Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-29
STOCKS co LOWER
IN TRADING TODAY
Baldwin and SIoss-Sheffield
Have Sharp Drops-Gen-
eraI Motors Says.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK. June 29.-The stool
market today continued a highly ir
!. regular affair. If the speculative ele
ment had been looking to develop
ments in the outside situation upor
which 10 base operations, there was
/. nothing Of an encouraging nature ir
The news that came to. hand over
=. night. The call loan renewal was
again fixed at the higher rate OF
.sper cent, but new loans were arranged
%Slater in the day at Az.
Z: The weekly statistics on domestic
3 crude oil production placed the out
e. nut for the period ended June % al
IAN average of 2,510,750 barrels daily
I a. new high record. The Iron Age in
( Its mid.week summary disclosed that
prices are somewhat lower in special
. instances and that the usual Mid
Summer dullness is having its eHec'
#aupon operations at the steel centers'
= Selling i'm Baldwin.
K One of the outstanding incidents
was the heavy selling of Baldwin
Locomotive. Offerings became per-
sistent following the announcement
that on july / operations will be re.
Z duced to a 10 per cent basis. But
/: tnasmuch as Baldwin has been operat'
ing only on a 20 per cent schedule for
2, several weeks the curtailment was
NOT as drastic as it appeared. Baldwin,
(, however, dropped below 22O before
7. support was encountered, Where II
COMPARED with Yesterdays final OF 226.
General Railway Signal was OF 3
Z. points at one time, but the selling In
this case represented mostly the TAX
ing down of profits recently &C.
.cumulated.
4 United States steel was supported
for a time above the 100 level, but
substantially broke below this f1gure.
The feature Of the steel group was
the sudden drep Of more than II
noints in Sloss Sheffield. At 113 the
Iorice compared with the last previous
sale last week Of 124M. Because OF
the small floating supply Of the issue
and the fact that it was SO closely
held, offerings found the market for
the moment vulnerable. There appear
ed to be plenty of Colorado Fuel &
Iron for sale whenever bids came into
the market.
The prominent motor stocks ap-
parently had reached point where
there was little incentive to work Tor
higher prices, at least for the time
being. When the general market
turned r6dCllOHdTys SCASi oA @hSSOA -
came off with the rest and lower
prices were the rule for Hudson,
Mack and Nash.
Pressure Less Pronounced.
The pressure against the oil shares
was less pronounced. However, no
attempt was made to stage recovery
in this quarter. The fact remained
that little had been accomplished in
stabilizing production at the ma or
fields and despite the liquidation
which already had occurred in this
group, speculative Wall Street still
was apprehensive over the prospects
for the future of the oil industry.
There was a growing belief that sew
eral other prominent Independents
would find it necessary to do new
financing in order to provide for stor.
age facilities should production con-
tinue at the present rate.
4 The railway shares moved with a
. good deal of indecision. New York
! Central lost almost point at inter-
/ walls, Missouri Pacific common a half
1 point, Atchison was Off similarly.
Il while Baltimore & Ohio was under
/ pressure. The decrease in weekly car
loadings of 1884 during the week
ended June Is and OF 20,292 from the
corresponding period last year was
taken to mean that the falling off
might be more than seasonal.