Evening star., 1927-10-10
WEAKNESS EVIDENT
IN STOCK MARKET.
Goes Down UniformIy-RaiIS
Rise and Decline More
Than InduStriaIS.
BY GEORGE t. HUGHES.


NEW YORK, October 10.-Today's
stock market was weak. 1t went
down uniformly. not from the weight
of short selling. although there was
plenty of that, but from the effect OF
real 'iuuidation. For some reason or
a" ,ner holders of speculative stock
ad decided TO get out of them and
there were not enough supporting or
tlers to absorb the selling.
The market had little more in the
way of news to go upon than ii had
last week Time money was a shade
firmer, but call funds renewed at
per cent, unchanged. Trade reports
were of about the same character as
they had been for some time now. but
today the Street was paying attention
10 them instead of pinning all its
faith to the infiationary results of easy
money.
Decline Is Orderly.
The decline was orderly, but it was
ali the more significant on that ac-
count, A violent break might be the
seuu to concentrf ed bear operations,
but it would be sure to be followed by
AS Iuick a rally. On the other hand,
a slow but continual sagging wears
away the patience of the most cont1-
dent Speculdtor.
The United States Steel untitled ton
mage statement came out at noon. 1t
shows a decrease of 47,924 tons as or
September 80 last. The total, now
ever, of 3,14S,113 tons, was still above
tha 3,142,014 of July 81. The report
about what had been expected
and had no apparent effect on United
States Steel stock. The selling today
was heaviest in the shares of the IN
companies, especially Beth
lshem Steel down at one time nearly
3 points on the day. In fact Betnie-
hem sold nearer the lower OF the year
than the high, and predictions of the
resump. lion of dividends were lnden-
nitely shelved.
& Railroad shares came down, but not
.ruite as easily as did the industrlals.
Delaware & Hudson below zUO was
lower than at any time In week. anu
off points on the day. Atchisoil
was heavy. so was New York Central.
Missouri Pacific fluctuated uncer'
tainly. us
f There were as usual exceptions to
4he trend. Early in the session Amer
lean Telephone & Telegraph, crossing
1S5. was only fractionally below the
highest at which that stock ever sold,
The record for all time being establish
cd i'm 1902 at 1S6. A number OF spe-
hia1ties were lid up aggressively, but
failed to hold the entire gain. among
these Were United Drug, Sterlins
Products. international Matcn p1o. |
and DunhiIl International.
& General Motors was better supported
than the majority OF the lndustrlais'
Int Dodge Brothers "a" dipped 10 a |
new low for the year. with the pre-
ferred selling off sympathetically- |
Most of the time Hudson and Chrysler |
were in supply.
4 Sugar stocks were heavy and those |
of the Cuban producing companies
weak. Cuba Cane preferred made a
new low for the year. United States |
Rubber was sold again and Remington |
Rand had another sinking spell.
Selling Increases Later.
THE selling increased in volume and
effectiveness as the afternoon went on.
stocks which had held up carrier IN
+he dav gave way. United states
steel below 144, was off more than
points and at a new low on the current
reaction, General Motors reacted, al
though there was still better support
here than in the rest of the list. Mack
Trucks slumped points.
Much interest was taken IN the ac
ton OF General Electric, which had
stood up in the declining markets OF |
last week. General Electric has long |
been selling on an extraordinarily low
Weld basis. but up to today seemed to /
have been able to absorb all offerings |
without material effect on the price. /
1t weakened this afternoon, however.
In the railroad group New York Cen
tral has occupied a similar position, |
resisting all attempts to depress it.
Central, nevertheless, did not hold to-
day, dropping 3 points without inter-
mediate rally.
1t was still true at this stage of the |
proceedings that the decline was |
gradual and without trace of excite |
ment. There was no hasty liquidation, |
and there were takers for all offer |
ings at conclusions.