Evening star., 1927-12-07
LIST SAGS BADLY
IN STOCK TRADING
Lack of Support for Rails
Feature-Coppers Also
Are in Supply.
BY GEORGE T. HUGHES.

NEW NORh, December I.-PrlcSS
broke badly on the Stock Exchange
today. There were intervals of
strength in the morning. but in the
afternoon the whole list turned def
nitely downward with large losses in
the rails, the steels and some OF the
induStrials.
AS quotations gave way offerings in
creased and the market grew progress
sVely weaker. The feature was the
lack of support for the rails. Canadian
Pacific at 205 was down over points.
Delaware and Hudson at 1S6 had lost
more than q points and Norfolk and
Western, which only few weeks
ago was selling above zoo, dipped close
to 1870.
Lehigh Valley slumped points and
among the lower priced shares New
Haven. New York. Ontario and West
ern, Kansas City Southern and Erle
were all substantially lower.
Coppers i'm Supply.
Copper stocks, recent faVorltes IN
the speculation for the rise, were IN
supply. American Smelling and Re
fining, Anaconda, Calumet and Arl-
Zona and Greene Cananea lost ground.
Steel was weak all day. Midland steer
Products preferred, which has had
such a spectacular career, having ap-
preciated over 100 points on the year,
dropped 10 points today. General
Electric suffered with the rest, while
American Machine and Foundry at
165 was down II points.
Late in the day Montgomery Ward,
which had held out better than the
others. SlCcumbed also. Only a few
specialties stood out against the down
ward sweep.
Sentiment in the Street was much
confused. Opinions were at variance
as to just how much effect news de-
velopments had on prices. Probably
the additional statement by President
Coolidge clarifying his original posi-
lion as to denomination has been dis
counted. The Street had been disposed
to take the President at his word. and
it is doubtful whether last nights ut
terance was a factor in the market.
Steel Situation Disappointing.
There was disappointment over the
steel situation. Operations of U. 5.
Steel itself have declined in the past
week per cent to a new low record
for several years, and the heavy de-
crease in production revealed in the
November statistics was Unexpectedly
large. Finally, there was the an
nouncement of the first shipment of
gold to London since the war, not Inn
portant in itself. but suggestive of
change in the trend.
u. S. Steel was pressed for sale di-
rectly from the start, and. between
141 and 142, was at the lowest in two
weeks. General Motors gave way
along with Steel, and the weakness of
these two leaders had a depressing ef-
feet on the rest of the list. Fully as
significant was the uniform heaviness
in the rails. Practically every active
railroad stock was down. Canadian
Pacific had setback on the reiterated
denial of the president that distribu.
ton of non-transportation assets was
under consideration. Lehigh Valley
dropped back when its president de.
clared there would be no extra divi-
dend this year. There were heavy Of
ferings of Baltimore & Ohio.
General NEstors Lower.
General Motors sold off, but inde-
pendents were better supported.
Chrysler was strong, up over points,
and Hudson was higher. There was
a sudden covering movement in Yel-
low Truck and Coach. A part of these
gains was lost when the General mar
ket weakened.
The specialties made their best
prices early in the day. National Bis
cult had a spectacular rise of some
points, crossing 180 to the highest for
the present shares. The sulphur
stocks were strong again in the early
trading, Freeport, Texas and Texas
Gulf. Goodrich Rubber managed to
make a new high for the year soon
after the start and Ward
resisted selling pressure wonderfully
we'll considering the rise that stock
has enjoyed.