Evening star., 1927-05-07
STOCKS CONTINUE
ADVANCE TODAY
Rail Shares Are Favored by
Traders During the
Brief Session.
BY GEORGE t. HUGHES.

ID
Special Dispatch TO The Star.
NEW YORK, May 7.-The weel
closed on the Stock Exchange will
the upward movement still in prog
ress, and in a number OF direction!
the demand was as pronounced as a
any time during the week.
Railway shares. especially the high
grade dividend payers. were favored
The utilities maintained the place o1
prominence they held Friday. Some
of the motors bore their share ir
the improvement. but the movement ii
this quarter was by no means
uniform Oils fluctuated over mar
row range, while industrial specialties
selected for leadership were bid up, in
many instances to new high prices for
the year.
The usual week end profit taking
made itself felt toward the end of the
first, resulting in some reaction from
the early highs.
Chesapeake & Ohio, up some 2
points, was at new high for the year,
Influenced by the latest proposal for
the formation of a new holding COM
panv to take over the Nickel Plate
and Vaness Co. holdings. Baltimore &
Ohio and Union Pacific were bid up
sharply to new top prices. New York
Central was heavily bought, but 1t
was still some distance from it's pre-
yious top. The Northwestern rails
were not as prominent as they had
been but were well bought around Fri
DAYS closing prices.
This was true of Northern Pacific
and Chicago and Northwestern, while
Great Northern preferred, on the other
hand, was neglected. There was no
doubt that a good deal of the demand
rK~I,t tal1 rot
price to a new top for 1927, represent
ed covering of short contracts, encour-
aged by the highly favorable report
of April sales. General Motors was
carried forward almost a point at in
tervals. Realizing sales made them
selves felt in Mack Trucks following
the recent sharp upturn.
Whether or not there was any
foundation for the report that Gen
eral Motors interests were seeking
control was a question, but the specu-
lative element was willing to place
some credence in the rumor. Short
covering came into the market for
Dodge Bros. IA, carrying it up well
over point.
Reports that other powerful utility
interests were buying into Brooklyn
Union Gas were not new but they
gained wider circulation today. Above
1O6 the price was up over three points
and at its best for the year. Brooklyn
Edison went along, also establishing
q record top. The advance in Con-
solidated Gas was not as pronounced
although there was good demand
above par. Peoples Gas was another
In this group to reach its best prices
for the year.
National Biscuit Climbs.
The floating supply of National Bis
cult having been materially reduced as
a result of the recent buying, it was
an easy matter to bring about higher
prices once the upward movement got
under way. American Sugar featured
its group, although the advance was
limited. Bag and Paper still had as
the incentive for the buying reduced
operating expenses and increased earn
ings. American Ice was up over a
point and along with the others was
selling at record prices for the year.
The one exception to the general
tendency was United States Rubber
common, which broke under heavy Of
ferings to new low prices for the year.
1t was a market readily responsive to
the continued demand. Trading kept
fairly active right up to the close.
United States Steel, (which did, little in
the first half Of sthea session, finally
Joined with the others, while the mar
ket drew to a close.