid up some points. Stocks in which
the floating supply has been steadily
reduced through recent purchases re-
sponded promptly to a renewed de-
nfand. A. NJ. Byers, at 80. compared
with the previous final Of 741s. All
sorts of fancy prices were predicted
for the stock as a result of the new
process used by the company for its
wrought iron product. Baldwin Loco
motive, crossing 22312, established
new high record for all time, although
there was nothing definite concerning
the sale of it's Philadelphia real estate.
The demand for General Electric
had as its incentive the retirement of
the special stock and increased divi-
dends. Above 103 it was at its best
under the present form of capitaliza-
ton. International Nickel was a spe-
cialty favorite and moved forward
spectacularly into new high ground.
Houston Oil had another of its char.
acteristic sharp upturns carrying 1t
through it's previous top. Texas &
Pacific Land Trust certificates changed
hands at $500, a gain of 100 points
over the previous top, on buying said
to be for other prominent oil interests.