Evening star., 1927-10-18
STOCKS IRREGULAR
' 4AFTEREARLYIDROP
Ragged Recovery Follows
Heavy SeIIing-RaiIs Are
Best Supported.
BY GEORGE 7. HUGHES.

Special Dispatch to The Star.
NEW YORK. October 1S.-Resump
ton of trading on. the Stock Exchange
today was marked, first, by heavy sell
ing for both accounts; second. by an
irregular recovery, which In many
cases wiped out all the early losses
and. third, by period OF nervous un-
settlement.
In all these respects the market was
acting according to it's own precedent.
The weakness of Monday, uniform as
il was throughout the list, created
enough doubt in the minds OF specu-
ilators to cause a somewhat hasty un.
loading of long stock in the first hour
today. Likewise it encouraged opera.
tions for the decline on the part OF
those who are always looking for the
major downward movement so often
predicted and so long delayed.
But the early selling was checked
rs stocks showed resistance and the
new bear account was hurriediy closed
out. ! - selling has met with such
scant I'd for the past year or so
that inclined TO that Side are
easih 'aned. These preliminary
,naneu out of the way. the mar.
ket was irit to find its own way and
with uncertain result.
Motors Are Indecisive.
The indecision was especially notice
able in the motor shares. General
Motors which had broken yesterday,
was fractionally lower at the start to-
dav and then rallied, but meeting stock
on every advance. Hudson was strong
for a time, rejecting the large short
interest in that stock. Mature con-
s,ideration of the somewhat fantastic
suggestion advanced by a statistical
bureau that Henry Ford could sell. a
million new cars at a loss OF SlOO
each and still not make any great
impression on his cash assets eliml-
mated that idea as a market factor.
That is not Mr.. Ford's way OF doing
things.
Steel and General Electric were per-
sistently sold even after the rest Of
the market had rallied. For the pres
sure on the first-named trade condi.
tions might have been the explanation,
and for the general liquidation In
General Electric it's low yield might
have been advanced as the reason
were it not for the fact that these
two conditions have existed long
time without any influence on either
of these stocks. International Tele-
phone & Telegraph was a sensitive
member of the utility group and North
: American was another, but the losses
II In both were comparatively slight.
Rail Shares Supported.
Railroad shares met better support
rs a class than did the industrials.
Erie weakened for a time and Dela-
ware & Hudson sold off, but most of
the seasoned dividend payers were In
good demand at current levels. Buyers
were not willing to bid up for the rails
but they were ready to accept Offer
sings.
Minor movements included sharp
rally in u. S. Rubber in spite of the
strength in the commodity market and
short covering in some of the sugars
where the selling had evidently been
Dverdone. Remington Rand was weak
bgain at a new low for the year, just
above 25. Houston Oil and General
Asphalt were supported by their repre-.
sentative pools.
( The market hardened in the after
noon after call money, which had
renewed at Az per cent dropped to a
per cent, but trading was still on a
small scale and price movements were
indecisive. Brooklyn-Manhattan was
firm, responding to the favorable earn
lngs statement. international Paper
was active and fractionally higher.
Brooklyn Union Gas ran up between 4
and points and Montana Power did
! better.