Evening star., 1927-11-09
Stocks SELL Off
AFTER EARLY RISE
-
I'aavy Offerings of Steel and
Motors UnsettIe the
General List.
BY GEORGE L. HUGHES.
II Dispatch to The Star.

NEW YORK. November 9.-Heav.
selling Of L. s Steel and Genera
Motors unsettled today's stock marke
end turned it downward after an early
,lisplaw of strength. The opening hat
j,een. generally higher and for time
Il looked as if the advance was to .;
resumed All this was changed, now
ever, when weakness developed in the
two leaders.
II was noticeable that activity fel
eff on the decline, and the So-caEed con
Structive' forces took comfort IN TINS
tact. They also had a number OF ex
,eptions to which they could point
some o. the merchandising shares
were strong. notably WoolWorth
Houston Oil had one of its character
istic rpturns. and several of the indie
uandent motors were in demand FRO
ressionaI sentiment nevertheless
seemed to be that the market was ripe
; for n setback.
There were number OF uncertain
ties which might have been expected
TO temper enthusiasm. One OF them
was the railway outlook. The car
loadincs figures made public since the
close of business Monday showed re-
ductions. not only as compared with
the same period in 1926. but as against
the preceding week this year Iaik
about the October statements was not
quite as optimistic as 1t had peeh.
Then tomorrow there are two I'M
nor1ant events. one the General
eIotors d.yi.end meeting. at which the
"a e will be fixed upon the new stock
and the other the untitled tonnage
statement of the United States steer
Corporation.
Rail Shares UnhesitatiEg.
Railroad shares moved unhesi-
g. atingly. Southern Railway was
strong, lettering by a fraction its
previous high for all time above 13S,
but other standard shares. such as
New York Central. Atchison and Bal
timore & Ohio. were in supply when
ever bids were advanced. OF the
northwestern stocks Northern Pacific
seemed TO have the best support.
Fluctuations in the big three
General Motors, General Electric ana
United States Steel-were similar. In
each case there was an early advance,
followed by realizing and reaction
sufficient to bring the price down for
a net loss on the day. Before this Dad
happened Steel had made new high
on this recovery. nearing 1873. Unlike
many other recent markets, however,
the rest of the list did not follow the
leaders. Tobacco shares were con-
Sistently strong under the leadership
OF American Tobacco. International
Mercantile Marine preferred had a
sharp run-up, again calling attention
o the equity this stock would show
il liquidation.
Packard Demand Good.
'~ The Independent motors .ored the
!.eaviness in General Motors. Packard
las in a tive demand, crossing so to
he highest the present $40 par stock
mas ever sold. Reports of an increase
le di--;1end were in circulation.
lash and Hudson were both strong
sor time, although they lost part Of
The gains subsequently,. Oil stocks
yiere firm. A few of the better grade
oils moved up fractionally and it was
ssgain apparent that this group was in
5I position to respond to buying. The
s:ank and file of traders have seen the
hils IKE so many false starts that
they refuse to follow any upward
move nent and the advance did not get
far. Production statistics for the
week ended November 5, given out
today, showed decline in crude out.
put from the preceding week.
Money renewed at 32 per cent and
although the ba. :. called $40 200, 900
"a loans the suppl was abundant.