Evening star., 1927-11-02
STOCKS HAVE RISE
IN LATE DEALINGS
Oils and Tobaccos Bought
Heavily in Afternoon
Part of Session.
BY GEORGE r. HUGHES.
Special Dispatch to The Star.

cpecidt OAspdtcu W LIE Stdr.
NEW YORK, November AL.
though selling predominated at inter.
walls, the major trend in today's mar
ket was upward. Business was on a
small scale and fluctuations in the
standard issues were confined to mar
row limits. Still there was no recur-
renee of the liquidation from tired
longs and speculative operations for
the decline fell off materially.
1t was more than ever difficult to
appraise the market as whole. While
the selling was at its height there
were always stocks that showed re-
sistance as we'll as some that initiated
Independent advances. One of the
strong issues was Southern Railway.
up points at 135 and very conspicu.
Gus. That the demand did not rep
resent general traffic improvement was
plain from the action of Seaboard Air
Line, which yielded while the stock
of the other road operating in the
same territory was going up. In some
quarters an So dividend was predicted
for Southern Railway, which had the
largest September net this year in the
history of the road, and that although
gross revenues had been lower.
Marine Pfd. Strong.
Another stock, strong at intervals,
was Marine preferred, again respond.
ing to suggestions that the company
would be liquidated. Still another was
Radio, which at 70 was at the highest
since listing. One or two of the to-
bacco stocks, among them General
Cigar, were actively bought, and the
same was true of the oils, the favorite
here including Barnsdall "a" and
Standard Oil of California.
Against these advances was pro-
nounced heaviness in some Of the
motor shares. Mack Trucks was under
pressure again, and made a new low
on this reaction. Hudson Motor was
in supply at times. General Railway
Signal, in the equipment list, was
weak, and Remington Grand dipped
to the lowest since trading in that
stock was begun.
Money renewed at 31s per cent,
against the 4 per cent renewal rate
Tuesday. Evidently money was not
a factor in the proceedings. Profes.
sional sentiment was pessimistic, with
all the emphasis placed on an unsat-
isfactory trade position and none Of
the credit outlook which was so much
stressed when the market was 60
ing up.
Days News Encouraging.
As q mater Of fact the news Of the
day was encouraging rather than
otherwise. The steel corporation was
reported operating at 68 per cent of
capacity against slightly under 81 per
cent last week and 65h per cent two
weeks ago. Consuming demand was
said to be better, and there was no
fTrrft Io In
loading were up on the week although
still below the safe week OF a year
ago. The important item of grain
shipments, however. was up above the
same week in 1926. Finally there was
a reduction in crude oil output.
The confusion Of ideas was illus.
trated by the action OF the two lead
ers, General Motors and United States
Steel. Both were moderately higher
i'm the early trading and both lost
most Of their gain before the day was
half over. Dividend-paying rails were
just as irregular, Canadian Pacific
going down while New York Central
was going up. Chesapeake & Ohio
gained ground on small turnover.
but there was no aggressive demand.
Oils and Tobaccos Climb.
The market hardened i'm the after
noon under the influence of continued
demand for the oils and the tobaccos.
tn, oil group was uniformly higher
with gains of a point or more in such
typical stocks as Marland, Phillips,
Pure Oil, Texas Corporation and
Barnsdall. No group is in a strong
er technical position than the oils and
they showed themselves responsive to
the apparent Improvement in the in.
dustry.
The American Tobacco stocks were
the leaders in their part of the list
with both the common and the B at
record high for the present $50 par
shares. Selling around 172, the B
stock was up ne ,rly points on the
day, while the common had advanced
only little less at ITO. More i'm
terest was taken in the utilities also,
. eciallv RrookIyn Tynion Gas