Evening star., 1927-08-23
PICK NEW LEADERS
TO BOOST MARKET
Dealers Send Old Favorites
Up, Then Other Stocks
Come to Front.
BY GEORGE t. HUGHES.

NEW YORK, August -o.--NeW ieau
ers were picked out to shepherd the
market into higher ground today. The
old favorites, General Motors ant
United States Steel, were bid up tt
new high records, for the present
shares in the case of the first and tot
all time in the case of the SECOND
early in the session, but later on the
market broadened out, ana otnet
stocks came TO the front.
There was a little more news tha'
might have been expected to influence
prices than in other recent sessions
but it is doubtful whether the mar
ket responded to anything else than
its own technical condition. Money
was still 312 per cent. The latest Oil
prediction statement showed declines
both for the country as whole ana
for the Seminole area. On the other
hand, there was a cut in Pennsylvania
crude. Heavy buying OF pig iron was
reported in st. Louis. Copper metals
were dull, with an easier tone.
Industrials Strong.
The market appraisal of ALL this was
strength in investment stocks, indus
trials and rails alike; a mixed move
nent in the oils, but mostly down
ward: strength in United States Steel
and to a less degree in the independ
ents and animated buying of the cop
per stocks. Features of the invest
ment demand were the rise in East
man Kodak and in Union Pacific, both
of them lacking in speculative appeal.
The weak spot in the oil shares was
.Pan-American Petroleum. both classes
of stock. The decline here was evil
IDENTIFY rejecting doubt as to the per-
manency of the present dividend rate.
The rise in the coppers was led by
Kennecott, which touched ", at the
highest in its history, and by Cerro de
Pasco at the best of the year. Both
these are among the lowest cost pro-
ducers and are able to make profit
even under the most adverse condi-
tions in the metal market. Still, the
strength in this part of the list SEEM
I'd to be more tardy recognition of
the attractive return than any fore
cast of Improvement in the trade.
Motors Irregular.
Motor stocks were irregular. Gen.
eral Motors was still strong and Pack
ard had a substantial advance, but
most of the day the others did little.
Hudson seemed to have discounted the
raising Of the dividend and Chrysler
and Nash were awaiting some new
buying incentive. There was one out
standing feature in the tobaccos and
that was Congress Cigar, which ran
Mp rapidly to the highest that stock
has ever sold. Industrial specialties
which attracted attention included
Fleischmann and Childs Co. Case
Thrashing Machine was strong, and in
the equipment group Pressed Steel
Car stood out with gain of from 3 to
points on merger talk.
Variations i'm Afternoon.
The selling in pan-American issues
became urgent in the afternoon, and
the stocks extended their losses some
thing like points. Other oils sold off
somewhat, and for brief period the
whole market was irregular. Then
buying orders appeared in Steel, run
ming that stock up above 139 where,
II the 40 per cent stock dividend be
taken into account, it was selling at
the highest in the history of the cor
poration. American Can came to the
front, making a new high for the year.
which was also the highest for the
present shares.
st. Paul. common and preferred,
were actively bought, standing out in
an otherwise quiet rail market. Shorts
in Famous were hard
pressed to cover as that stock pushed
into new high ground on the move
ment. Finally the long neglected
sugars were taken up simultaneously
With an advance in the price of the
commodity.
I Highs Reached in Final Hour.
The high prices Of the day were
reached in the final hour, when Steel
sold at 140 in volume. Houston Oil
had a characteristic run-up against
rhe short interest, and there was
substantial rally in Yellow Truck and
Coach. Delaware & Hudson was taken
at advancing prices in impressive
fashion. Commonwealth Power, up
2 points, provided the interesting
Feature of the lower-priced utilities.
Call money again renewed at 3k
per cent.