Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-10
TONE NEAR NORMAL
| IN STOCK MARKET
Further Pressure Is Noted in
: Railway Shares Today.
- Wheeling at 80.
Special Dispatch to The Star.


NEW YORK, February 10.-Specu-
Istion for the rise i'm low.priced rail-
way shares having spent its main
force as the result of bursting OF the
Wheeling and Lake Erie bubble yes
ierday, trading on the Stock E'X-
change proceeded along more normal
lines today. -.
was not entirely a. closed chapter. AL
though the premium for the privilege
of borrowing the common stock
dropped to a fraction Of 1 per cent
compared with yesterdays exorbitant
figure of s per cent, those DESTROYS OF
purchasing the stock in the market
found offerings limited. Wheeling
common at midday sold at so, where
It was down 10 points from yesterday 8
final. Thereafter it was quoted IS
, bid, offered at IS.
other rails which figured promi'
nently in the recent speculation felt
the effect of further pressure and it
was evident that a good deal of the
selling represented forced liquidation
as a result Of impaired margin &C.
counts. This was true of Western
Maryland issues, the common off al
most three points at intervals, Of New
Haven, down almost point and of
many of the lower priced issues which
had been carried along in the wake Of
the excited upward movement.
Move i'm Narrow Range.
Seasoned dividend payers of the
type of Reading, Atchison and North
ern Pacific moved over a narrow
range with profit taking in the flrst
named carrying the price well under
the recent high.
The market generally was chiefly
concerned with two developments
which it was thought would have con-
siderable bearing upon speculative
sentiment. One was the United States
Steel tonnage figures made public at
midday, Steel shares started in
higher, but lost their gains in most
instances, when it was disclosed that
untitled tonnage on January 81,
represented decrease Of 160,79 tons.
United States Steel common came
down a point or more from its early
high.
The best opinion was that should
directors of General Motors at their
meeting scheduled for after the close
of business today decide to establish
the stock on a regular annual IS divi-
dend basis, it would mean another
piece of good news, long expected,
out of the way. General Motors after
working slightly higher, dropped be-
low Wednesdays final Of 154A. Hud-
son Motor no longer held the place
of prominence in the speculation in
this quarter and was selling lower
with General Motors, Mack Truck
and most others.
Some Specialties Strong.
However, there were number OF
epecialties which continued to give
good account of themselves. Baldwin
Locomotive was carried forward to a
new high for all time despite the rise
of more than points in the proceed
ing session.
This, however, was case OF a
stock, where the floating supply is
known to be abnormally small, re-
spending readily whenever a demand
came into the market. That large
short interest existed was evidenced
by the demand for the issue Tor bor-
rowing purposes.
The sharp upward movement in
International Harvester, which car
ried it 10 its best prices across $50,
was coincident with the report that
control Of one Of the largest nipple
ment makers was passing into the
hands of this company. Declaration
of a 10 per cent stock dividend on
United states Realty and Improve
ment was responsible for the demand
Cor that stock.
The oil shares gave a good account
of themselves as a group, although
there were no noteworthy changes.
Houston continued in demand under
the same character of buying that
has been noticeable for the past week,