Evening star., 1927-10-26
TREND IS UPWARD
ON STOCK MARKET
General Motors Makes En-.
phatic Response to Its Rec
ord Earnings Report.
BY GEORGE +. HUGHES.

| Speclal DispatcH 10 j ne Sldr.
NEW YORK, October 26.--The
/ stock market started in higher today
and while some of the early advance
was lost under profit taking the trend
was again upward. All grades oi
stocks participated in the improve
ment except the steels and some OF
/ the lower priced rails. Even in the
exceptions there was no heavy selling
| and in general sentiment was decid'
/ edly more optimistic.
| The market had three corporation
! reports to appraise. those os General
Motors of United States Steel and oi
the Radio Corporation, all of which
| had been published after the close Of
/ business Tuesday. 1t had also a
weekly car loadinSs statement, show
! ing an increase over the preceding
week. but a falling off from the same
| period Il year ago. Finally il had a
! new batch OF September railrC.;d earn
| ingS statements. These last made q
! little better comparison with the cor
| responding month of 1926 than was
| the case in the August reports. hut in
most of them net this year was lover
than that of a year ago. The general
effect of the railroad reports, however,
was encoura ging.
General Motors Strong.
General Motors stock made the most
most emphatic response to the news.
The record-breaking earnings for the
first nine months of 1927 brought
heavy buying into the shares directly
at the start. Having closed at 130 IS
yesterday, the opening today was
$4,000 shares at 1873 and 1882. Realiz-
ing sales caused recession after
the overnight orders had been ex-
ecuted. Most of the independents
improved sympathetically with Gen
eral Motors, although they too lost
ground later on. In any event the
street interpreted the report of the
leader in the industry as indicating
present prosperity in the trade,
whatever may happen after the much
talked-of Ford competition becomes
a fact.
AS to United States Steel, the fall
ing off in earnings was larger than
most traders had expected Steel
opened fractionally lower and ranged
under the closing price of the preced-
ing session most of the day 1t must
not be overlooked, however, that Steel
yesterday had gone up over points
Raido Corporation set a new high
since 1925 early in the day. but the
market action showed that the favor
able statement had been largely dis.
counted.
Best Rails Hold Interest.
Interest in the railroad shares was
confined almost exclusively to the
seasoned dividend payers. These
were all higher at one time or an
other. Canadian Pacific was easily
the feature, up points at 191 under
investment buying. Union Pacific,
Atchison, Delaware & Hudson, Penn
sylvania, Norfolk & Western and
New York Central were others in de-
mand. Chesapeake & Ohio advanced
more than the average, as was quite
logical considering its exceptionally
good statement.
Sponsors for specialties found the
going good. General Asphalt was bid
up aggressively. Columbian Carbon
was advanced nearly 4 points on talk
of important impending develop
ments. Lambert went to the highest
since it was listed. Rossia Insurance
jumped spectacularly on a small
| turnover, and Phila delphia Co. above
1872. was at the highest in it's history.
More interest was taken also in Gu
dahy Packing.