Evening star., 1927-04-12
LIST WRISTBANDS
SELLING ATTACK
Only Few mystery Stocks"
Have Sharp Breaks-0therS
Move Against Trend.
BY GEORGE I. HUGHES.
Special Dispatch to TIL Star.

Special Dispatch to TIL star.
NEW YORK, April 1.-THE stock
market was tested today by heavy
selling movement. Tuesday is ira
ditionally reaction day in bull mar
ket. but the professional bear eie'
ment had in its favor the brokerage
loan figures and the fact that the
leading stocks had gone up so long
and so steadily that a more or less
weakened position was TO have beeh
expected. Notwithstanding all this,
however, offerings were well ABSORBED
and the losses, in the investment llSC
at least, were comparatively unlmpoI.
tant. Only in few mystery stocKs'
which had been bid up for no appar-
ent reason whatever, was there any
sharp break. When the operators ;
for the decline found that stock was
not coming out in volume they
changed their tactics and fairly good
recovery followed.
Special Issues Advanced.
Snecial issues moved against the
trend even when the selling was the
heaviest. Among these was Inter-
national Nickel, which was very
strong. reaching a new high FOR the
wear up between two and three
points. Another was Reading, Whlch
was the leader among the high grace
rails, also at a new 1871 Top. pau
win. too, initiated one of its inde-
pendent upward rushes, crossing 19O,
where il was UP over points.
II was hard to explain the specula-
five enthusiasm for international
Nickel on the basis of available fnan-
ciaI statements. Earnings per snare
ON the common last year were only
S3. The stock, however, was bought
with aDparent great confidence, ana
the demand evidently was coming
from sources in a position 10 know
of any favorable developments. An
advance in Reading had been freely
predicted for a long time, but not un-
til TODAY did the movement get under
1wav- Earning something like $12
share. and of vital Importance in the
Eastern merger situation, there was
some justification for the rise.
Reading Coal Higher.
Reading Coal & Iron was actively
bought at higher prices also. 1here
is. of course, no connection now De-
tween the railroad and the coal COM
pany and no logic in their moving TO-
gether in the stock Market OUT lheS
did Just the same.
The early reaction brought losses
of a point or more in such recent
leaders as New York Central, Gulf,
Mobile and Northern and Missouri
Pacific preferred. Chesapeake & Ohio
came down from yesterdays high.
Probably all this represented nothing
more than the taking of profits by
trading following. Gulf, Mobile and
Northern was down more than the
rest at one time, but that is one OF
the railroad stocks which appeared to
have outrun any conservative ap-
praisal of its value long ago.
The really significant breaks of the
dav came in such issues as Freeport
Texas. Texas Gulf Sulphur and By
products Coke. The first named at
one time was down over points on
the day. Byproducts Coke started in
more than points down, but rallied
subsequently as did the others men,
toned.
Motors Are Lower
The motors as group were lower
most of the day. This included
Chrysler, Hudson and Studebaker.
Mack Trucks was better supported.
Changes in the tobaccos were mostly
on the side of advance. Reassuring
statements about the Tobacco Prod
ucts dividend brought covering into
that stock and Reynolds Tobacco 'B''
moved up into new high ground for
the year.
The steels moved irregularly
Youngstown dispatches stating that
new interests had come into Republic
Iron & Steel failed to stimulate inter-
est in the stock. A highly favorable
earnings statement by Sinclair OIL
caused some buying at higher prices
IN that stock, but the gain was not
held. The oils are no longer affected
by the results Of 1926.