Evening star., 1927-07-05
TREND IS UPWARD
IN STOCK MARKET
Demand Spread Pretty Well
Throughout Entire List
Today.
BY GEORGE II. HUGHES.

Special Dispatch to The Star.
NEW YORK, July 5.-The mai
body of stocks were carried forwar
sharply on the first business day Q
the week.
The action of the market previou
| to the week lend suspension of opera
| tions, especially the prominent in
dustrials in which buying had beel
concentrated, had left a favorabl
| impression upon the speculative ele
| ment. One of the contributing fac
tors in the calculations was the drol
in the call loan renewal rate from
the 5 per cent level. which hat
prevailed for almost a week, to ~
per cent. This bore out the conten
ton that the Withdrawals of fund:
available for stock market purpose:
had been only temporary, and nov
that the mid-year interest and divi
dend payments were out of the wa!
money was again seeking employ
ment in the stock market.
Demand Is Broad.
The demand centered in no partic'
ular group, but spread Throughout
pretty much the entire list. How
much of it represented the reinvest'
ment Of these huge interest and divi'
dend disbursements and how much
of it was merely due to the efforts or
the part Of the professional elemen
favoring higher prices to continue
the advance was question. Bu'
it was worthy of note that the higf
grade dividend issues played an ac'
tive part in the proceedings. This
was true of such issues as Brooklyn
Edison, up some points at one
time: Consolidated Gas, Western Un
ion and General Electric at a new
high under the present form Of cap
italization. =,
The old line, dividend-paying rail
road shares Of the type Of Atchison
Atlantic Coast Line, Delaware q
Hudson, New York Central ano
Union Pacific stood out strongly. The
gain in Atlantic Coast Line extended
over s points before the demand sub
sided. There was nothing new In the
merger developments to account fol
the renewal of buying in such issues
as Kansas City Southern and st
Louis Southwestern. Reports that
buying for control was responsible
for the persistent demand for Chicago
& Eastern Illinois issues were dis
credited by officials Of the road.
General Motors Leader.
The motor stocks, under the leader
ship of General Motors. which was uT
over points, came in for considerable
attention. Hudson Motor crossed 81
gaining more than a point. Chryslei
was up a like amount and Mack
Trucks, after early weakness, re
traced more than the loss. The abil
ity of most of the tobacco companies
to maintain their high rate of earn
ings throughout the second quarter
influenced further buying in such is
sues as Bayuk, American Tobacco
"A" and 'tB" and Congress.
Pools in specialties were again ac
tive in their favorites. American Car
went to new high for the present
shares. Union Carbide & Carbon
after changing hands in enormous
volume below 1875. shot forward an
other points. The new high rec
ord established in Collins & Aikmar
since the listing of the shares was
accompanied by the rumor that Gen
eral Motors was seeking to Absorb
the company.
About the only groups that ap
peared to lag Lehind were the steel:
and oils. United States Steel wa:
somewhat higher, but others failed tt
share to the extent of most issues II
the improvement. The market fol
the oil stocks was again Influenced -
the new high record established in do
mestic crude oil production for thu
week ended July 2. Houston Oil wa!
an exception and had another Of it.
characteristic sharp upturns.
CLOSING rs STRONG.