Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-31
TREND IRREGULAR
IN STOCK MARKET
Some Rails Are Strong, But
Oils Are Sold Heav-
lily Today.
BY GEORGE r. HUGHES

Special Dispatch to The Star.
NEW YORK, March 3l.-The stool
market today emphasized the division
between shares representing large
equities and established earning pow
err. in other words investment value
and those which are dependent upor
the more immediate fluctuations tr
trade, that Is to say the purely specu
lative. In general the rails, falling in
the first named classification. were
strong: mainly also the inustrials
classified with hte second group, were
under pressure. There were excep
tions in both groups. but they we're
no. numerous enough to alter the gen
eral character of the trading.
Exceptions to the trend among the
rails were the shares of some of the
Southern roads and exceptions among
the industrials were a few of the lead.
States Steel.
Oils Sell Down.
There was a steady outpouring of
the oils for the first two hours and nu-
merous low records for the year.
Among these were Marland Phillips.
Skelly and Standard of New York. The
always volatile Houston Oil resisted
the selling better than the others for
a time. but more or less they were all
under pressure. There was nothing
new in the trade situation to account
for the selling. 1t was simply the
liquidation consequent upon the unfa-
vorable showing these stocks have
made for period of weeks.
Industrial specialties which have
been weak in recent markets had
further setbacks today. This included
such stocks as Continental Baking
"A" Radio, American Brown Boveri
and American Can. Most of these
made new lows for the year The
motors were more irregular. General
Motors resisted the pressure more
vigorously than the others in its
group. and there was rally of the
independent shares in the afternoon.
Exceptions TO the trend were Hayes
Wheel and Kelsey Wheel. which ad-
vanced on progress in merger nego-
tiations.
Railroads Leaders.
The railroads furnished the leaders
on the side of advance. Pennsylvania
came to the front. large blocks being
taken at so and above. The buying in
this stock was more persistent than
at any time in a month or more.
While Pennsylvania will suffer from
the effects of a prolonged soft coal
strike. 1t wiz benefit indirectly through
its large holdings in Norfolk and
Western shares. which were very
strong, today's quotation representing
q new high record as it crossed $50.
Serving the non-union mines, Nor
folk & Western stands to be helped
by strike. Union Pacific and South
ern Pacific were other features among
the high-grade rails. Baltimore & Ohio
was well supported Notwithstanding
hopes OF a higher dividend were not
realized at yesterdays meeting.
The lower-priced rails which led the
rally late Wednesday were bid up at
the start today. but did not hold all
the advance Kansas City Southern
was the most prominent in this class.
On the other hand. Seaboard Air Line
common and preferred went to new
lows for the year and SO did Atlantic
Coast Line. The reason for this dis
elimination against the shares of the
Southern carriers was declared to be
an adverse rate decision by the Inter.
state Commerce Commission.