Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-02
LIST IN REACTION
/ |NSTOCK MARKET
Selling of IndustriaIs and
Rails Heavy and Losses
Are Extensive.
speeial Disnatch to The Star.

Special Dispatch TO The Star.
, NEW YORK, March 1.-The stool
market this afternoon experienced the
sharpest reaction in over two weeks
Selling of both industrials and rail
roads was very heavy and extensive
losses were recorded In all the leaders
The break came after a period
earlier in the day during which good
resistance was shown, but in the last
few hours the offerings became toe
heavy for the market to absorb.
I The attack centered first on Genera
Motors, and when that stock broke
through 166 for loss of more than .
points on the day the rest of the list
came down also. Stromberg Carbure
tor, following reduction in the dividend
from Sc annually to 50, broke violent
~. Hudson and Mack Trucks showed
themselves especially sensitive to the
pressure. Steel common was pressed
down point or so before support was
encountered, but Crucible resisted TIL,
selling movement. although it failed tC
hold all its early gain.
Rails Lose Ground.
Losses in the railroad section ran
from half point to more than two
points. with Wabash conspicuous ir
the selling.
There was nothing in the news
to change speculative sentiment
toward the market. 1t was simply
recognition of the fact that the ad
vance had been too rapid and thai
correction was overdue. This fact
was plain in view of the way il
which stocks which had not beer
the subject of Misrepresentation held
In the face of the decline elsewhere
This was relatively true of the cop
pers.
1 st. LouiS-San Francisco and Pere
Marquette assumed leadership of the
rails, running up sharply to new highs
for 1927, the demand for the former
stock was an indication that Wall
Street placed considerable credence in
the report that when directors meet
after the close of business favorable
action will be taken upon a proposal
to increase distribution to stock.
holders. However, while these issues
We're absorbing most of the attention,
shares of roads like Atchison, Union
Pacific and New York Central were
offered rather freely below yesterday s
closing prices. These offerings re.
fiected nothing more than a desire to
take down profits recently accumu-
lated but they had the effect of check.
ing further improvement.
United States common f1uctuated
over a narrow range, while other
steels were little changed. Colorado
Fuel had to absorb heavy realizing
sales, but it did so at comparatively
small decline.
Motor Shares Irregular.
j Large blocks of General Motors
came upon the market and had the
eject of breaking the price a point or
naore at intervals. Du Pont was sym.
uathetically lower, while other motor
shares were more irregular than they
Have been for some time.
The spectacular Houston Oil occu.
pied the center of attention in its
group. The decline of 10 points yes.
terday served to bring out renewed of.
fsrings, and the decline was carried 4
points further only to have the market
rally sharply after these had been
completed. General Asphalt went into
new high ground for a gain of some 3
points, while Atlantic Refining, which
has the incentive of early resumption
Of dividends. continued in demand
ground lis. @ *