Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-27
STOCKS PROGRESS;
PR0F|TSARE TAKEN
0utburSt of Buying in Gener'
al Motors Sends Shares
UP 23-4 Points.


NEW YORK, March 26.-Despite
sporadic bear selling of vulnerable
specialties and rather large volume
of week end profit taking, stock
prices made further progress on the
upside today. Bullish sentiment was
created by Secretary Melons opti-
mistic forecast of business on the
eve of his departure for Europe, the
further Improvement in business, the
continued ease of credit conditions
and the apparently inexhaustible de-
mand for high grade issues of invest
ment merit.
Motors, based on Vice President
Raskob's prediction of the best first
quarter earnings i'll the company's
history, sent that stock up 2& points
to 179. WHY'S Overland closed q
of point higher. at az, despite the
publication of 1925 earnings report
showing only % cents a share earned
on the common stock, as against
over 81 the year before. The rela-
lively poor showing was due, how
ever, to the extraordinary charge
offs in connection with the introduce
ton of new models, current sales and
earnings being reported in excess of
those Of last year. Hudson moved
up over a point, but most of the
others showed narrow fractional
changes.
Kelsey Wheel Active.
Kelsey Wheel, which bear traders
hammered down yesterday on the
announcement that the Sc dividend
last year was only earned by a small
margin, opened lax points higher
today at IS. sold down to n and re-
bounded to 70. While there are
100000 shares of this stock out
standing, most of it is closely held,
leaving only a small floating supply.
United States Steel common moved
up y to 164A, or only half point
earlier in the week. Baldwin was run
up ga points to 1S3
A brisk demand for the Pan-Ameri.
can Petroleum issues, each of which
closed 2 points higher. was inspired
by reports that the company was con-
templating a huge merger of South
American properties, including the
American Maracaibo, Creoll Syndicate
and Lago companies, the common
stock OF the latter crossing 80 to a
new peak. Houston added ~ points
to yesterdays gain, but the other oils
were still under the restricting in
fluence OF overproduction of crude
oil
Public utilities continued to respond
to favorable merger and earnings re-
ports, and predictions of higher divi.
dends by some of the larger COM
panies. Montana Power climbed over
2 points to a new high record at 90,
and American Telephone moved up
nearly points to within fraction
Of its peak price for the past 20
years. North American common was
under pressure on the announcement
Of an increase in authorized capitali-
cation, but President Dame explained
that no immediate increase in the
common was anticipated. except that
paid in the form of stock dividends.
New Highs Established.
Establishment of new peak prices
for the year by Eureka Vacuum,
Pressed Steel Car, National Biscuit,
Central Leather certificates, Federal
Light & Traction, Fleischmann, Inter
national Business Machines. Jones
Brothers Tea and a few others con-
trasted with the registering of new
low prices by American Brown Boveri,
Electric Refrigeration, and Tidewater
Oil.
Renewal Of selling pressure against
the Western Pacific issues, which
sank to new lows, and gains OF a
point or more in Baltimore & Ohio,
New York Central, Reading and a
few others were the outstanding de-