Evening star., 1927-04-29
STOCKS HAVE RALLY
AFTER EARLY DROP
Oil Still in DiSfavor-0thers
Show Resistance to Efforts
of Bears Today.
BY GEORGE t. HUGHES.
necial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 29.-The stock
market today pursued the normal
course after q violent reaction. There
was heavy selling at the start, with
further declines in active issues, then
short covering set in and there was
a brisk recovery. In general, stocks
showed more resistance to efforts to
depress quotations and here and there
throughout the list there were in
stances of renewed operations for the
advance.
The oils were still in disfavor. One
of the noteworthy features was the
failure of these stocks to show rally
ing power. Notwithstanding their pro-
longed decline. For instance, there
was a spread between the high and
low for 1927 in Marland of 221a points,
or approximately 3S per cent. So
sweeping a loss would in itself ordi-
narily bring about some upward re-
action, and the fact that this did not
appear is a fair measure of the pessi-
mistic attitude Wall Street still pre-
serves toward the oils.
Shell Union Low.
The new lows in this part Of the
list included Shell Union and Barns
dali. The last named was especially
heavily sold, ignoring entirely the
comparatively good showing in the
first quarter report. BarnSdall COW
cred dividend requirements with a
good margin, in contrast with many
other more popular oil stocks.
Railroad shares did better as a rule
Chicago Great Western, preferred and
common, stood out prominently as va
rious stories were passed around con-
corning buying for control. At least
three larger systems were mentioned
as desirous of anneXing Chicago Great
Western. Bangor & Aroostook con-
tinued Its meteoric career, opening at
new high since the stock was listed
and then going through a bewildering
series Of wide fluctuations. The Mis-
souri, Pacific shares were sold for a
while on f1ood-damage reports, but
later came back somewhat. The same
was true of Rock Island, which was
helped by the highly favorable March
earnings statement.
Standard Investment shares, such
as New York Central and Atchison
among the rails, United States Steel
and General Motors among the indus
trials and utilities of the grade of
Brooklyn Union Gas and American
Water Works, all enjoyed good recov-
cries from the lows of the day before.
The last named went to a new 1927
high. General Motors, after dipping
TO 1854, rallied over three points.
United States Steel acted in much the
same fashion, although the range was
not so great.
Hudson & Manhattan Up.
Special buying appeared in Hudson
Manhattan, putting that stock up
to the best Of the year. There was no
explanation for the interest, and the
story about the Pennsylvania taking
over the property has been repeatedly
denied. Pennsylvania, incidentally,
was better supported, both Thursday
and today, than almost any other of
the railroad stocks of its class. Baiti-
more & Ohio and Reading were two
others in which the confident buying
was in progress.
Weak spots included some of the
rubber shares. United States Rubber
was pressed for sale early in the day,
the price sinking to new low for the
year. The predicted advance in tire
prices is relied upon to stimulate the
rubber stocks if and when the advance
comes.